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Sir Ian Wood believes that, despite some very real challenges in the next 12 months, the North Sea industry will find itself in better shape in 2016 'I read with real concern the comments yesterday that the UK offshore oil & gas industry was 'close to collapse'. These comments are over the top for an industry which thinks and plans long term, has significant momentum from current production and from major investments made over the last two or three years, and where the operators make their investment decisions based on the anticipated price of oil in two to three years' time.
Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) announce that it has executed definitive agreements with the International Financial Corporation ("IFC"), a member of the World Bank Group, the IFC Global Infrastructure Fund ("GIF" managed by the IFC Asset Management Company LLC) and a consortium of investors, whereby it has agreed to sell approximately 43% of its interest in Pacific Midstream Ltd.
Oil price Whilst there may be blogs next week, subject to oil price shenanigans and company announcements I wouldnt hold your breath! The oil markets are very lacklustre and clearly positions are being closed off ahead of the Christmas holiday period. Both WTI and Brent had wild swings yesterday, WTI ranged $4.
Prices of spot liquefied natural gas (LNG) for January delivery to Asia plunged 46.9% year over year to average $10.
InterOil Corporation (NYSE: IOC) (POMSoX: IOC) has appointed former Australasian BP oil and gas executive Katherine Hirschfeld to its board. Ms Hirschfeld, 54, is a chemical engineer whose career has included 20 years with BP in leadership and executive roles in oil refining, logistics, exploration and production in Australia, New Zealand, the United Kingdom and Turkey.
FMC Technologies, Inc. (NYSE: FTI) announce that it has received an order from Eni Angola to supply subsea production systems for its deepwater Block 15/06 East Hub development.
| Friday, December 19, 2014
Cardinal Energy Group, Inc. (OTCQB: CEGX) announces that since drilling resumed December 1st on the Bradford Lease 4 new wells have been drilled, the B #13, B #10 and the B #8.
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.
Junex Inc. (TSX VENTURE:JNX) announce that it is nearing the end of its swabbing/well cleanup operations at its Galt No.
Strata-X Energy Ltd. (TSX VENTURE:SXE)(ASX:SXA) announces that it has begun drilling operations on the first of its planned vertical wells in its 100% owned Illinois Basin high margin oil project.
Putin's Prayer A large number of oil pricing experts - taking this to mean the interaction of oil, finance and the global economy - would likely agree that $75 a barrel is a reasonable and sustainable price. One expert who might agree is Citigroup's Edward L.
2015 is a critical year for Xcite and its shareholders. Having seen its Bentley development delayed, the company is taking an innovative approach, engaging early with major service contractors to put in place a development group that would get it through FID as well as reduce execution risk to both cost and schedule.
It is never too late to sell a bear market. Or at least so the saying goes.
Sherritt International Corporation (Sherritt) (TSX: S) announce that it has signed two new Production Sharing Contracts (PSCs) with the Government of Cuba. The new blocks, 8A and 10, are located in Central and Northern Cuba and encompass areas of 967 square kilometres and 261 square kilometres respectively.
High North Resources Ltd. (TSX VENTURE:HN) announces the resignation of Colin Soares as President and Chief Executive Officer of the Company effective December 18, 2014, and the appointment of Paul Starnino as President and Chief Executive Officer and as a member of the board of directors of High North effective December 18, 2014.
Amid falling oil prices, another factor has come into play that could start to curtail North Dakota's crude production. On December 9th, the state's three-person Industrial Commission approved an order requiring Bakken crude to be conditioned before it is transported.
Jacobs Engineering Group Inc. (NYSE:JEC) announce that it has been selected by BP to continue its role as Strategic Supplier of mid-cap work on a global basis.
GE (NYSE:GE) and Sabine Pass Liquefaction, a subsidiary of Cheniere Energy Partners, L.P.
Senex Energy Limited (Senex, ASX: SXY) has moved to protect the company's oil revenues by securing a floor price for oil sales from January to June 2015. The protection has been put in place through a combination of put options and zero cost collars.
Cape plc announces the appointment of Samantha Tough as a non-executive director with effect from 1 January 2015. Samantha is based in Western Australia and comes to Cape with extensive experience in a diverse mix of private and publicly listed oil and gas, energy, engineering services and infrastructure sector businesses.
Turbulence and volatility are in Steven Salz's forecast for the energy market. The special situations analyst at M Partners tells The Energy Report that falling oil prices are hurting oil field services companies in different measures depending on their specialties, but that all are taking hits.
Fastnet (AIM: FAST, ESM: FOI), the UK and Irish listed E&P company focussed on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces its interim results for the six month period ended 30 September 2014. Operational Highlights Foum Assaka farm-out to SK Innovation completed in April 2014 for back costs and a carried interest in the FA-1 well and a potential carried interest in a second well FA-1 well completed in May 2014 having encountered live oil shows and provided supporting evidence for reservoir development.
Tower Resources plc (TRP.L, TRP LN) announce that it has reached agreement with the Operator, Repsol Exploration (Namibia) (Pty) Limited ("Repsol"), relating to the disputed costs associated with the drilling of the Welwitschia prospect, offshore Namibia.
| Friday, December 19, 2014
Mercom Oil Sands plc announces its interim results for the six month period ended 30 September 2014. Chairman's Statement I am pleased to present my Chairman's statement for Mercom Oil Sands plc ("the Company") for the six month period ended 30 September 2014.
Northcote (AIM: NCT) notes the announcement by MX Oil (AIM: MXO) with whom it has entered into an Agreement conferring Northcote the right to participate, at a level of up to 20%, in potential business activities, alongside MX Oil, in the upstream oil and gas sector in Mexico. The Mexican energy sector is being reopened to the private sector to attract greater foreign investment and expertise to develop its substantial hydrocarbon reserves.
Sterling Energy Plc (AIM: SEY) advises that Dr Phil Frank has notified the board of his intention to resign as Exploration Director and as a Director of the Company. Dr Phil Frank joined Sterling in 2011 and has guided the Company through its exploration activity including the drilling of the Bamboo #1 well in Cameroon.
Rosetta Resources Inc. (Nasdaq:ROSE) announced its Board of Directors has approved a 2015 capital budget with the flexibility to spend up to $900 million.
Azonto announce it has been advised by its affiliate Vioco Petroleum Limited ("Vioco", 35% Azonto, 65% Vitol) that the President of Cote d'Ivoire, Alassane Ouattara, has signed an Exclusive Exploitation Authorisation ("EEA") covering the Gazelle field in Block CI-202, offshore Cote d'Ivoire. Award of the EEA follows approval of the Field Development Plan for Gazelle by PetroCI, the state oil company, as announced on 31 October 2014 and demonstrates clear support for the project from the authorities in Cote d'Ivoire.
| Thursday, December 18, 2014
Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) provide the market with an asset update and guidance for 2015. Atlantic Petroleum expects a total production in 2015 of 560,000 boe (1,534 boe per day) from the UK continental shelf fields Blackbird, Ettrick and Chestnut.
The board of directors of Xplorer plc (LSE: XPL), the LSE Main Market listed investing company, can confirm that it is in discussions regarding a proposed acquisition of oil and gas assets in Africa (the "Proposed Acquisition"). The Proposed Acquisition would be conditional, inter alia, on the Company raising additional equity finance for which there is no certainty that the Company will be able to conclude successfully.
Quattro Exploration and Production Ltd. (TSX-V:QXP) report the completion of two divestitures resulting in total net Gains on Sales of $417,000.
Marathon Oil Corporation (NYSE: MRO) announce that the Company anticipates its 2015 capital, investment and exploration budget will be approximately $4.3-4.
After a continuous fall in oil prices, the outlook for oilfield services has been dramatically changed over recent months. The average short-term oilfield service purchases growth has dropped from 3.
The Directors of Mosman Oil and Gas Limited (AIM: MSMN) the New Zealand ("NZ") and Australia focussed oil exploration and development company, announce a corporate update which includes the latest SRK Consulting (Australasia) Pty Ltd ("SRK") report which was signed today and summarises an increase in Resources and the first Contingent Resources on the Company's Petroleum Creek permit in New Zealand. Strategy - Mosman continues to pursue its strategy to build a sustainable mid-tier oil and gas business by both acquisition and organic growth.
Apache Corporation (NYSE, Nasdaq: APA) announce the appointment of Peter A. Ragauss to its board of directors.
Legacy Oil + Gas Inc. announce its capital and operating budget and associated production guidance for 2015.
Hawk Exploration Ltd. announce an operational update and provide guidance on the Corporation's 2015 capital budget.
With the upcoming submission of its 'Impact Assessment' as part of the Plan for Development and Operation (PDO) process, Wintershall is announcing updated, higher recoverable resource estimates for its operated Maria Field: following intensive internal studies, Germany's largest internationally active oil and gas producer now estimates that the planned technical recoverable resources will reach about 180 million barrels of oil equivalent (boe). This means that the estimate has increased by about 40 million boe (previously 140 million boe: 130 million barrels of oil and about 10 million boe of associated gas).
African Petroleum Corporation, an independent oil and gas exploration company operating ten licences in five countries offshore West Africa, is pleased to announce that its subsidiary African Petroleum Senegal Limited has just received confirmation from the President in the form of a Presidential decree of entry into the First Renewal Period on licence Senegal Offshore Sud Profond ('SOSP'). Prior to entering into the First Renewal Period, Petrosen (the National Oil Company of Senegal) agreed to defer the existing well commitment of the First Renewal Period of SOSP by 18 months to allow for further technical work by the Company prior to drilling.
| Thursday, December 18, 2014
George Osborne delivered his Autumn Statement to the House of Commons on 3 December, and Chief Secretary to the Treasury Danny Alexander issued the Treasury's long awaited Fiscal Review on the UKCS tax regime soon afterwards. At a time when crude prices have plummeted from their June 2014 levels, and when it was clear that UKCS exploration was clearly failing even in the prior era of US$100 plus per barrel prices, the Autumn Statement and Fiscal Review were distinctly underwhelming.
Argent Energy Trust (TSX: AET.UN) announces that in response to the current commodity price environment, it is reducing both its 2015 capital budget by approximately US$19.
Shell has signed an agreement with ST1 for the sale of its retail, commercial fuels and supply and distribution logistics businesses in Norway. In addition, Shell's aviation business in Norway will become a 50-50 joint venture with ST1.
Teekay Offshore Partners L.P.
Enbridge Inc., (TSX:ENB) (NYSE:ENB) safely shut down and isolated its Line 4 pipeline at the Regina Terminal in Saskatchewan at approximately 10:55 p.
On September 27, 2013, Iona Energy Inc. (TSX VENTURE:INA), via its UK subsidiary, Iona Energy Company (UK) plc, issued US$275 million in senior secured bonds (the "Bonds").
Petsec Energy advised that the Hebert Abstract Co. # 1 well ( Hebert # 1 well), spud on 27 November 2014, and drilled on the Southwest Holmwood Prospect in Calcasieu Parish, Louisiana, has reached planned Total Depth ('TD') of 12,000 feet (3,658 metres) and has been logged and evaluated.
Independent Oil and Gas plc (IOG) (AIM: IOG.L) update shareholders on progress with the Company's Southern North Sea Gas Hub, which includes the Blythe, Cronx and Elgood Gas discoveries, containing 2P reserves of 3.
Caza Oil & Gas, Inc. (TSX: CAZ) (AIM: CAZA) announce two more strong results for the Company's Bone Spring program with the first development well on the non-operated Marathon Road Property and the initial test well on the recently acquired and operated East Marathon Road Property.
Sirius Petroleum (AIM:SRSP) announce that it has entered into an Agreement to Subscribe for Loan Notes and a definitive Convertible Loan Note Instrument for £9,600,000 (the "Loan") with Nima International Limited, an affiliate company of Levant Energy Limited ("Levant" or "Lender"). The completion of the drawdown of the Loan ("Completion") is subject inter alia to (i) the Company and Levant executing the necessary Security Documents, being debentures and cross guarantees to provide the lender with fixed and qualifying floating charges over the assets and rights of the Borrower and its subsidiaries, and (ii) there being a subscription or placing of new Ordinary Shares raising not less than £9,375,000.
Quadrise Fuels International plc provide an update on the Marine Fuels and Saudi Arabian programmes. In addition the Company announces that an agreement has been signed with ENH Engineering A/S ("ENH") to purchase up to two proprietary MSAR Manufacturing Units ("MMUs") designed for the processing of refinery heavy residues and production of MSAR fuel emulsions.
Rose Petroleum plc (Ticker: ROSE) announce that its wholly owned subsidiary, Rose Petroleum (Utah) LLC, has been granted the Drilling Permit from the State of Utah to enable operations to commence at its State 1-34 Mancos well in the Uinta Basin. Last week Rose was given approval to build the drilling pad and road, which it has now completed.
Bahamas Petroleum Company announce that a new Petroleum Act and a suite of associated regulations to guide and govern oil exploration in The Bahamas has been placed before the Parliament of The Bahamas. In addition, as indicated by the Minister of Environment and Housing, a Sovereign Wealth Act has been proposed to provide the legislative framework to ensure that the accrued wealth from any successful exploration outcome would be optimally invested, managed and conserved for the benefit of this and future generations of Bahamians.
Solo Oil plc (AIM: SOLO) has been advised by Aminex PLC ("Aminex") that they have updated their internal resource estimates in the southern part of the Ruvuma Petroleum Sharing Contract ("PSC") area, in which Solo holds a 25% interest, from mean initially in place gas of 2.3 trillion standard cubic feet ("tcf") to 3.
| Thursday, December 18, 2014
Green Dragon Gas Ltd. (LSE: GDG) announces that the Company has received GBP 27,129,000 (USD 42,592,000) and issued 13,756,000 shares to the Chandler Corporation, following the exercise of 13,756,000 warrants ("the Warrants").
TomCo Energy plc (AIM: TOM) report that further to the announcement on 17 February 2014, the Company's Ground Water Discharge Permit ("GWDP") and Construction Permit ("CP") have been tentatively approved by the Utah Division of Water Quality ("DWQ"). The approval is another important step in the environmental permitting process and a requirement under Utah State law to take the Company's Holliday Project into commercial production.
Tower Resources plc (TRP.L, TRP LN), the AIM listed Africa focussed oil and gas exploration company, announces the following issuance of New Ordinary Shares.
PetroNeft Resources (AIM: PTR) an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, is pleased to provide an update on operations. Licence 61 Arbuzovskoye Following some delays the Arbuzovskoye 106 well has successfully encountered oil in the Upper Jurassic (J-1) formation at a depth of 2,465 metres, TVD.
Magnolia Petroleum Plc provide an update on its operated leases in Oklahoma including a more than doubling of production at its 100% owned Roger Swartz #1 well following the successful completion of low cost stimulation work, and the drilling of additional vertical wells scheduled to commence in H1 2015. This update is in line with the Company's strategy to rapidly build production through drilling and prove up the reserves on its leases.
Sheridan Production Partners today announced that it has raised $1.5 billion in equity commitments through its third fund, Sheridan Production Partners III, to acquire onshore U.
Changfeng Energy Inc. ("Changfeng" or the "Company") (TSX VENTURE:CFY), announces that, further to its press release dated November 23, 2011, the Company has entered into a natural gas purchase and sale agreement (the "Agreement") with PetroChina Company Ltd.
Solo today announces that, as a result of the analysis and integration of subsurface data from the Horse Hill-1 ("HH-1") discovery well, in which Solo holds a net attributable interest of 6.5%, the calculated estimates of the discovered most likely gross oil initially in place ("OIIP") within the overall Upper Portland sandstone conventional reservoir in the HH-1 and Collendean Farm-1 ("CF-1") structure have increased by over 250% from the 3.
Oil price A lot of economic stats today led by the Fed Monetary Policy this evening, apart from that the UK has unemployment data and the MPC minutes as well as a bunch of Euro numbers to inspire Super Mario. Also on numbers we had the API inventory data after hours last night, yet again the teenage scribblers exceeded themselves going for a draw of 2.
Drillsearch Energy Limited (ASX: DLS) is pleased to announce that it has restarted oil production from the Flax facility in PRL 14 (Drillsearch 100% and Operator) in the Cooper Basin. The Flax-3 well restarted production on 16 December 2014 at an initial rate of 190 barrels of light, volatile oil (54 API) and 3.
NEOS GeoSolutions, Inc. announces that it has completed airborne acquisition operations, with the full support of its local partner Petroserv SAL, on its previously announced neoBASIN regional geoscience project in Lebanon.
Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) has been awarded an approximately €100 million contract by Oil and Natural Gas Corporation Limited (ONGC) to build a 6 MMSCMD (1) onshore terminal at Odalarevu in Andhra Pradesh, India, as part of the Integrated Development of Vashishta (VA) & S1 fields. These VA & S1 fields are located 30-35 km off the Amalapuram coast in the KG Basin, off the East Coast of India, at water depths of 250 to 700 meters.
World Point Terminals, LP (the 'Partnership'), a Delaware limited partnership (NYSE: WPT), announced today it has entered into a contribution agreement to acquire a terminal in Greensboro, NC from a subsidiary of Apex Oil Company, Inc. ('Apex'), an affiliate of the general partner of the Partnership and holder of 20% of the Partnership's incentive distribution rights.
IDC Energy Insights hosted the IDC FutureScape: Worldwide Oil & Gas 2015 Predictions Web conference, which highlighted predictions based on a new IDC FutureScape report. The Predictions Web conference series and accompanying IDC FutureScape reports, are designed to help company leaders capitalize on emerging market opportunities and plan for future growth.
The Australian Energy Market Operator (AEMO) has today highlighted the challenge facing the Australian gas industry - an expected shortage of gas and/or price hike as supplies are stretched in order to meet the demand for LNG for export, the Australian gas transportation industry said today. 'This report is a reminder that Australia has sufficient gas to supply both domestic and export markets,' Australian Pipeline Industry Association Chief Executive, Ms Cheryl Cartwright, said.
The Board of InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, announces that it has appointed Alan Booth (aged 56) as a Non-Executive Director. His appointment will take effect following the Company's AGM on 21 January 2015.
ASKER, NORWAY (17 December 2014) - The Board of TGS announces the appointment of Kristian Johansen to the newly created role of Chief Operating Officer (COO), effective 1 February 2015. Kristian joined TGS in 2010 as Chief Financial Officer.
Up to 15,000 Iraqi oil and gas workers will be trained in how to deal safely with the potential hazards of hydrogen sulphide (H2S). Shell and oil and gas training standards body, OPITO, have joined forces to ensure workers are trained to the globally recognised H2S standard.
Further to Aminex's announcement on 12 November 2014 in which it stated that its subsidiary Ndovu Resources Ltd. had signed binding, conditional heads of terms with Solo Oil PLC ('Solo') for the sale to Solo of up to 13% of in the Kiliwani North Development Licence ('KNDL') in Tanzania for a total consideration of $7 million, the Company is now pleased to advise shareholders that it has received confirmation from the Tanzanian Ministry of Energy and Minerals that the Minister has no objection to the proposed transfer of assignment for the sale which now remains subject only to a formal Deed of Assignment being completed and signed by all participating parties.
| Wednesday, December 17, 2014
Eland (AIM: ELA) announces that Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), Eland's joint venture company, has completed the loading and sale of a further 31,500 bbls gross of crude for an average price of $94.93 per barrel.
| Wednesday, December 17, 2014
Chariot Oil & Gas Limited (AIM: CHAR) provides a pre-close operational update. During the course of 2014, Chariot has carried out substantial amounts of technical work across the entirety of its portfolio, diversified risk through two successful farm outs, repositioned all of its Namibian licences by removing well commitments and injected further capital into the Company.
| Wednesday, December 17, 2014
Rose Petroleum plc (Ticker: ROSE) announces that its wholly owned subsidiary, Rose Petroleum (Utah) LLC, has begun the initial operations for completion of the State 16-42 Paradox well in the Gunnison Valley Federal Unit in Grand County, Utah. Rose has pressure tested the casing to 5,000 psi, switched the wellhead from shut-in to completion mode, and has run slick-line down the casing to confirm the top of the plugged back depth of the well and that the well is free of any obstructions.
Petrotechnics, the leading provider of enterprise operations excellence management solutions, was delighted to receive Fergus Ewing MSP and senior members of the Scottish Government's Oil & Gas Unit at the company's Aberdeen headquarters. With a portfolio including Energy and Enterprise, the Minister has a keen focus on fostering innovation within the North Sea oil and gas industry, and met with Petrotechnics' CEO Phil Murray to discuss how the challenges faced by operators on the UK Continental Shelf (UKCS) can be addressed.
Central Petroleum Limited (ASX:CTP) advises following the recent drop in oil prices which has affected oil revenues from the Surprise field, Central has taken decisive action to ensure that the Company will be able to live within its present cash flows. The following actions have been taken: The Company is applying for all necessary permits to operate the Surprise Oil Field remotely from Alice Springs in a concerted effort to reduce the costs of production.
Piedmont Natural Gas (NYSE: PNY) has filed for reductions in its natural gas sales rates for customers in North Carolina and South Carolina. Last week's filings before both the North Carolina Utilities Commission and the Public Service Commission of South Carolina reflect declines in the Company's wholesale natural gas costs, which are passed through to customers on a dollar for dollar basis.
East West Petroleum Corp. (TSX VENTURE:EW) provide the following update on its operations in New Zealand and Romania.
Woodside advises it has entered into a binding transaction with Apache Corporation to acquire Apache's Australian Wheatstone LNG and Balnaves oil interests and Kitimat LNG project interests in Canada, for an aggregate purchase price of US$2.75 billion.
Woodside Petroleum, as operator of the Browse FLNG Development, advises that a revised schedule into front-end engineering and design (FEED) entry has been agreed by the Browse Joint Venture. Woodside has completed basis of design (BOD) as well as key pre-FEED work for the proposed development and is now progressing additional strategic activities.
Cooper Energy (ASX:COE) announces it has secured the basis for a substantial expansion to its gas resources and cemented its position as an emerging participant in the Eastern Australian gas market with the agreement to acquire a 50 per cent interest in the Sole gas field (VIC/RL3) and the Orbost (Patricia Baleen) Gas Plant in Victoria from Santos Limited. The Sole gas field is located in the offshore Gippsland Basin and is about to enter detailed Front End Engineering and Design (FEED) for a development to commence production in late 2018/early 2019.
LINN Energy, LLC (Nasdaq:LINE) and LinnCo, LLC (Nasdaq:LNCO) announced that LINN has closed the previously announced sale of its entire position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest, Ltd. and FourPoint Energy, LLC at a contract price of $1.
Synergy Resources Corporation (NYSE MKT: SYRG) has closed on the purchase of certain assets from a private operator ("seller") in the Wattenberg Field as previously disclosed on October 30th, 2014. The assets include leases that are all held by production covering 5,040 gross acres (4,053 net) with rights to the Codell and Niobrara formations.
The Board of InfraStrata plc (AIM:INFA) announce that it has signed a binding Heads of Agreement for an Asset Exchange ("Agreement") with Fyrd Energy Limited ("Fyrd"). Under the terms of the Agreement, InfraStrata will acquire a 25% interest in UK Promote Licence P2235, recently offered to Fyrd in the Department of Energy and Climate Change ("DECC") 28th Seaward Licencing Round.
OAO NOVATEK announce that SeverEnergia (a joint venture between NOVATEK and OAO Gazprom Neft) launched the second stage of the Urengoyskoye field (within the Samburgskiy license area) including the second train of the gas condensate de-ethanization unit. Overall capacity of the two stages of field development is approximately 13 billion cubic meters (bcm) of natural gas and more than 4.
Encana (TSX: ECA) (NYSE: ECA) announce a highly focused 2015 capital program of between $2.7 billion and $2.
TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF) report progress of the Cheal-E-JV-6 well (Cheal-E6) and Cheal-E7 wells, located in New Zealand's Taranaki Basin where TAG Oil has extensive oil and gas operations.
Alta Mesa Holdings, LP announced on December 10th, that its subsidiary Alta Mesa Eagle, LLC has entered into an agreement to sell certain oil and gas producing properties in the Eagle Ford Shale area to ReOil Eagle I, LLC for a total potential price of $210 million, subject to customary purchase price adjustments. Alta Mesa will initially be paid $175 million, with an additional $25 million to be paid contingent upon the drilling of ten upper Eagle Ford Shale wells, and $10 million if the Calendar Year 2016 NYMEX strip closes above $80 per barrel for two consecutive months in 2015.
Søren Gath Hansen will step down as Group Executive Vice President and CEO for E&P. His successor is David B.
Oil price Further weakness yesterday as the Chinese factory sector numbers contracted for the first time in seven months which was just what the oil bears needed. If you dont like falling through round numbers its not your morning as not only has WTI gone through $55 but Brent is below $60 this morning.
Canadian Oil Sands Limited (TSX:COS)(OTCQX:COSWF) announce that it expects Syncrude production to total about 94 million barrels in 2014, below the range of 95 to 100 million barrels provided in COS' October 30, 2014 guidance, due to an outage in a sour water treater. The repair to this unit is expected to be complete by the end of this month.
When I last wrote about the global supply of oil, it was back in October, as the fall in oil prices was developing. Since then the price has continued to fall, with prices now below $60 a barrel.
Madalena Energy Inc. (TSXV: MVN and OTC: MDLNF) announce its 2015 capital program of CDN$48.
Alvopetro Energy Ltd. (TSX VENTURE:ALV) announce that the 197(2) well, located on Block 197 in the Recôncavo basin in the State of Bahia, Brazil, has discovered natural gas.
is setting a 2015 capital budget that delivers on a sustainable long-term business model to shareholders. The management and Board of Directors looked at many factors in setting a course for Long Run in 2015.
Rene Beck is Manager of Applied Technology & SCADA at WPX Energy. We secured a 20 minute slot in her busy schedule to ask her about the challenges she faces and where she sees the future of well site automation heading.
ABIS Projects has won a clutch of contracts worth around £1million over the next 15 months. The oil and gas project services consultancy has secured frame agreements and call-off contracts with ADTI, Hunting, Talisman Sinopec and North Sea newcomer, MOL.