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Canary in the Coalmine The huge attention given by world media to the collapse of oil prices has diverted attention from similar falls in market prices for a range of other financial assets. These range from other commodities called "bellwether" for their predictive role in major financial and economic change.
Jericho Oil Corporation (TSX-V: JCO, OTCQX: JROOF), a growth-oriented oil company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in North America, announced it has signed a letter of intent to acquire a 50% working interest in 2,050 acres in northeastern Oklahoma. Upon closing, Jericho will begin the build-out of its second platform, focused on developing and optimizing legacy productive basins.
Petro-Victory Energy (TSX-V: VRY) has received two notices of default from President Energy PLC, the Operator of the Pirity Concession, both of which the Company disputes. If the issues cannot be resolved by March 2, 2015, President Energy has indicated that they have the right to sell or take over the Company's working interest in the Pirity Concession.
Serinus Energy Inc. (TSX:SEN)(WARSAW:SEN) is pleased to provide the following update for its operations for the fourth quarter of 2014.
1845 Oil Field Services today announced that logistics industry veteran Dave Lamolinara has been hired by the Board of Directors to succeed Tim Buffington as the company's next chief executive officer. Buffington, an original founder of 1845, will continue on in an executive and board capacity shaping the company's commercial activities.
The room was pretty full for the first day of the Platts European Storage conference in Amsterdam this week, and it’s not surprising: the opportunities in this segment appear to be as strong as they’ve been for years. Most important are three big factors: the market is in contango, which encourages storing crude and products; trade flows are changing, on the back of European refinery closures and the US shale revolution, requiring new storage facilities in some areas; and those refinery closures are providing opportunities for storage companies to buy the tanks and other facilities at the shuttered plants, and turn them into terminals.
Oil price The death of King Abdullah of Saudi Arabia was announced this morning at the age of 90, his successor is King Salman and his successor has already been announced as Prince Muqrin. I do not expect to see any significant change in oil policy from Saudi Arabia as a result of this and although the oil price has risen this morning it is only a token increase, probably seeing one or two bears closing out positions.
Santos today announced company records for sales revenue in both the quarter ($1.1 billion) and the full year ($4 billion), reflecting the successful ramp-up of production from the PNG LNG project as well as higher Cooper Basin production.
As a result of current market conditions, Azonto has announced organisational and cost initiatives, including the departures of Rob Shepherd and Andrew Rose (MD and CFO respectively). Gregory Stoupnitzky will step up, leading a reduced team, which retains notable West African experience.
| Friday, January 23, 2015
Eni has announced a new discovery of oil and gas in the West Melehia deep exploration prospect, located in the Melehia licence, in the Western Desert of Egypt, 300 square kilometers west of Alexandria. The exploration well, which allowed the discovery of Melehia West Deep 1X, was drilled to a depth of 4,175 meters, meeting a 20 meters net mineralized accumulation of light oil in the Lower Cretaceous age of the Alam El Bueib formation.
Total strengthens its commitment as a responsible employer by signing a global agreement today with international union federation IndustriALL Global Union, which represents more than 50 million workers in 140 countries in the energy, mining and manufacturing sectors. Signed in Davos, Switzerland by Patrick Pouyanné, Chief Executive Officer of Total, and Jyrki Raina, General Secretary of IndustriALL Global Union, in the presence of Guy Ryder, Director-General of the International Labour Organization, the agreement covers: The promotion of human rights in the workplace and diversity, with specific commitments concerning gender equality.
Apache Corporation (NYSE, Nasdaq: APA) announced today Stephen Riney will be appointed as executive vice president and chief financial officer. He is scheduled to begin in February.
Shoreline Energy Corp. (TSX:SEQ) ("Shoreline" or the "Corporation") announces that Mr.
MDU Resources Group, Inc. (NYSE:MDU) announced today that Pat O'Bryan will become chief executive officer of its Fidelity Exploration & Production Company, effective March 1.
Pryme Energy Limited (ASX:PYM) is pleased to announce that the second well drilled in the Capitola Oil Project, the Hope Boles PU1 in the Sweetwater acreage block, has been fracture stimulated in both the Canyon Sand series and Cline Shale intervals. The well was stimulated to plan and responded as expected; oil, gas and frack fluids are currently being produced from both intervals.
Gulfsands Petroleum plc (AIM: GPX) provides the following update with respect to its relationship with Arawak Energy International Limited ("Arawak") concerning the Strategic Cooperation Agreement for the acquisition and development of new business opportunities in the Middle East and North Africa region and the US$20 million Convertible Loan Facility announced on 19th November, 2014. Late on 22nd January, 2015, the Company was advised by Arawak that as a result of its dialogue with the Company over recent days and corporate developments over the last few weeks including public statements made by certain shareholders of the Company and non-executive directors of the Company, Arawak has determined that it should terminate the Strategic Cooperation Agreement.
Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) today announced that its wholly-owned Kazakh subsidiary, TethysAralGaz LLP, has received permission from the Ministry of Energy of the Republic of Kazakhstan to extend the Kyzyloi Gas Production Contract for another 15 years, from June 14, 2014 to December 31, 2029. The Ministry of Energy has granted this contract extension following the Kazakh State Reserves Committee's (GKZ) approval of the new State Reserves for Kyzyloi previously announced in May 2014.
EnQuest has delivered a strong operational and financial performance in 2014, with provisional production of 28,267 Boepd, up 17% on the prior year, at the high end of EnQuest's guidance. This reflects the continuing strength of field reservoir performance, top quartile production efficiency from EnQuest's existing producing assets and an initial contribution from PM8/Seligi in Malaysia, the first production from outside the North Sea.
BP announced today that it intends to sell its 950,000 cubic metre capacity oil storage terminal in Amsterdam. The BP Amsterdam Terminal, which has been owned and operated by BP since 1997, acts as an international trading hub for supplying fuels to and from Europe.
Kinder Morgan, Inc. (NYSE: KMI) today announced a definitive agreement whereby KMI will acquire Hiland Partners (Hiland) from its founder, Harold Hamm, and certain Hamm family trusts, for a total purchase price of approximately $3 billion, including the assumption of debt.
BPZ Energy (NYSE: BPZ) (BVL: BPZ), an independent oil and gas exploration and production company, today provided initial production rates from the Albacora A-27D development well at offshore Block Z-1. The Company holds a 51% participation in Block Z-1 and all referenced well production in this release.
Start Scientific, Inc. (OTCQB: STSC) announced today that it has entered into a Farmout Agreement with Durban Energy, Inc.
Breitling Energy Corporation (OTCBB: BECC) announces participation in a well that just completed drilling and logging, showing promise of production from the Yegua Sands in southeast Texas. The Seely Hankamer #1 was drilled to a vertical depth of 7,966 feet, with casing run and log reports evaluated.
Most of us won't have noticed much market mayhem going on in our daily lives, distracted by terrorism in the heart of Europe. An instantaneous jump of 30% in the value of the Swiss Franc last week means very little to most people.
Technip and EDGE Certified Foundation announce today that Technip in Brazil, in France and in Italy, including flexible pipe manufacturing plants in Brazil and France and Group's headquarters, have been certified to the EDGE (Economic Dividends for Gender Equality) global standard for gender equality in the workplace. EDGE is the leading global assessment methodology and business certification standard for gender equality applicable across all industries and countries.
Lonestar Resources, Ltd. (ASX: LNR, OTCQX: LNREF) is pleased to provide an update on the Company's initial successes in its drilling and completion activities in southern Gonzales County, and an update on the Company's 2014 exit rate production levels.
Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN) (TSX: IE.
Carpian Energy (TSX VENTURE: CKZ.H) provides the following operational update regarding Aral Petroleum Capital LLP.
US-focused oil and gas producer Target Energy Limited (OTCQX: TEXQY) (ASX: TEX) hereby provides an Operations and Trading Update. The operations referred to in this release were committed to prior to the recent decline in the oil price and represent completion of the 2014 drilling program.
Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.
Blackbird Energy Inc. (TSX VENTURE:BBI) is pleased to announce that Mr.
AJ Lucas Group Limited (ASX: AJL) (AJ Lucas) notes that the Lancashire County Council (Council) Planning Officers have recommended that the Council's Development Control Committee refuse consent for the applications made by Cuadrilla to drill, fracture and flow test wells at Preston New Road and Roseacre Wood. The decision on these applications is expected to be made by the end of January 2015.
Empire Oil & Gas (ASX:EGO) is pleased to advise an increase in proven gas and condensate reserves for the B Sand of the Red Gully-1 well, in Production Licence-18 in the Northern Perth Basin. This follows an independent resource evaluation report prepared by RISC in accordance with the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS).
Contact Energy Limited (NZX:CEN) announces that it has entered into a new agreement with Maui Development Limited to purchase between 22 and 26 petajoules of gas over a two-to-three year period. The new agreement replaces an agreement that expired at the end of 2014.
Oil price A modest bounce in the oil price yesterday as news leaked out that the ECB will announce today that Euro-QE will be €50bn a month for a minimum of 12 months. Opec Secretary General El-Badri again said that there would be no Opec cuts and he was surprised only that the market was surprised by the oil price fall.
FAR Ltd (ASX: FAR) has appointed respected oil industry analyst and advisor, Gordon Ramsay as Executive General Manager, Business Development. The new role will include responsibility for identifying new industry opportunities for FAR following its exploration success offshore Senegal in 2014 when the company discovered two world scale oil fields.
New reservoir engineering observations lead to the conclusion that time-lapse geophysics - indeed any observations of any reservoirs over time - must be based on the understanding of the physics of fluid-filled, parallel, compliant, fractures/micro-cracks - dilating or compacting as the reservoir is produced. Why do I say this? When a reservoir, any reservoir, is put under production, fluid compositions change, for example oil may be partially replaced by water or gas, gas may be expelled from oil, and so on.
Gulf Keystone Petroleum, an exploration and production company with operations in the Kurdistan Region of Iraq, is pleased to announce the appointment of Sami Zouari to the Board of the Company as Chief Financial Officer as of 22 January 2015. Mr Zouari, 42, joins the Company following careers in both the oil & gas industry and investment banking, where he also had a particular focus on the Energy and Commodities sectors in the Middle East and North Africa.
Madagascar Oil (AIM:MOIL) announces the following Board appointments: Robert Estill, as Chief Executive Officer, Michael Duginski, as an Independent Non-Executive Director and Andrew Morris (an existing Non-Executive Director) as Non-Executive Chairman all of which took place on 21 January 2015. As envisaged by the board structure set out in the deed of undertaking (as announced on 24 September 2014), upon the appointments of Michael Duginski and Robert Estill, Richard Laing has resigned from the Board with effect from 21 January 2015 to pursue other business interests and Gordon Stein has stepped down from the Board with effect from 21 January 2015, but will remain in his role as Chief Financial Officer of the Company.
Tullow Oil plc (LSE: TLW) provides an update on a series of exploration and appraisal activities in onshore Kenya Blocks 10BB, 13T and 10BA. Epir-1 exploration result The Epir-1 exploration well is located in block 10BB in the North Kerio Basin, a separate sub-basin from that tested by the Kodos-1 well, 25 km to the southwest.
| Thursday, January 22, 2015
Faroe Petroleum (LSE:FPM) provides an operational update for the year ended 31 December 2014. Highlights: Exploration Pil oil discovery in Norwegian Sea announced in March 2014, significantly larger than pre-drill expectations, followed by the successful discovery with the Bue side-track (combined 20-50 mmboe net to Faroe) Low cost, high impact exploration continues; four wells planned for 2015 including two follow up wells on Pil, targeting a total of between 93-490mmboe gross unrisked Prospective Resources, all of which benefit from Norway's 78% exploration tax rebate Continued success in exploration licence rounds with awards of five new exploration licences, including one operatorship, under the 2014 Norwegian APA Licence RoundProduction Total average economic production for the full year 2014 towards the upper end of guidance at approximately 9,100 boepd,2 Acquisition of operated interests in Schooner & Ketch fields boosts gas production and improves tax efficiency by utilising losses Average full year 2015 production is forecast to be in the range of 8,000-10,000 boepd from all fields, a split of approximately 58% liquids (oil and condensate) and 42% gas Faroe continues to seek value-enhancing production acquisitions, looking to capitalise on market conditions to build valueFinancial 2014 year-end unaudited cash position is expected to be approximately £92.
Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) provides a further update. The Board and Executive Management believe that good progress has been made since the recent Board changes.
How does the economy really work? In my view, there are many erroneous theories in published literature. I have been investigating this topic and have come to the conclusion that both energy and debt play an extremely important role in an economic system.
Hawker Energy, Inc. (OTCQB:HWKR) announces it has signed a Share Purchase Agreement to acquire 100% of the shares of TEG Oil & Gas U.
Senex Energy Limited (Senex, ASX: SXY) has reduced FY15 capital expenditure and other costs to retain its strong funding position in the current volatile oil price environment. Key Points: FY15 capital expenditure guidance reduced from $100 - $120 million to $85 - $90 million Capital program to high-grade opportunities and continue valuable growth projects No change to FY15 production guidance of 1.
Worth NOK 4.5 billion the contract includes engineering and procurement management (EPma) until the scheduled production start in 2019.
Cequence Energy Ltd. (TSX: CQE) is pleased to provide an operational update and a capital budget for the first six months of 2015.
Recent updates to the Energy Information Administration's maps and geologic information for the Eagle Ford tight oil and shale gas play in Texas help to characterize the formation's structure, thickness, and surface area, as well as the gas-to-oil ratio of its producing wells from January 2000 to June 2014. This information provides a better understanding of recent production within the context of key geologic parameters.
Shell have launched an investigation following a gas leak in the North Sea. Evacuation of the crew was delayed due to bad weather on Monday night, and 36 essemtial staff will have to remain on the vessel until investigations are carried out.
Steven E. Strah has been named senior vice president of FirstEnergy and president of FirstEnergy Utilities.
During the fourth quarter of 2014 Lundin Petroleum (OMX:LUPE) achieved an average production rate of 22,000 barrels of oil equivalent per day (boepd) resulting in an average production rate for the full year of 24,950 boepd. The average Brent oil price for the fourth quarter of 2014 was USD 76.
Synergy Resources Corporation (NYSE MKT: SYRG), announces that it has entered into a day rate drilling contract with Ensign Drilling Company of North America. Ensign is preparing to spud the first of eleven wells at the Company's Cannon prospect, which includes six Codell wells and five Niobrara wells.
Gear Energy Ltd. (TSX:GXE) announces operational highlights for the fourth quarter of 2014 and revised capital guidance for the first half of 2015.
Lundin Petroleum AB ("Lundin Petroleum") (OMX:LUPE) is pleased to announce that its wholly owned subsidiary Lundin Norway AS has been awarded eight exploration licence interests in the 2014 Norwegian Licensing Round (Awards in Predefined Areas, APA). The awarded licences include six licences in the North Sea, one licence in the Norwegian Sea and one licence in the Barents Sea.
Chevron Corporation (NYSE: CVX) today announced its Australian subsidiaries have signed a binding Sales and Purchase Agreement (SPA) with SK LNG Trading Pte Ltd (SK). Under the SPA, SK LNG Trading, which is part of a leading industrial conglomerate in South Korea, will receive 4.
Eneabba Gas Limited (ASX: ENB) advises that significant progress has been made towards completing the acquisition of the Ocean Hill Gas Project and locating a farm-inpartner for Ocean Hill, which is located in the North Perth Basin, Western Australia. Native Title Agreement has now been reached with both the Yued and Amangu traditional owner groups.
The development of heavy oil in the UK goes back further than most people realise. All the way back to 1787, in fact.
Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that it has been awarded five new prospective exploration licences, including one operatorship, under the 2014 Norwegian APA (Awards in Pre-defined Areas) Licence Round on the Norwegian Continental Shelf. Norwegian Sea The Company has been awarded three new licences in the area surrounding the Company's Pil & Bue discoveries: Licence PL793 Portrush - Blocks 6407/7, 8, 10 and 11: Faroe (20%), A/S Norske Shell (40% and operator), Petoro (20%) and VNG (20%): The Portrush Prospect is an analogue to the Boomerang Prospect.
Genel Energy plc (LSE: GENL) issues the following trading and operations update in advance of the Company's full-year 2014 results, which are scheduled for release on 5 March 2015. The information contained herein has not been audited and may be subject to further review.
San Leon Energy plc, the AIM listed company focused on oil and gas exploration in Europe and North Africa, provides an operational update across a number of its assets. 3-Well Drilling Programme in Karpaty and Permian Basin, Poland The second well in the 3-well programme, Gieraltowice on the Bielsko-Biala concession in Karpaty, has now been completed and tested and is being plugged and abandoned.
Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces an update on its two well exploration drilling programme on the Bomono Permit. At the Zingana well site civil engineering activities have been completed and the first surface casing string has been driven in place.
| Wednesday, January 21, 2015
Lekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa more generally, announces the completion of an Addendum to the Competent Persons Report on the Otakikpo Marginal Field by AGR TRACS International Ltd, the authors of the original CPR in September 2014. The Addendum to the September 2014 CPR covers the recent progress on the project following approval, in early December 2014, by the Nigerian Ministry of Petroleum of the planned recompletions of the 002 and 003 wells on Otakikpo.
| Wednesday, January 21, 2015
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, announces that Dr John Cubitt has resigned as Chairman and from the Board of the Company by mutual consent, with immediate effect. Gavin Burnell, an existing non-executive Director, has been appointed Chairman of the Board.
Cairn announces the completion of the farm out agreement to Dyas UK Limited for the sale of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea for a carry of Cairn's exploration and development costs up to a cap of US$182 million (m) effective 1 January 2014. The Catcher development is on track for first oil from 2017.
G. Steven Farris, 66, chairman, president and chief executive officer of Apache Corporation (NYSE, Nasdaq: APA) has announced his retirement effective January 20, 2015.
Eni's Board of Directors this morning approved the possible issue of one or more bonds, to be placed with institutional investors, with a value up to a maximum aggregate amount of 2 billion euro, or its equivalent in other currencies, to be issued in one or more tranches by 31 December 2015. The bonds will enable Eni to maintain a well-balanced financial structure in terms of short term and medium/long-term debt and average duration of the debt.
Iona Energy Inc. (TSX VENTURE:INA), a Canadian independent oil & gas company with assets in the UK North Sea makes the following announcement regarding production at the Huntington field.
Acteon has announced the start-up of Clarus Subsea Integrity Inc., a new Group company created from 2H Offshore's subsea integrity business segment.
Scheduled for delivery in the summer of 2017, the jacket's contract value is close to NOK 2.0 billion.
Gran Tierra Energy Inc. (NYSE MKT, TSX: GTE), a company focused on oil exploration and production in South America, today provided an operations update.
Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN) (TSX: IE.
The recent collapse in oil prices has taken pundits and oil producers by surprise. It was only six months ago that prices were over $100/bbl and at that time they had been above $100/bbl for three and a half years.
Buckhorn Energy Services, LLC announced today that Victor A. Wind has been appointed as Chief Financial Officer effective January 1, 2015.
Baker Hughes Incorporated (NYSE: BHI) announced today results for the fourth quarter of 2014. Martin Craighead, Baker Hughes Chairman and Chief Executive Officer commented, "Our fourth quarter results punctuate a record year for our company in 2014.
Noble Energy, Inc. (NYSE: NBL) today announced that the Madison exploration well in the Gulf of Mexico reached the targeted Upper and Middle Miocene objectives and did not encounter commercial hydrocarbons.
Pine Cliff Energy Ltd. (TSX VENTURE:PNE) provides an operations and management update and announces its 2015 guidance.
Zargon Oil & Gas Ltd. (TSX:ZAR) (TSX:ZAR.
ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) announces changes to its senior management and Board of Directors.
Oil price With the US closed yesterday it was pretty quiet according to traders I have contacted this morning, prices above are what I think are about right consensus. Either way crude fell in that light trading and various stats are having an effect on the market.
Marksmen Energy Inc. (TSX VENTURE:MAH)(OTCQB:MKSEF) announces that it plans to complete a non-brokered private placement of up to 8,333,333 units of Marksmen at a price of $0.
Shoal Point Energy (CSE:SHP) has been informed by license holders Ptarmigan Energy Inc. and Black Spruce Exploration Corp.
Chinook Energy (TSX:CKE) announced a decrease in its 2015 capital program as a result of significantly weaker commodity prices since announcing its original program on October 29, 2014. Chinook's original program targeted $135 million in capital expenditures with projected 2015 average production growth of approximately 33 percent over 2014 volumes.
Lundin Petroleum AB (Lundin Petroleum) (OMX:LUPE) announces that Mr. Chris Bruijnzeels, Senior Vice President Development, will step down at the end of January 2015 following 12 years with the Company.
ShaMaran Petroleum Corp. (TSX VENTURE:SNM) (OMX:SNM) provides an operational update on the Chiya Khere-6 well (Atrush Phase 2 area appraisal) in the Kurdistan Region of Iraq.
The Board of Directors of Atmos Energy Corporation (NYSE:ATO) promoted Michael E. Haefner (previously the company's Senior Vice President, Human Resources) to the position of Executive Vice President, effective immediately.
Lundin Petroleum AB (OMX:LUPE), announces that drilling of exploration well 26/10-1 in PL674BS has commenced. The well will investigate the hydrocarbon potential of the Zulu prospect in PL674BS, located 100 km west of Stavanger on the Norwegian west coast and approximately 30 km northeast of the Johan Sverdrup discovery.
Matador Resources Company (NYSE: MTDR) ('Matador' or the 'Company') today announced it has entered into a definitive agreement to acquire Harvey E. Yates Company ('HEYCO'), a subsidiary of HEYCO Energy Group, Inc.
Following the launch of its weekly oil and gas monitor, which tracks onshore and offshore Gulf of Mexico (GoM) rig activity in light of the oil price crash, Gaffney, Cline & Associates (GCA) has revealed the largest week on week unit drop in six years. Using the Baker Hughes rig count, GCA noted a fall of 74 in the US onshore rig number, making the total decline, from a year high of 1,876 in November 2014, to 254 with 1,622 rigs on 16 January 2015.
Energy services firm Bilfinger Salamis UK, part of the world renowned Bilfinger Group has secured new business with a combined total value of over £100million. Bilfinger Salamis UK, which specialises in UKCS activities from its head office in Aberdeen, has been awarded the contracts from clients including Apache and Taqa Bratani in the last three months.
Steve Nicol has been appointed as chief financial officer (CFO) of Wood Group PSN (WGPSN). Effective February 2015, Steve moves into the role from his previous position as CFO of WGPSN's UK operations.
The Board of Burleson advises that the Truchard #3 well has been on production now for 23 days including the initial 'cleaning up' phase where it was discharging the remaining frac fluids and drilling fluids. Since stabilising, the choke on the well has been opened from 18/64 to 30/64 produced at daily production rates as per the following table.
Strata-X Energy Ltd. (TSX-V:SXE) (ASX:SXA) announces that the Company has mobilized completion equipment to the location of the Blue Spruce #1 to test the productivity of the well.
Beach Energy Ltd (ASX: BPT, 'Beach') provides an update on the Nappamerri Trough Natural Gas program in ATP 855 and PRLs 33-49 (ex-PEL 218). ATP 855 (Beach 46.
Schlumberger Limited (NYSE:SLB) announced today an agreement to acquire a minority equity interest in Eurasia Drilling Company Limited ('EDC'). The agreement extends the successful long-term relationship enjoyed by the two companies within the strategic alliance signed in 2011, which has enabled deployment of a range of drilling and well engineering services to customers in the Russia land conventional drilling market.
Petrofac, the international oil and gas services provider has received an award notification for the first phase of Kuwait Oil Company's (KOC) Lower Fars heavy oil development programme, which is located in the north of the country. With a total project value of more than US$4 billion, Petrofac is leading a consortium with Greece based Consolidated Contractors Company (CCC) as its partner.
The Board of Azonto (ASX:APY AIM:AZO) announces that a "fit for purpose" review of the Company's operating structure and costs has been carried out with the objective of maintaining the viability of the current portfolio whilst facilitating the continued maturation of other potential opportunities. As a result of this review Rob Shepherd and Andrew Rose are resigning from the Company with immediate effect as Managing Director and Finance Director respectively.
Exxon Mobil Corporation (NYSE:XOM) announced today that production has begun at the Sakhalin-1 project's Arkutun-Dagi field - the last of the three fields to be developed. Peak daily production from the field is expected to reach 90,000 barrels.
Beyond the politics, there are a lot of legal reasons that President Obama can-or can not-deny the application to build the Keystone XL pipeline. Gary Gentile discusses some of them in today's Oilgram News column, Regulation & Environment.
Virtus Oil and Gas Corporation (OTCBB: VOIL) today announced the completion of its required onsite well staking for the first #1 well pad and ancillary facilities. A Notice of Staking has been sent to Bureau of Land Management which serves as the Company's request to schedule an on-site inspection.