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Oil price A predictably quiet day on world oil markets with the US closed for Thanksgiving. Poor Chinese economic data pushed prices down somewhat and has done so again this morning but crude looks destined to have an up week, albeit modestly.
If Bill O'Reilly, author of such books as 'Killing Lincoln' and 'Killing Kennedy' were to turn his attention to pipelines, his next book might be entitled 'Killing Keystone.' It would be a tale full of twists and turns, conspiracy theories, missed opportunities, miscalculations and bad timing surrounding TransCanada's proposed Keystone XL pipeline.
The Board of Baron is pleased to provide an update on its operations in Peru, and the Islandmagee gas storage project in Ireland. Block XXI Seismic Acquisition, Peru Baron is pleased to confirm that it has now commenced its topography work in the area around the Minchales well location in the south of Block XXI, onshore Peru.
88 Energy Limited (ASX, AIM: 88E) is pleased to provided the following drilling update. Current Operations Repairs to the drawworks were finished as at 25th November 17:00 (AK time) at which time final testing was completed prior to recommencing operations.
InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to provide an update on its Islandmagee gas storage project. In the Company's update announcement on 4 September on the 2015 programme of work, InfraStrata confirmed that following successful drilling of the Islandmagee-1 data gathering well to obtain core samples of the Permian Salt and wireline data, all end of well reports had been finalised and the initial results from the laboratory testing on the cores were encouraging and being used by InfraStrata's engineering team to update the facility design and costs estimates.
Lamprell (ticker: LAM), a leading provider of fabrication, engineering and contracting services to the energy industry, issues the following trading update for the period from 27 August 2015 to date. The Group continues to deliver strong operational performance across all of its facilities.
Seadrill Limited announces today that Georgina Sousa has been appointed as a Director of the Company. Ms.
FAR Ltd, (ASX:FAR) a member of the Senegal Joint Venture, has received a Presidential decree extending the current Petroleum Sharing Contract (PSC) by the requested three years starting from 6 February, 2016. This extension allows the Joint Venture time to appraise the world class SNE and FAN oil discoveries made in 2014 and to evaluate the considerable exploration potential which remains within the PSC area.
| Friday, November 27, 2015
This is a punitive measure against companies they should be encouraging and we are seeing lurching and u-turns instead of a solid energy strategy says GMB GMB, the union for energy workers, commented on the Government announcement to the London Stock Exchange that it is axing a £1 billion competition to develop carbon capture and storage on power stations. Phil Whitehurst, GMB National Officer for Engineering Construction, said 'This is really shocking news.
Striker Exploration Corp. (TSX VENTURE:SKX) is pleased to announce our operating and financial results for the three and nine months ended September 30, 2015 along with an operational update.
Crown Point Energy Inc. (TSX VENTURE:CWV) today announced its operating and financial results for the three and nine months ended September 30, 2015.
Oil price Oil traded fairly quietly and was headed for a down day with WTI touching $41.72 and Brent $45.
Cooper Energy Limited (ASX: COE) announces that it has upgraded its net 2C Contingent Resource estimate in the Sole field to 121 PJ following reinterpretation of the results of special core analysis of the reservoir section in the Sole-2 well in VIC/RL3 in the Gippsland Basin. The Contingent Resource estimate has been determined by Cooper Energy and was completed on 26 November 2015.
Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel.
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update to the Company's current drilling of the Northstar 1-14 well. Drilling Update The Northstar 1-14 well was spudded on 12 November, 2015 and was drilled to a total depth of 8,900 feet.
Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company focused in India, reports its results for the six months ended 30 September 2015. All financial amounts are stated in US dollars unless otherwise indicated.
Following Chancellor George Osborne's Autumn Statement and Spending Review, Mike Tholen, Oil & Gas UK's economics director, commented: 'Since the last Budget, the oil price has declined further, and we must continue to do as much as we can to help boost confidence and encourage investment in the UK Continental Shelf. If the oil price continues to be lower for longer, there is little doubt that alongside industry's own concerted effort to improve its efficiency, we will need to work with Treasury on additional measures, including revisiting the current headline tax rate - consistent with the government's commitment to the sector's tax rate falling over time.
Lundin Petroleum AB announces that its wholly owned subsidiary Lundin Malaysia BV (Lundin Malaysia) has completed the Selada-1 exploration well in Block PM308A, offshore Malaysia. The well was dry and has been plugged and abandoned.
Wood Group has won a new contract worth approximately $90 million to deliver services to one of the world's leading blue-chip international oil companies (IOC) in Iraq. Wood Group PSN (WGPSN) will provide project management for an onshore facility under the three year contract, which is effective immediately.
The Gazprom Board of Directors took notice of the information about the results of monitoring the shale gas industry evolution around the world. It was pointed out that nowadays the proven shale gas reserves across the globe were estimated at about five trillion cubic meters, which was less than three per cent of the world's aggregate proven gas reserves.
Oil production from key shale formations in North Dakota and Texas remained relatively flat in October versus September, according to Platts Bentek, an analytics and forecasting unit of Platts, a leading global provider of energy, petrochemicals, metals and agriculture information. Oil production from the Eagle Ford shale basin in Texas continued flat streak in October, increasing only 6000 barrels per day (b/d), or less than 1%, versus the previous month, the latest analysis showed.
Oil bulls are hoping every shale play in the US pulls-'An Eagle Ford' But it hasn't worked out that way-so far, the Eagle Ford is unique. What I mean by that is.
Ecopetrol's Board of Directors (BVC: ECOPETROL; NYSE: EC; TSX: ECP), during its ordinary meeting on November 20, 2015, elected the engineer Felipe Bayon Pardo as the new Executive Vice President of Ecopetrol. Mr.
Madalena Energy Inc. (TSXV: MVN and OTCQX: MDLNF) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2015.
Cardinal Energy Group, Inc. (OTCQB: CEGX) reports that the Company has been awarded a partial default judgement on August 5, 2015 based on a lawsuit it filed in the District Court of Shackelford County, Texas, 259th Judicial District, against HLA Interests, LLC, Phillip Allen, SEDCO Operating, LLC, ERCO Holdings, Ltd, Caleb David Elks, and Michael Cies dba Terlingua Oil Associates.
PetroMaroc Corporation plc (TSX VENTURE:PMA), an independent oil and gas company focused on Morocco is pleased to announce its financial and operating results for the third quarter of 2015. During the third quarter the Company advanced the strategic and financial alternatives process with several interested parties.
LEUCROTTA EXPLORATION INC. (TSX VENTURE:LXE) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2015.
CORDY OILFIELD SERVICES INC. (TSX VENTURE:CKK) released today its third quarter 2015 results THIRD QUARTER ENDED SEPTEMBER 30, 2015 For the nine month period ended September 30, 2015, Cordy's consolidated revenues decreased by $40 million, from the comparative period in 2014.
Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is pleased to announce a successful bid in the third Hungarian bid round for the Püspökladány Block (Block 'P') within the Pannonian Basin in north eastern Hungary.
EARLIER this year I said that crude prices in the region of $30 a barrel were perfectly possible. Now, rather belatedly I feel, Goldman Sachs and other some other analysts are waking up to this possibility, with Goldman even going as far as saying $20 a barrrel is possible.
EXCO Resources, Inc. (NYSE: XCO) today announced that the Company is executing on its disciplined capital allocation approach to ensure the highest and best uses of capital.
Scotland's Energy Minister has told a major energy conference that the UK energy policy 'fails objectives' and must change. Fergus Ewing accused the UK government of failing to meet its objectives and jeopardising energy security at the International Tidal Energy Summit in London.
Oil price Volatility remains the watchword even before the events that I have been talking about although the jockeying for position ahead of the Opec meeting is always worth watching. Yesterdays chatter was all about a deal that might have been done between Saudi Arabia and Iran, not normally comfortable bedfellows.
IGas Energy plc, one of the leading producers of hydrocarbons onshore in Britain, announces its unaudited half year results for the six months to 30 September 2015. Results Summary Key Points Delivering against Five Year Development plan Planning application for Springs Road (PEDL 140) in North Nottinghamshire validated by Nottinghamshire County Council ('NCC') on 30 October 2015 Pre-application scoping Report for Tinker Lane (PEDL 200) also in North Nottinghamshire submitted in October 2015 Acquisition of 110km² of 3D seismic in North West completed in early November 2015 Shale given national priority status by government; clarity on the planning and appeal process timetable announced Average net production in the period was 2,540 boepd (1H 2014: 2,766 boepd) Cost reduction programme completed with operating costs now $31.
Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) is pleased to announce its financial results for the three and nine months ended 30 September 2015.
Gilles Cochevelou is appointed Chief Digital Officer of Total. Gilles Cochevelou joined Total in 1994 and has held, successively, the positions of Operations Manager at Donges Refinery and Head of Strategic Planning in Refining and Marketing.
Consolidated IFRS financial results for Q3 2015 and 9M 2015: 1. Adjusted for forex effect from the recognition of revenue under long term oil supply contracts in the amount of RUB 23 bln in Q3 2015 and RUB 15 bln in Q2 2015.
The Ministry of Mines, Industry and Energy of Equatorial Guinea has announced that national gas company SONAGAS (http://SONAGAS-ge.com) will begin marketing the State's share of liquefied petroleum gas (LPG) produced at the Alba Plant, on Bioko Island.
| Wednesday, November 25, 2015
BG Group (LSE: BG.L), a world leader in exploration and LNG, today announces that commercial operations began from the second train at its Queensland Curtis LNG (QCLNG) plant.
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the following update on the extended well test programme underway at Bomono. To date, the Moambe well has achieved a maximum stabilised flow rate of 7.
| Wednesday, November 25, 2015
Offshore installations provide birds with a perfect landing spot. However, their presence is a globally recognized problem because, if left undisturbed, guano build up can reduce the safety of helidecks.
Consisting mostly of publicly traded master limited partnerships (MLPs), oil and gas midstream suppliers, for better or worse, are beholden to a breed of investors as interested in the return of their capital (i.e.
Madalena Energy Inc. (TSX-V: MVN; OTCQX: MDLNF) is pleased to announce that the Company's common shares commenced trading today on the OTCQX®Best Market, a top tier public market in the United States, under the symbol MDLNF.
Oil price The oil price was looking very sickly yesterday until news 'leaked' from Saudi Arabia of a cabinet meeting at which no less than the King himself had said that the Kingdom was 'ready to cooperate with Opec and Non-Opec to achieve market stability'. Oh what powerful words that took crude from the danger zones back to normality, indeed this morning both WTI and Brent have traded nearly a dollar higher again, that is almost three bucks off yesterdays low.
Ikkuma Resources Corp. (TSXV: IKM) is pleased to report its financial and operating results for the three and nine months ended September 30, 2015.
Key Energy Services, Inc. (NYSE: KEG) announced today that it has increased by one the number of Class III directors of the Board, the terms of which end at the 2018 Annual Meeting of Stockholders of the Company, and elected Robert Drummond, Key's President and Chief Operating Officer to fill the resulting vacancy as of the same date.
Operations Management is one of the key area of management which deals with the planning, control and changes of the manufacturing, production and service process of the business. The operations management can differ from Industry to industry and it can play a key role in strengthening the growth prospects of the company.
Lion Energy Ltd (ASX Code: LIO) advises that the Oseil-22 development well has spudded and is drilling ahead in 26 inch hole at a current depth of 100m MD. The Oseil-22 well is a development well, targeting the Manusela limestone reservoir and intended to drain the northeast flank of the 4-way dip closure of the Oseil-2 fault block with estimated recoverable oil reserves of 590,000 bbl.
The Directors of Triple Energy Limited (ASX: TNP) are pleased to announce that further to its release(s) last week the Company has decided to fracc and test the Yixin-1 well. As announced on 17 November 2015, the data from the Yixin-1 well is not conclusive but encouraging.
Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), announces that Andrew Jamieson, a Non-executive Director of the Company, has stepped down from the Board with effect from 21 November 2015 in order to devote more time to his other interests.
Cape plc, the international provider of critical industrial services to the energy and natural resources sectors, today issues the following trading update for the period 6 July 2015 to 1 November 2015. Trading and market conditions The Group has delivered a trading result for the period broadly in line with the Board's expectations, despite challenging market conditions.
The traditional understanding of supply and demand works in some limited cases-will a manufacturer make red dresses or blue dresses? The manufacturer's choice doesn't make much difference to the economic system as a whole, except perhaps in the amount of red and blue dye sold, so it is easy to accommodate. Figure 1.
88 Energy Limited (ASX, AIM: 88E) provides the following drilling update. Update on Repairs Repairs to the drawworks were delayed due to the manufacturer's specialist engineer being held up at the Canada / USA border as a result of unexpected visa issues, which were resolved today (Monday AK time).
Nostrum Oil & Gas PLC (LSE: NOG), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, today announces its results in respect of the nine months ended 30 September 2015. Financial and Operational Highlights from the nine months to 30 September 2015: Revenue for the period of US$374.
Sound Energy, the Mediterranean focused upstream oil and gas company, is pleased to announce a significant reduction in the estimated cost of the forthcoming Badile exploration well. The Company has now completed a selective re-tendering of the Badile well programme with a view to capturing cost reductions resulting from the increased availability of rigs and other services in the current low oil price environment.
Key highlights: Refund of $10 million on expiry of the OPL 233 performance bond Lagia: Commencement of installation of steam facilities Agreement reached on the settlement of the EERNL loans Completion of exit from OPL 233Commenting on the results, SacOil's CEO Dr. Thabo Kgogo said: 'The transformation of SacOil into a production company remains the priority of the Board.
Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) announces that is has agreed to extend the previously agreed exclusivity period with Olisol Investments Limited by 14 days to 11:59 p.m.
Highlights Revenue of $985 million EBITDA of US$546 million 92% economic utilization Excluding non-recurring items and non-cash mark to market movements on derivatives, Net Income of $136 million and earnings per share of $0.21 Reported Net loss of $1.
The boards of Rockhopper and FOGL are pleased to announce that they have reached agreement on the terms of a recommended all-share merger to be effected by means of a Court-sanctioned scheme of arrangement under Part IV of the Companies Act 1948, being the legislation applicable in the Falkland Islands where FOGL is incorporated. The boards of Rockhopper and FOGL believe that a combination of the Rockhopper and FOGL groups represents a compelling opportunity for shareholders of both companies to benefit from the significant value opportunity arising from the combination of their highly complementary portfolios.
Lundin Petroleum AB is pleased to announce that its wholly owned subsidiary Lundin Norway AS has commenced drilling of exploration well 7130/4-1 on the Ørnen prospect. The well 7130/4-1 will explore the Ørnen prospect in PL708, located on the eastern parts of the Finnmark Platform in the southern Barents Sea.
With colder temperatures finally hitting much of the northern U.S.
Benthic, a global geosciences company, has been awarded two contracts by Woodside to undertake offshore geotechnical site investigations for the proposed Browse floating liquefied natural gas (FLNG) Development and the Greater Enfield Development located off the coast of Western Australia. Benthic's PROD3 (Portable Remotely Operated Drill) will execute the projects consecutively from the Jaya Vigilant.
Something different today..
Jericho Oil Corporation (TSX VENTURE: JCO) (OTCQX: JROOF) announces that it has signed a definitive agreement to acquire a 50% working interest in producing wells and drillable leaseholds in Central Oklahoma for a total cash consideration of USD$6.50 million.
Terra Nova Energy Ltd. (TSX VENTURE:TGC)(OTCQX:TNVMF), the Operator of Petroleum Exploration License (PEL) 444, is pleased to announce that the Technical Contractor, Senex Energy Ltd.
Resolute Energy Corporation (NYSE: REN) announced today that it has entered into a definitive agreement to sell its Gardendale assets in the Midland Basin of West Texas to an undisclosed buyer for a purchase price of $177.5 million.
BG Group today announces it has taken a 35% holding in Block 12 offshore Cyprus which includes the Aphrodite gas discovery. This upstream position provides a potential source of gas to Egypt where BG Group holds equity in the two train LNG export facility at Idku as well as LNG offtake rights to lift 3.
Shell Chemicals General Manager, Kate Johnson, asked a great question at our Conference last week, to which not a single hand went up in reply, as everyone had forecast an oil price around $100/bbl: 'How many of your companies used $60/bbl as their oil price forecast in the 2015 Budget?' 'Group think' is clearly alive and well in the chemical industry. And according to some delegates, it means that executives routinely refuse to mention the potential for low oil prices within their company.
The Tribunal constituted by the International Court of Arbitration of the International Chamber of Commerce has issued a stop order requiring the Albanian tax department to revoke the suspension of Bankers Petroleum Ltd.'s (TSX: BNK, AIM: BNK) Albanian bank accounts, and protecting the Company against enforcement of the previously announced Albanian profit tax assessment.
TGS is pleased to announce the broadband reprocessing of 22,847 km 2D seismic offshore Portugal. This project, which utilizes TGS' broadband solution Clari-Fi, is now fully underway.
Oil price Oil was up a little last week but any rise was unconvincing and as we head towards Thanksgiving and the Opec meeting the one thing you can expect is volatility. The rhetoric is now beginning to be well under way although few believe much will happen next week, this weekend it was the Venezuelan Oil Minister who called for a cutback.
Since the first oil shock of 1973, instability in the Middle East has frequently been associated with higher oil prices. In an industry desperate for positive movement in crude price, the current turmoil in this region is having a limited impact.
Independent Resources plc (AIM:IRG), the oil and gas exploration and production company with a focus on the Mediterranean basin, is pleased to provide its first operational and production update for the third quarter of 2015. Highlights Joint Venture in Egypt - East Ghazalat (Western Desert) Quarterly production of 18,985 barrels of oil Quarterly revenues reached US$358,457.
Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a growing portfolio of assets in the USA and Egypt, is pleased to provide an operational and production update for the third quarter of 2015. Highlights Expansion in USA - Paw Paw Prospect (Wyoming) Significant additional production from Joint Venture in Egypt - East Ghazalat (Western Desert) Quarterly production increase of 232% over same quarter last year Quarterly production of 24,492 boe (net of royalties) Quarterly revenues reached US$530,921 (net of royalties)Monthly Production (Net) Production* Revenue (USD)** Month USA Egypt Total USA Egypt Total July 2,027 6,787 8,814 $63,153 $144,726 $207,879 August 1,809 6,292 8,101 $52,038 $108,911 $160,949 September 1,671 5,906 7,577 $57,323 $104,820 $162,143 *Net to Nostra Terra's working interests after royalties.
Xcite Energy announces its third quarter results for the 3 and 9 month periods ended 30 September 2015. Highlights for the year to date Continuing diligence and discussions with potential field partners and funders.
Re-using wells on the Norwegian shelf can be good business. This is why the Norwegian Petroleum Directorate (NPD) is sceptical of the proposal to plug wells as a measure to keep drilling rigs in activity.
Falkland Oil and Gas Limited (AIM:FOGL), the oil and gas exploration company focused on its extensive license areas to the North, South and East of the Falklands islands, is pleased to announce that the 14/20-2 'Isobel 2' well was spudded, by Premier Oil as operator, on 21 November 2015. The well is located on licence PL004a , in which FOGL has a 40% working interest, and lies approximately 4 km away from the 14/20-1 Isobel Deep oil discovery.
Elk Petroleum Ltd (ASX: ELK) is pleased to announce that it has successfully completed the acquisition of a 100% operated working interest in certain oil properties from a wholly-owned subsidiary of Devon Energy Inc. These properties are located immediately adjacent and contiguous to Elk's Singleton Oil Field and CO2 Enhanced Oil Recovery Project in Banner County, Nebraska.
Four of Canada's largest oil sands producers have come together to demonstrate leadership on climate change. Canadian Natural Resources Limited, Cenovus Energy Inc.
On Friday, 20 November 2015, PA Resources submitted an application to delist its shares from the Nasdaq Stockholm exchange. The application follows the decision by the board of directors to proceed with the delisting as communicated in the press release PA Resources announces its intention to divest its assets and apply for delisting, published on the 17 November 2015.
Natural gas production in the lower 48 United States averaged 71.9 billion cubic feet per day (Bcf/d) in October, a decline of more than 0.
Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations website. BHI Rig Count: U.
Oil price WTI made an appearance below $40 again yesterday, if it keeps doing that it's only a matter of time..
As the oil price war unfolds it becomes easier to understand the outcome. There is ongoing speculation about the motives of the main players.
Sterling Resources Ltd. (TSX-V:SLG) an international oil and gas company with exploration and development assets in the United Kingdom, France and the Netherlands, announces interim operating and financial results for the quarter ended September 30, 2015.
Alvopetro Energy Ltd. (TSX VENTURE:ALV) is pleased to provide an operational update and our third quarter 2015 financial and operating results.
Trilogy Energy Corp. (TSX:TET) announced today that it has entered into a definitive agreement to sell 11 net sections of its Duvernay mineral rights in the volatile oil window of its Kaybob Duvernay play for cash consideration of US$85 million.
Range advises that the Western Australian Supreme Court, Court of Appeal today dismissed Range's appeal seeking to reverse the decision of the Supreme Court (of first instance) refusing to set aside a statutory demand issued by Lind Asset Management LLC ('Lind'). Range, accordingly, has today paid the balance of the amount outstanding the subject of the statutory demand (approximately US$2.
OPERATIONS UPDATE Marquee has completed its 2015 drilling program at Michichi. Due to ongoing cost optimization initiatives the summer drilling program was completed with drilling, completion, and tie-in costs of approximately $2 million per well, which is 25% lower than the program in 2014.
Tuesday morning saw the Marcliffe at Pitfodels play host to the Aberdeen Chamber of commerce business breakfast with the topic for discussion centring on the Aberdeen City and Shire Region Deal. The progress of the city region deal has been closely followed in business circles, particularly as the economic downturn has taken grip, as many see it as an opportunity for the North East to embrace its future enabling development and progress regardless of how the oil & gas industry plays out over the next 20-30 years.
Range is pleased to advise that the second development well of the 22 well programme, the GY 180SE well which was spudded on 4 November 2015 has reached its total depth of 2,000 ft. on 16 November 2015.
Parkmead, the UK and Netherlands focused independent oil and gas group, is delighted to announce that first commercial gas production has been achieved at the Diever West gas field in the Netherlands. The field was discovered in September 2014 and, under a fast-track and low-cost development programme, has been tied into existing production facilities through a new dedicated pipeline with gas extraction via the Garijp treatment system.
Mosman Oil and Gas (AIM: MSMN), the New Zealand and Australia focused oil exploration and development company provides an update in respect to the Company's ongoing operations. STEP Acquisition Mosman continues to make good progress on the South Taranaki Energy Project ('STEP') Acquisition process.
Victoria Oil & Gas Plc, the Cameroon gas utility company, today announces the resignation of James McBurney, as a non-executive director, from the Board. Mr McBurney has left the Board, as he has relocated to the United States to pursue business interests in the alternative fuels sector.