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Bayhorse Silver Inc. (BHS: TSX-V) advises that Saturn Minerals Inc.
We live in a world with limits, yet our economy needs growth. How can we expect this scenario to play out? My view is that this problem will play out as a fairly near-term financial problem, with low oil prices leading to a fall in oil production.
The top 100 oil fields in the United States accounted for 20.6 billion barrels of crude oil and lease condensate proved reserves, or 56% of the U.
Cabot Oil & Gas Corporation (NYSE: COG) today reported its financial and operating results for the first quarter of 2015. Highlights for the quarter when compared to the first quarter of 2014 include: Production of 171.
Mart Resources, Inc. (TSX:MMT) and its co-venturers, Midwestern Oil and Gas Company Limited (Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for March 2015 and other operations.
Falkland Oil and Gas Limited, the exploration company focused on its extensive licence areas to the North, South and East of the Falkland Islands, is providing an operational update on the 14/20-1 'Isobel Deep' (FOGL: 40%) well that was spudded, by Premier Oil as operator, on 8th April 2015. Following the successful setting of the 13 3/8' casing at a depth of 1273.
Oil price The week is ending strongly for the oil price as the conference week bulls speak more loudly or impressively than the bears. Actually, part of the rise was for geopolitical reasons, the cease fire in the Yemen announced on Tuesday was shattered well and truly yesterday with over 20 air strikes yesterday that have apparently continued overnight.
The news that UK Oil and Gas Investments believe there are something like 116.5 million barrels of 'drill ready' oil has led to wildly inaccurate claims of fracking and poisoned groundwater, with little being said about what this kind of activity might actually mean to the Isle of Wight.
Stealth Ventures Inc. (TSXV: SLV), - On April 23, 2015, Stealth Ventures Inc.
On January 30, 2015 Connacher Oil and Gas Limited (CLL - TSX) announced a proposed recapitalization transaction (the 'Recapitalization') aimed at significantly reducing the Company's debt and annual interest expense, and providing additional liquidity to fund ongoing operations. Following approvals of all resolutions relating to the Recapitalization by the shareholders and noteholders, the support for the Recapitalization from 100% of the lenders under the existing First Lien Term Loan Credit Agreement dated May 23, 2014 pursuant to a consent and waiver agreement, Connacher today obtained a final order of the Court of Queen's Bench of Alberta to implement the plan of arrangement, as amended, and the Recapitalization transactions.
PetroNova Inc. (TSX-V: PNA), a company engaged in the exploration and development of oil and natural gas resources in Colombia, today announced its operational and financial results for the year ended December 31, 2014.
Houston American Energy Corp. (NYSE MKT: HUSA) today announced that a final settlement has been agreed upon in the civil cease-and-desist proceeding previously instituted by the Securities and Exchange Commission against the company and John F.
The market analysis tools used by Randall Abramson of Trapeze Asset Management Inc., suggest that the broad market has been fairly valued for about a year.
Buru Energy Limited (ASX: BRU) advises that Non-executive Director the Hon Peter Jones has resigned from the Buru Energy Board effective today. Mr Jones has recently been suffering from ill health and wishes to be able to concentrate on his recovery.
Zeta Petroleum plc, the ASX listed oil and gas company with production, appraisal and exploration assets in onshore Romania, is pleased to announce the appointment of Greg Hancock to its Board of Directors as a Non-executive Director with immediate effect. Greg has over 25 years experience in capital markets practicing in the area of Corporate Finance.
Sound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to confirm the commencement of drilling of the second well at the Nervesa site in the Veneto Region, onshore Italy. Site preparations were materially completed on 10 April 2015 - with the installation of a 20 inch conductor to a depth of 44 metres.
CNOOC Limited (NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its key operational statistics for the first quarter of 2015. Total net production in the first quarter of 2015 increased 9.
LEADING independent energy consultancy ADIL has refocused its specialist brownfield project management team to help operators drive improved efficiency in this challenging sector of the North Sea oil and gas industry. Led from Aberdeen by newly appointed head of operations and brownfield projects, Peter Brawley, ADIL's brownfield project management team has launched with the publication to industry of a set of rules which have been developed through ADIL's experience of what characterises successful projects.
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that it has entered into an agreement to sell its wholly owned subsidiary, Ithaca Petroleum Norge AS, for an initial consideration of US$60 million.
AWE Limited (ASX: AWE), advises that at 10:15 hours (10.15am) AWST yesterday the Irwin-1 exploration well, located in the onshore Perth Basin, Western Australia, had reached a total depth of 4,049m and preparations are now under way to commence a wireline logging program.
Alexey Miller, Chairman of the Gazprom Management Committee and Miguel Galuccio, Chief Executive Officer of Argentine National Petroleum Company YPF signed a Memorandum of Cooperation in Moscow today. The ceremony was held in the presence of Vladimir Putin, President of the Russian Federation and Cristina Fernandez de Kirchner, President of the Republic of Argentina.
BPZ Energy (OTC: BPZRQ), (the Company), an independent oil and gas exploration and production company, continues to operate under provisions of Chapter 11 of the United States Bankruptcy Court Code while it seeks additional financing. At offshore Block Z-1, the Albacora A-22D well was drilled to a measured depth of 13,730 feet.
The global rig count statistics published by Baker Hughes provide a crucial industry activity indicator and some of the most up to date industry statistics available. This is a short report updating international statistics to March 2015 and US statistics to 10 April 2015.
While Yemen is not a major oil-producing country, its coast borders the Bab el-Mandeb Strait, a narrow chokepoint between the Horn of Africa and the Middle East. This strait is a strategic route for Persian Gulf oil, natural gas, and petroleum product shipments to Europe and North America, as well as European and North African oil exports to Asia.
Global Economy Crude oil prices gradually rose again this past month. On April 13, 2015, the WTI front month futures price settled at $51.
Petrobras: We presented a loss of R$21.6 billion in 2014, mainly due to an asset impairment charge of R$44.
TGS reported net revenues of USD 172 million in Q1 2015, compared to USD 222 million in Q1 2014. Net late sales were weaker than anticipated at USD 72 million, reflecting a deterioration in seismic demand as energy companies significantly reduced exploration spending.
BP today announced it has agreed to sell its equity in the Central Area Transmission System (CATS) business in the UK North Sea to Antin Infrastructure Partners for £324 million ($486 million). BP is currently the operator of CATS.
Europe's competition commissioner Margrethe Vestager is taking on some tough battles. Last week she accused US technology giant Google of abusing its dominant position in the internet search market.
Cameron (NYSE: CAM) today reported fully diluted earnings per share, excluding income from discontinued operations, asset impairment charges and other costs, of $0.91 for the first quarter of 2015, compared to $0.
Oil price Lets get the facts out of the way first, last night's EIA inventory figures showed yet another build of crude oil stocks, this time by 5.3m barrels against consensus of 2.
CAMAC Energy Inc. (NYSE MKT:CAK) will implement a reverse stock split of its common stock pursuant to which each six shares of common stock will be converted into one share of common stock, effective as of 5:00 p.
They say never make predictions, especially about the future; and by 'they' I mean just about everyone, the quote is variously attributed to Yogi Berra, Albert Einstein and Dan Qualye, amongst others. Foolishly I ignored that advice and I did make a prediction, but I did have a little edge, I paid attention to that other quote about learning from history.
Meridian LNG Holdings Corp. and E.
PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended March 31, 2015.
Canadian Quantum Energy Corporation (TSX VENTURE:CQM) announced today that Mr. James Cecil has been appointed to the Board of Directors of the Company.
Applus RTD, the global leader in the provision of integrity technology services, has been awarded a contract from Heerema Marine Contractors as part of the Kaombo development offshore Angola. As part of the largest ultra-deep water SURF (subsea, umbilicals, risers, flowlines) development, Applus RTD will provide non-destructive testing for offshore flowlines and risers, as well as testing onshore multi jointing tie-ins using its RTD Rotoscan AUT (automated ultrasonic testing) Phased Array System.
| Thursday, April 23, 2015
Alvopetro Energy Ltd. (TSX VENTURE:ALV) is pleased to provide an operational update, our updated 2015 capital plan, announce our fourth quarter 2014 and year-end 2014 financial results and the filing of our annual information form.
PRD Energy Inc. (TSX VENTURE:PRD) announces filing of its financial statements as at and for the year ended December 31, 2014, and provides an operational update on activities to date as well as an outlook for the remainder of 2015.
Abilene Oil and Gas Limited provides the following update in relation to the recently drilled Steiner #1-25 well as provided by the joint venture operator CMX Inc. The Steiner #1-25 has been plugged and abandoned after failing to intersect commercial volumes of hydrocarbons.
CNOOC Limited (NYSE: CEO, SEHK: 00883, TSX: CNU) today announced that the Kenli 10-1 oilfield has commenced production. The Kenli 10-1 oilfield is located in the South of Bohai with an average water depth of approximately 17 meters.
Trapoil (AIM: TRAP), the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf region of the North Sea, announces its audited results for the year ended 31 December 2014. Highlights £3.
Cape plc has been awarded a 5-year contract with ExxonMobil for the supply of access, insulation and associated services to Fawley Refinery in the UK. ExxonMobil is the world's largest publicly traded international oil and gas company.
Zoltav (AIM:ZOL), the Russia and CIS-focused oil and gas exploration and production company, announces final results for the year ended 31 December 2014. Corporate Highlights Acquired 100 per cent.
The board of Sefton announces the appointment of Raylene Whitford to the Board with effect from 22 April 2015. As announced on 31 March 2015, Ms Whitford was appointed as the Company's Chief Financial Officer, initially a non-Board position, and today she has also been appointed as a director of the Company and Company Secretary.
Sterling Energy Plc, the AIM listed oil and gas exploration company (AIM: SEY), provides the following update for the Ntem Concession, offshore Cameroon. Background Sterling Cameroon Limited, a wholly owned subsidiary of Sterling Energy Plc, holds a 100% working interest in, and is operator of, the Ntem Concession.
| Thursday, April 23, 2015
On April 21, 2015, Technip's Board of Directors approved the first quarter 2015 adjusted consolidated financial statements. First quarter 2015 results Order intake of €1.
Arcan Resources Ltd. (TSX VENTURE:ARN) announces that today it has entered into an arrangement agreement with Aspenleaf Energy Limited pursuant to which Aspenleaf will, subject to certain conditions, acquire all of the issued and outstanding common shares of Arcan for $0.
New Western Energy Corp. (OTCQB:NWTR), an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas and other minerals in North America, today announced that it has signed an LOI to acquire one hundred percent interest in Osage County Oil & Gas Project.
On April 22, 2015 the European Commission published a press release on its official website, according to which the European Commission adopted a Statement of Objections in the course of ongoing antitrust investigation of OAO Gazprom activity in the European Union (EU). OAO Gazprom considers the claims brought by the European Commission to be unsubstantiated.
Necessityis the mother of new inventions, and also of innovations that make improvements on old inventions. When, for example, oil and gas prices were sky-high in the US, this prompted the late and great George Mitchell to persist with research that led to modern hydraulic fracturing techniques.
ConocoPhillips (NYSE: COP) today announced the Omosi-1 deepwater exploration well in Block 37 offshore Angola in the Kwanza Basin has been drilled to a total depth of 20,666 feet. A gas column of approximately 525 feet was encountered in the primary objective reservoir.
| Wednesday, April 22, 2015
Hemisphere Energy Corporation (TSX VENTURE:HME) announces its financial and operating results for the year ended December 31, 2014. Hemisphere focused on developing its Atlee Buffalo and Jenner oil assets in 2014 resulting in substantial year-over-year growth both financially and operationally.
Gulfsands Petroleum plc (AIM: GPX), the oil and gas company with activities in Syria, Morocco, Tunisia and Colombia, advises on the appointment of a non-executive director and a management change. Board Appointment With effect from today, Andrew Morris has been appointed as Non-executive Director of the Company.
Noble Energy, Inc. (NYSE: NBL) today announced an agreement with the U.
AWE Limited has advised that as at 06:00 hours AWST today the Irwin-1 exploration well, located in the onshore Perth Basin, Western Australia, had completed a drill bit change and was at a measured depth of 3,850m and drilling ahead in an 8 1/2 inch hole to the planned total depth of 4,064m. The Irwin Prospect straddles the EP320 (AWE 33%) and L1 (AWE 50%, Operator) boundary and the Irwin-1 drilling program is being operated by AWE under an agency agreement with joint venture partner, Origin Energy.
CGG announced today that its GeoConsulting Business Line has acquired Taurus Reservoir Solutions Ltd., based in Calgary.
When oil prices recover - and plenty of analysts think the climb back up will start soon - Canada's western frontier of Saskatchewan and neighboring Alberta will 'still have the edge', according to a report from TD Economics. Depressed oil prices may have skewed the view from Canada's oil-producing west, but this will be one of the better places to bet on the oil rebound.
Marksmen Energy Inc. (TSX VENTURE:MAH)(OTCQB:MKSEF) announces the following operational updates.
National Oilwell Varco, Inc. (NYSE:NOV) today announced that Jeremy D.
Good news from the far North: the large-scale project Aasta Hansteen develops very positive. In the past few months, there have been two further discoveries of natural gas in this region and now one of the biggest pipe-laying vessels in the world started its journey to build the Polarled.
Oil price It's a short blog today as news is a bit thin on the ground and I am off to TipTV and then meeting companies. The oil price has weakened slightly although the differential has narrowed, this morning Brent is down another 50 cents while WTI, having expired overnight has gained about the same.
Rose Petroleum plc, the AIM-listed (AIM: ROSE) natural resources company, announces that John Blair has decided to leave the Company and has stepped down from the Board of Directors. The Board has accepted John's resignation, which takes immediate effect, and wish him well in his future endeavours.
The Board of Red Emperor Resources NL is pleased to provide the following commentary and Appendix 5B for the period ending 31 March 2015. Philippines (SC55) On 2 March 2015 Red Emperor signed a Farmin Agreement with Otto Energy Philippines Inc.
Det norske oljeselskap AS, operator of production licence 001 B, has completed drilling of appraisal wells 16/1-21 S and 16/1-21 A on the Ivar Aasen field. The field is located in the central part of the North Sea and was proven in 2008.
Lundin Petroleum AB will expense pre-tax exploration costs of approximately MUSD 45 and a net foreign exchange loss of approximately MUSD 204 for the first quarter of 2015. The profitability for the first quarter of 2015 will be impacted by certain expensed exploration costs as well as a foreign currency exchange loss, mainly related to the revaluation of loan balances.
In its recently released Annual Energy Outlook 2015 (AEO2015) Reference case, EIA expects U.S.
Global production of light naphtha, an essential steam-cracker feedstock for the production of gasoline and numerous chemicals, is increasing and could create a global surplus that exceeds market demand by as much as 14 million metric tons (MMT) by 2020. This capacity expansion and surplus of light naphtha is occurring in large part due to the rapid expansion of tight oil and shale gas production in North America, and in particular, the U.
Oil price Just how quiet it was in the market yesterday is reflected in the rare occurrence of a n/c in the Brent price. What might we see coming up in the crude market? Well its the expiry of the May WTI contract today which might show some rolling over and of course we have the API inventory stats tonight, consensus is for another build, this time around 2.
Zion Oil & Gas, Inc. (Nasdaq:ZN) announces the appointment of a new director to its Board of Directors and the amendment of the corporate Bylaws to create new directorships.
Since 2004 Bankers Petroleum has grown production at its Albanian heavy oilfield, Patos-Marinza, from 400b/d to more than 20,000b/d in 2014. The group's successful three-point strategy comprising production growth from horizontal drilling, ongoing opex reduction, and unlocking additional reserves through polymer and water injection schemes continues to drive profitability.
As part of its ongoing strategy to broaden and deepen its management team, American Energy Partners, LP (AELP) today announced that it has hired Scott D. Sachs as Senior Geoscience Executive Advisor, James C.
Pine Cliff Energy Ltd. (TSX VENTURE:PNE) announces that it has, in conjunction with Velvet Energy Ltd.
Denbury Resources (DNR) specialises in monetising stranded oil from depleted oilfields in the US. The group achieves this via the large-scale injection and sweep of carbon dioxide (CO2) through reservoirs.
Baker Hughes Incorporated (NYSE: BHI) announced today results for the first quarter of 2015. Highlights: 20% decline in revenue compared to the first quarter of 2014 attributed to unfavorable market conditions.
Further to our announcement of 17 April 2015, Key Petroleum (Australia) Pty Ltd, a wholly owned subsidiary of Key Petroleum Limited and Operator, is pleased to provide an update in relation to planned testing operations at Dunnart-2 in Exploration Permit EP437, Perth Basin, Western Australia. All required approvals have now been granted by the Department of Mines and Petroleum to the Operator to undertake completion and testing operations at Dunnart-2 and all long lead items including pup joints and tubulars, wellhead equipment including, xmas tree, tubing hanger, gauges and valves are in Perth ready to be mobilised to the Dunnart-2 location.
Galilee Energy Limited (ASX:GLL) announces that preliminary analysis of the cased hole logs on the Hoffer B1 well in Lavaca County, Texas, has identified a number of significant gross sandstone intervals in the lower section of the well. This is in addition to the 43 ft of net pay in the Middle Midcox sandstones and potential 40 ft pay zone in the shallower Yegua Formation previously disclosed.
Appointment of Mr Garry Marsden as Chairman of Eneabba Gas Eneabba Gas Limited is pleased to announce the appointment of Mr Garry Marsden as non-executive Chairman of Eneabba Gas Limited. Garry is a petroleum geologist by training and has held positions with Pancontinental Petroleum, Bankers Trust, Oil Search and most recently AWE Limited where he held the positions of Corporate Development Manager and Business Development Manager over a ten year period.
Cooper Energy Limited (ASX:COE) advises that the Bunian-3 ST2 development well in the Sukananti KSO, South Sumatra, Indonesia, is being prepared for production testing, having been cased and suspended as a future producer. A comprehensive suite of cased hole formation evaluation logs has indicated an increase in reservoir thickness of the main target TRM3 sand and that it has been intersected 18.
Oil market traders have been having fun in recent weeks, as they have managed to create guaranteed price movements every week: US oil inventory data is published on Tuesday and Wednesday This gives traders the chance to push prices lower as the inventories continue to rise US oil rig data is published on Friday This creates the chance to push prices higher again as the number of working rigs falls In turn, this volatility also creates great opportunities for media coverage, further boosting trading interest.However, in the real world, these trading games are simply a distraction.
Canada is pursuing projects that will have a major impact not only on national production, but on the North American oil landscape as a whole, as Ashok Dutta explains in New Frontiers, this week's Oilgram News column. One of the main lessons from the Keystone XL pipeline saga for Canadian oil producers is that they need to take greater control of their destiny.
Statoil, Eni Norge, Lundin Norway, OMV and GDF SUEZ will collaborate on solving operational tasks tied to exploration in the Barents Sea. The project, called BaSEC, Barents Sea Exploration Collaboration, will initially last for three years.
For the second year in a row, Ikon Science has been named as a winner of the Queen's Award for Enterprise. In 2014, Ikon GeoPressure had won the Queen's Award in the International Trade Growth category.
TGS announces that it has signed an agreement with Thalassa Holdings Ltd/WGP to acquire P-Cable 3D seismic data in the Norwegian Barents Sea. The activity is expected to last for 90 days and will commence in April 2015.
AziNor Catalyst, the Seacrest Group-backed E&P company focused on the United Kingdom Continental Shelf, is pleased to announce that it has recently completed the acquisition of licence P.1946, covering block 15/12a, from Stavanger Petroleum Limited.
The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves to approve liquefied natural gas (LNG) exports, Rob Franklin, president of ExxonMobil Gas & Power Marketing Company, said today. 'If we are serious about having a U.
'This contract, which is related to one of the most important projects for the development of energy infrastructure in Peru, serves our objective to make Tipiel a leading engineering company outside Colombia as well' Tipiel(1) S.A.
Egdon Resources plc (AIM:EDR), the UK-based exploration and production company with a primary focus on the hydrocarbon-producing basins of the onshore UK, today announces its unaudited interim results for the six months ended 31 January 2015. Overview and Highlights Operational and Corporate Highlights Production of 27,232 barrels of oil equivalent ('boe') equating to 148 barrels of oil equivalent per day ('boepd') (H1 2014: 35,773 boe; 194 boepd) Revised full year production guidance of 180 boepd Successful drilling and testing of the Wressle-1 oil and gas discovery in Lincolnshire which produced hydrocarbons from four test intervals Strong project pipeline developed including planning permission secured at North Kelsey and Biscathorpe Ongoing development of licence portfolio with conventional and unconventional resource potential via the acquisition of Yorkshire Exploration Limited (PEDL068) and exercise of the option with Scottish Power to farm in to PL161 and PL162 Disposal of interests in two non-core licences in Southern England, PEDL126 and P.
As international business travel to regions affected by malaria increases, North-east companies are being warned to implement prevention strategies to reduce potential fatalities. More than 500,000 people die from malaria each year and more than 200 million people contract the condition worldwide.
Kea Petroleum plc (AIM: KEA), the oil and gas company focused on New Zealand, makes the following announcement by way of an update to the previously announced strategic review. We have referred in recent announcements to our relatively new Shannon prospect in New Zealand (the 'Shannon Prospect').
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, today provides an update on its Rabat Deep, Loukos and Mohammedia permits, offshore Morocco. Rabat Deep (Chariot (50% Operator), Woodside (25%), the Office National des Hydrocarbures et des Mines ('ONHYM') (25% carried)): Woodside has not exercised its option to take operatorship and fund well costs for a further 25% equity stake; it will remain a partner on the licence with a 25% working interest Drilling is now anticipated to be in 2016/2017, subject to securing an additional partnerLoukos and Mohammedia (Chariot (75% Operator), ONHYM (25% carried)): Material potential oil prospects identified in both the proven Jurassic and Neogene plays Dataroom to open following completion of 3D interpretationRabat Deep Chariot announces that its partner in the Rabat Deep Offshore permit, Woodside, has not elected to take operatorship and fund the drilling of an exploration well in return for an additional 25% equity stake.
Dragon Oil plc (Ticker: DGO), an international oil and gas exploration, development and production company, today issues its Interim Management Statement in accordance with the EU Transparency Directive. The statement covers the period from 1 January 2015 to date.
This time a year ago, the United States produced about 66 Bcf/d of natural gas and the national average price of next-day delivered natural gas was $4.59/MMBtu.
In a letter to shareholders and investors, Alan Jones, Corporate Communications, stated: The Company has announced a 2 million Unit non-brokered private placement at $0.10 per Unit, and since the announcement has now closed 1.
Senex Energy Limited (ASX: SXY) has established an $80 million unsecured three year debt facility for general corporate purposes. The new unsecured facility with Westpac Banking Corporation provides Senex with financial flexibility and further strengthens the Company's liquidity profile.
Artisan Energy Corporation (TSX VENTURE:AEC) is pleased to announce that it has completed drilling of the first two wells of its 2015 Canadian Exploration Expense flow-through program and both wells have been cased for testing and production. Approximately $1,600,000 of Artisan's $5,130,000 2015 CEE budget and obligation has been spent.
Last night the EIA once again capitulated on the myth that rig counts don't matter and the productivity of wells would largely offset, leaving the industry on a continuous path to higher output. The current consensus of 500,000 B/D additional growth in 2015 US production now appears very much at risk.
Serinus Energy Inc. (TSX:SEN) (WARSAW:SEN) provides the following update for its two recently drilled wells in the 765,000 acre Satu Mare Concession in northwest Romania.
Oil price The oil price ended the week up, resuming the positive trend and keeping the bulls happy. Whilst I wouldnt want to rain on anyone's parade I feel that there will be some testing of the lower levels in the next few months.