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Oil Market Jigsaw Puzzle: Putting The Pieces Together

THE data has long told us that the efficiency of the US shale oil process is constantly improving. For instance, the above chart shows that in just in one shale-oil field in the US - the Bakken in North Dakota and Montana - the amount of oil each well can produce improved by 72% between January and September of this year.
North America | Friday, August 26, 2016

Lucas Energy enters agreement to fund development of Eagle Ford shale assets

Lucas Energy, Inc. (NYSE MKT: LEI), an independent oil and gas company with its operations in central Texas, today announced that its wholly-owned subsidiary, CATI Operating, LLC ('CATI'), entered into an agreement with its senior lender, as evidenced by a promissory note, to borrow $1 million, effective August 15, 2016.
North America | Friday, August 26, 2016

Altura Energy announces acquisition of oil assets in East Central Alberta

Altura Energy Inc. (TSX Venture: ATU) is pleased to announce it has entered into an agreement to purchase high quality oil assets strategically located in east central Alberta for cash consideration of $4.
North America | Friday, August 26, 2016

Renaissance Oil Corp nnounces acquisition of its fourth block in Mexico

Renaissance Oil Corp. (TSX-V: ROE) is pleased to announce the Company has entered into a license contract for the development of the Pontón block in Veracruz, Mexico.
North America | Friday, August 26, 2016

VAALCO Energy resumes production at Avouma

VAALCO Energy, Inc. (NYSE: EGY) has announced that the secondary electric submersible pump (ESP) in the Avouma 2-H well on the Avouma Platform offshore Gabon in the Etame Marin Permit was recently started and the well is now producing at a stable rate.
Africa | Friday, August 26, 2016

MCW Energy Group closes acquisition of controlling stake of E&P company

MCW Energy Group Limited (TSX VENTURE:MCW)(OTCQX:MCWEF), a Canadian holding company involved in the development of environmentally-friendly oil sands technologies and the production of oil from Utah's oil sands, announces the closing of a previously announced definitive agreement to acquire a controlling interest in a Houston-based, exploration and production (E&P) company, Accord GR Energy, Inc. ('Accord').
North America | Friday, August 26, 2016

Antrim Energy announces 2016 second quarter results

Antrim Energy Inc. (TSX VENTURE:AEN)(AIM:AEY), an international oil and gas exploration company, today reported its financial results for the three and six month period ended June 30, 2016.
North America | Friday, August 26, 2016

Petrolia announces changes to management team

Pétrolia Inc. (TSX VENTURE:PEA) announces changes to its management team following Alexandre Gagnon's notice to the Board of Directors that he is resigning as CEO and member of the Board.
North America | Friday, August 26, 2016

Guidon Energy and Blackstone Energy Partners announce a new Permian Basin platform and first asset acquisition

Guidon Energy ('Guidon'), an oil and gas partnership headquartered in Dallas, Texas, and Blackstone Energy Partners, an affiliate of Blackstone (NYSE:BX), announce their recently formed platform company in the Midland Basin and purchase in April of this year of approximately 22,000 gross acres (16,000 net acres) in the core of Martin County, Texas. Blackstone Energy Partners and funds affiliated with Blackstone, a leading global, alternative investment manager and energy investor, have committed approximately $500mm of capital to Guidon with the potential to commit significantly more with future acquisitions.
North America | Friday, August 26, 2016

Amazing Energy Oil and Gas Co. continues development in Pecos County, Texas

Amazing Energy Oil and Gas Co. (AMAZ) is pleased to announce recent results from its Pecos County, Texas property.
North America | Friday, August 26, 2016

Oil price, Sound Energy, Victoria Oil & Gas, Falcon Oil & Gas, And finally...

Oil price A lot of to-ing and fro-ing in the oil markets which will probably end up slightly down on the week. After the poor inventory stats yesterday was up, partly as Iran confirmed that it would attend the Opec 'meeting' in Algeria and partly as there was a spot of bother in Gulf between the US and Iranian gunboats.
West Europe | Friday, August 26, 2016

Polyard Petroleum announces results of Polyard-3 testing operation

This announcement is made by Polyard Petroleum International Group Limited, pursuant to Rule 17.10(2) of the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited and Inside Information Provisions (as defined under the GEM Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Asia Far East | Friday, August 26, 2016

Petro Matad announces interim results for the first half of 2016

Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce its unaudited interim results for the six months ended 30 June 2016. Financial Summary The Group posted a profit of USD 0.
Asia Far East | Friday, August 26, 2016

Sound Energy commences drilling of second Tendrara well

Sound Energy, the European and African focused upstream company, is pleased to confirm the commencement of drilling of the second well at Tendrara, onshore Morocco. Following the recent success of the first Tendrara well (TE-6), a sub-horizontal appraisal well (the Company's second well on the licence; TE-7) was spud on 25 August 2016.
North Africa | Friday, August 26, 2016

PJSC Tatneft announces second quarter 2016 results

PJSC Tatneft announces today that it published the unaudited consolidated interim condensed financial statements for the three and six months ended 30 June 2016. The Company's consolidated sales and other operating revenues net of export duties and excise tax in the second quarter of 2016 were 146,863 million Rubles (US$ 2,229 million) as compared to 144,450 million Rubles (US$ 2,744 million) in the corresponding period of 2015.
Russia FSU | Friday, August 26, 2016

Victoria Oil & Gas announces statement on RSM arbitration

VOG notes a recent media article in Cameroon and can confirm that on 22 July, 2016, RSM Production Corporation ('RSM') filed a request for arbitration with the International Chamber of Commerce ('ICC') regarding the rig and drilling contractor selected by VOG to conduct the drilling of two new wells at the Logbaba project. Separately, on 29 July, 2016, RSM filed a complaint and application for injunction with the U.
Africa | Friday, August 26, 2016

Pan Orient Energy's Exploration Drilling Set to Commence Q4/16

Pan Orient East Jabung Map Pan Orient Energy Corp. (POE:TSX.
Asia Far East | Friday, August 26, 2016

Statoil: Njord A towed to Kværner Stord

The Njord A platform arrived at Kværner Stord on Thursday 25 August. The platform will now be reinforced and renovated for production beyond 2030.
West Europe | Friday, August 26, 2016

The North Sea Oilfield Service Market - Dead or alive?

The oilfield service markets in Norway and the United Kingdom have felt the market downturn harder than other offshore nations. Deep cuts in activity and pressure on price have led to mass lay-offs in Stavanger and Aberdeen.
West Europe | Thursday, August 25, 2016

Mærsk Gallant drills to record depths on Norwegian shelf

With a total depth of 5,941 metres, Mærsk Gallant has beaten the record for deepest well ever drilled on the Norwegian continental shelf. On 31 July, Mærsk Gallant drilled the Solaris ultra HPHT (high-pressure, high-temperature) well to a total depth of 5,941 metres TVD (True Vertical Depth).
West Europe | Thursday, August 25, 2016

Cooper Energy announces drilling success at Callawonga-12

Cooper Energy reports that Callawonga-12, an oil development well in PPL 220 on the western flank of the Cooper Basin, South Australia, is to be cased and suspended after reaching a total depth of 1,449 metres in the Westbourne Formation. Callawonga-12 targeted the McKinlay Member and Namur Sandstone.
Australasia | Thursday, August 25, 2016

Lonestar Resources names new Chairman of the Board

Lonestar Resources US, Inc. (NASDAQ: LONE) is pleased to announce that, effective immediately, John H.
North America | Thursday, August 25, 2016

NXT Energy Solutions announces management change

NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) announces that Mr.
North America | Thursday, August 25, 2016

Resolute Energy Corporation CEO to retire from role and remain as Executive Chairman

Resolute Energy Corporation (NYSE: REN)today announced that Nicholas J. Sutton will retire as the Company's Chief Executive Officer effective December 31, 2016.
North America | Thursday, August 25, 2016

It will take more than giving people a share in shale gas profits to sway public opinion on fracking

Britain is due to receive its first delivery of shale gas imported from the US, which will arrive at Grangemouth petrochemical plant in Scotland next month. That the UK is importing a tanker-full of shale gas from the US despite sitting on substantial resources of its own reveals just how far advanced the US shale gas industry is over that in the UK.
West Europe | Thursday, August 25, 2016

OPEC's Output Freeze: What Has Changed Since Doha?

It's possible that OPEC is crying wolf with hints of an output freeze next month in Algiers; but it's also possible that they are ramping up production to take the sting out of a freeze. This is a delicate balancing act that the Saudis need to play very carefully.
Middle East | Thursday, August 25, 2016

Andes Energia announces new exploration success in Chachahuen block

The Board of Andes (AIM: AEN; BCBA: AEN), the producer and explorer in Argentina and Colombia, is pleased to provide an update on current exploration operations in the Chachahuen block in the Province of Mendoza, Argentina, based on drilling and completion reports, provided by YPF, the operator on this block. Highlights: Four exploratory wells were drilled and completed An oil discovery was made in exploration well 'Cerro Redondo x-1' encountering 6 metres of net oil pay in the sandstone of the Rayoso formation (cycle 1) Gas was found in exploration well 'La Orilla x-1' in the deeper horizon of the Lotena formation Gas was found in the exploration well 'Remanso del Colorado x-1' in the deeper horizon of the Cuyo Group Well 'Cerro Montoso x-1' was plugged and abandoned providing valuable geological and engineering data for the on going exploratory campaign A fifth well 'Cerro Morado Este x-1' was spudded on 5 July and is currently in the completion stage, with the main target to investigate the Centenario formationThe discoveries from the exploration program will add new potential resources for future development in the field.
South America | Thursday, August 25, 2016

Seadrill announces second quarter 2016 results

Highlights Revenue of $868 million Operating income of $364 million EBITDA of $557 million 98% economic utilization Reported Net Income of $276 million and diluted earnings per share of $0.52 Cash and cash equivalents of $1.
West Europe | Thursday, August 25, 2016

Norwegian Petroleum Directorate grants consent for lifetime extension of Gullfaks B platform

The Norwegian Petroleum Directorate (NPD) has given the go-ahead for using the B platform on the Gullfaks field in the North Sea until 1 January 2036, which corresponds to the length of the production licence. Gullfaks B first came on stream in February 1988.
West Europe | Thursday, August 25, 2016

Atlantic Petroleum announces second quarter 2016 results

P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its results for the second quarter of 2016. Highlights & Outlook EBITDAX for 2Q was negative with DKK 1.
West Europe | Thursday, August 25, 2016

AWE Limited announces full-year financial results

Total production of 5.0 mmboe in line with previous year Sales revenue of $202.
Australasia | Thursday, August 25, 2016

Q2 was a turning point for US upstream operators: Fuel for Thought

The second quarter was a pivotal three months that saw rising crude prices and rig counts, well performance improvements and a brighter tone from US upstream operators who had weathered a tough downturn, and ominous crude prices in early 2016. When crude prices fell back to $40/b from yearly highs over $50/b just as they were going through their quarterly earnings calls, US operators didn't flinch from their production plans, Evercore ISI analyst Stephen Richardson said.
North America | Wednesday, August 24, 2016

Canacol Energy tests Nispero-1 exploration well at 28 MMSCFPD, expands drilling program, and reports on July production

Canacol Energy Ltd. (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to provide the following update concerning the Nispero 1 gas discovery, the doubling of its gas drilling program for the remainder of 2016, and an increase of 9% in Corporate cash sales to 19,440 barrels of oil equivalent per day for the month of July 2016 compared to the average cash sales of 17,817 boepd for the quarter of April 1 to June 30, 2016.
South America | Wednesday, August 24, 2016

Changfeng Energy announces second quarter 2016 results

Changfeng Energy Inc. (TSX VENTURE:CFY), an energy service provider in China, announces that the Company has filed its unaudited condensed interim consolidated financial results for the second quarter ended June 30, 2016.
Asia Far East | Wednesday, August 24, 2016

Cub Energy announces second quarter 2016 results

Cub Energy Inc. (TSX VENTURE:KUB), a Ukraine-focused upstream oil and gas company, announced today its unaudited interim financial and operating results for the second quarter of 2016.
Russia FSU | Wednesday, August 24, 2016

PetroShale announces results for the second quarter 2016

PetroShale Inc. (TSX VENTURE:PSH)(OTCQX:PSHIF) is pleased to announce its financial and operating results for the second quarter ended June 30, 2016.
North America | Wednesday, August 24, 2016

Anadarko announces leadership changes

Anadarko Petroleum Corporation (NYSE: APC) today announced that Darrell Hollek, formerly Executive Vice President, U.S.
North America | Wednesday, August 24, 2016

Pacific Exploration and Production announces court order sanctioning restructuring transaction

Pacific Exploration & Production Corp. is pleased to announce that today the Ontario Superior Court of Justice (Commercial List) granted an order sanctioning and approving the Company's plan of compromise and arrangement pursuant to the Companies' Creditors Arrangement Act (Canada) in connection with its previously announced comprehensive restructuring transaction.
North America | Wednesday, August 24, 2016

Blackeagle Energy Services acquires Brazos Rock's Permian Basin assets

Blackeagle Energy Services, a leading provider of energy-related construction and maintenance services, announced today it has acquired certain Permian Basin assets from Brazos Rock, Inc., a leading provider of oilfield construction services in Texas.
North America | Wednesday, August 24, 2016

Oil price, SDX Energy, Sound Energy, Cape, Premier Oil, Independent Oil & Gas, And finally...

Oil price The machine works and we know this because we have seen it in action many times before when we need a little tickle on the oil price. As I mentioned on Monday the machine that really started in early August has continued to deliver faith when little was justified.
West Europe | Wednesday, August 24, 2016

Oil & Gas Development Company successfully tests and completes Nashpa wells

Oil & Gas Development Company Limited (OGDCL), operator, with JV Partners PPL & GHPL has successfully tested and completed Nashpa Well # 6 & 7 development wells in Nashpa Development & Production Lease, which fall in district Karak and Kohat of KPK Province. The structure of Nashpa Well # 7 was delineated, drilled and tested using OGDCL's in house expertise.
Middle East | Wednesday, August 24, 2016

From fracking to flatulence: the all-out assault on methane

What is the 'biggest unfinished business for the Obama administration?' According to a report from Bill McKibben, the outspoken climate alarmist who calls for all fossil fuels to be kept in the ground, it is 'to establish tight rules on methane emissions'—emissions that he blames on the 'rapid spread of fracking.' McKibben calls methane emissions a 'disaster.
North America | Wednesday, August 24, 2016

The Buy Signal for Oil Is In

$OSX has confirmed a new major buy signal, which can last for months and years. Speculation has now confirmed a pullback bottom; expect new recovery highs in coming weeks and months.
North America | Wednesday, August 24, 2016

Sparrows Group and SapuraKencana Petroleum to form partnership in Malaysia

Sparrows Group is set to further grow its presence in the Asian Pacific market following the formation of a partnership between Sparrows Offshore Services Pte Ltd and SapuraKencana Technology Sdn Bhd, the latter being a wholly-owned subsidiary of SapuraKencana Petroleum Berhad. The partnership will see both entities collaborating in the provision of offshore and onshore crane services including manufacturing, supply, operations, maintenance and overhaul of offshore and onshore cranes for the oil and gas industry in Malaysia.
Asia Far East | Wednesday, August 24, 2016

Sound Energy announces executive changes

Sound Energy, the European and African focused upstream company, announces a series of executive changes aimed at strengthening its technical leadership. Following the Company's recent gas discovery at Tendrara, onshore Morocco and the resultant potential for the Eastern Morocco TAGI play to be a material hydrocarbon province, the Company announces the following executive appointments: Brian Mitchener joins Sound Energy as Executive Vice President ('EVP') Exploration, based in the UK.
West Europe | Wednesday, August 24, 2016

Exillon Energy announces July production figures

Exillon Energy plc (EXI.LN), a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora and West Siberia, is pleased to announce unaudited production data for the month of July 2016.
Russia FSU | Wednesday, August 24, 2016

SDX Energy announces second quarter 2016 results

SDX Energy Inc. (TSXV, AIM: SDX) announces its 2016 Second Quarter and Half Year 2016 Financial and Operating Results.
West Europe | Wednesday, August 24, 2016

Cluff Natural Resources announces interim results and resource update

Cluff Natural Resources Plc, the AIM quoted natural resources investing company, is pleased to announce its interim results for the six months ended 30 June 2016 and an update regarding a potentially significant increase to the prospective resources of its Southern North Sea gas prospects. Highlights Additional prospects identified on Licence P2248 in the Southern North Sea in the Carboniferous and Triassic are expected to increase the Company's estimated net P50 prospective resource to in excess of 3 TCF of natural gas from 760 BCF, subject to independent review and revised Competent Persons Report Sale and Purchase and Option Agreement with Verus Petroleum, which at the cost of £1, provides the right to acquire up to 25% of three Parkmead Group operated licences (two of which are effectively drill ready) over two areas in the Moray Firth and the Central North Sea, containing or adjacent to existing discoveries Unitisation of Licence P2253 with Licence P2258 (Simwell and Burgate) where a significant Carboniferous structure has been identified Extension of MOU with Halliburton for a further two years to February 2018 Resource update and CPR expected to facilitate formal farm out discussions to fund forward work programmes, including the drilling of one or more wells Successfully completed fundraise of £727,000 in April 2016 Cash position of £955,000 (31 December 2015: £1.
West Europe | Wednesday, August 24, 2016

Ascent Resources completes purchase of Trameta doo

Ascent Resources plc (AIM: AST), European oil and gas exploration and production company confirms that it has carried out the necessary procedures at the office of the public notary in Ljubljana to complete the purchase of Trameta doo, detailed in the Company's announcement of 1 August 2016. Completion of the acquisition will allow the Company to move ahead with the work program to recertify the export production pipeline through which Joint Venture gas production will be sold.
East Europe | Wednesday, August 24, 2016

Madalena Energy provides second quarter 2016 results

Madalena Energy Inc. (TSXV: MVN and OTCQX: MDLNF) is pleased to provide its operating and financial results for the three and six months ended June 30, 2016.
South America | Wednesday, August 24, 2016

Ophir Energy announces appointment of non-executive director

Ophir is pleased to announce the appointment of Mr David Davies and Dr Carl Trowell as independent non-executive Directors to the Company's Board with immediate effect. David Davies will also be appointed as a member of the Company's Audit Committee with immediate effect.
West Europe | Tuesday, August 23, 2016

Saudi Permian: A Race To The Bottom For Tight Oil

Remember the shale gale and Saudi America? The scale of those outlandish delusions has now dwindled to plays in a few counties in West Texas and southeastern New Mexico. Saudi Permian.
Middle East | Tuesday, August 23, 2016

San Leon Energy provides update on acquisition of indirect interest in OML 18

Further to the announcement on 11 August 2016, the Company announces that it continues to progress with the acquisition of an indirect interest in OML 18, a producing onshore Oil field located in the Southern Niger Delta. The Company is in the final stages of obtaining all necessary regulatory approvals before publishing an AIM Admission Document which will contain full details of the Transaction.
Africa | Tuesday, August 23, 2016

Torchlight Energy Resources provides update on Orogrande and Hazel Projects

Torchlight Energy Resources, Inc. (NASDAQ: TRCH), today provided an update regarding the Company's operational progress in their Orogrande and Hazel Projects.
North America | Tuesday, August 23, 2016

Enterprise Group provides update following asset sale

Enterprise Group, Inc. (TSX:E) is pleased to provide an update on its business following the sale of substantially all of the assets of its utility construction business unit, T.
North America | Tuesday, August 23, 2016

Rex Energy announces closing of Illinois Basin asset sale

Rex Energy Corporation (Nasdaq:REXX) announced today that it has closed on the previously announced sale of its Illinois Basin assets to Campbell Development Group, LLC. The sale of the Illinois Basin assets includes approximately 76,000 net acres in Illinois, Indiana and Kentucky; the assets are currently producing approximately 1,700 net barrels per day.
North America | Tuesday, August 23, 2016

Aminex announces director appointment

Aminex PLC is pleased to announce the appointment of Mr Ola Fjeld, as a Non-Executive Director with immediate effect. Mr Fjeld will be proposed for election by shareholders at the next general meeting of the Company.
West Europe | Tuesday, August 23, 2016

The Case for Offshore Steam

When we talk to folk in the industry, about our plans to steam the Pilot, Elke & Narwhal fields in the middle of the Central North Sea, sometimes we get a pretty sceptical reaction, sometimes we don't. I prefer it when we get to talk positively about the potential of steaming offshore reservoirs, but not everyone has an open mind.
West Europe | Tuesday, August 23, 2016

Jersey Oil and Gas announces farm-out of Seaward Licence P.2170 to Statoil

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company ?focused on the UK Continental Shelf region of the North Sea, is pleased to announce that alongside its co-venturer, CIECO Exploration and Production (UK) Limited it has entered into a binding, conditional sale and purchase agreement with Statoil (U.K.
West Europe | Tuesday, August 23, 2016

Tlou Energy renews cooperation agreement with General Electric and IK Holdings

Tlou Energy Limited, the AIM and ASX listed company focused on delivering power in Botswana and Southern Africa through the development of coal bed methane projects, is pleased to announce that it has renewed a Co-operation Agreement with General Electric International Inc. and IK Holdings Pty Ltd for the delivery of a proposed gas to power solution for Botswana.
Australasia | Tuesday, August 23, 2016

Tethys Petroleum announces par value reduction and corporate update

Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) today announces a corporate update. Par Value Reduction The Grand Court in the Cayman Islands has approved a motion by Tethys Petroleum to reduce the par value of the Company's ordinary shares to USD 0.
West Europe | Tuesday, August 23, 2016

Norwegian Petroleum Directorate to enter into framework agreements in technology

The Norwegian Petroleum Directorate (NPD) has announced a tender competition to supplement its technological expertise and capacity, with the intention of becoming even more of a driving force in the development of discoveries and improved recovery measures from producing fields. The tender competition is intended for external companies with relevant expertise.
West Europe | Tuesday, August 23, 2016

Norwegian Petroleum Directorate grants consent to remove the Yme facility

The NPD has granted its consent for the licensees in production licences PL 316 and PL 316B to remove the production facility on Yme. The field is operated by Repsol.
West Europe | Tuesday, August 23, 2016

Malcy's Flash Blog: FAR Limited/Cairn

Far Limited/Cairn Briefly this morning I notice that things are moving on apace in Senegal with an announcement by Far. They have increased their contingent resource number by 14% to 641m barrels and say that the field 'has the credentials to support a potential development.
Africa | Tuesday, August 23, 2016

Serica Energy provides update on Erskine Field operations

As previously announced, production from the Erskine field (Serica 18%) restarted on 27th July following a prolonged period to clear a blocked pipeline and undertake planned maintenance on the Lomond platform which provides treatment and export facilities to Erskine. In line with earlier statements, Erskine production was built up for a short period to flush the Lomond/Everest condensate export line and establish full flow through the system before being temporarily suspended for final clean-up operations and for re-commissioning of Lomond platform facilities to be completed.
West Europe | Tuesday, August 23, 2016

Cape plc announces unaudited half-year 2016 results

Cape plc, an international leader in the provision of critical industrial services to the energy and natural resources sectors, announces its unaudited half-year results for the period ended 3 July 2016. Operating Highlights A strong revenue performance, driven by Asia Pacific, partially offsetting weaker than expected margins in the UK resulting in 25% reduction in group operating profit The UK business performed below expectation as operating margins were adversely affected by weakness in the offshore North Sea and thermal coal power generation markets, and poor commercial performance on the ExxonMobil contract at Fawley The Asia Pacific business performed above expectation driven by increased project activity in Australia, South Korea and Singapore The Middle East business delivered a solid performance with a strong contribution from the SOCAR-Cape joint venture in Azerbaijan mitigating the effect of increased cost pressures from clients across the region The Redhall Engineering Solutions acquisition, rebranded as Cape Engineering Services, is now fully integrated into the UK business and has performed ahead of expectations The UK business is being restructured to maximise capability for growth through delivering the full portfolio of services to the Group's customer base whilst reducing overhead costsFinancial Highlights Order intake during the first half decreased to £309m (H1 2015: £399m), largely due to the timing of key contract awards resulting in an order book of £820m at period end (5 July 2015: £800m; 31 December 2015: £861m) Revenue increased by 10% to £396.
West Europe | Tuesday, August 23, 2016

FAR provides update on proposed conditional sale of ConocoPhillips interest in Senegal

As duly reported in prior public statements by ConocoPhillips and Woodside, ConocoPhillips has confirmed to FAR Ltd (ASX:FAR) that it has a right of pre-emption over the proposed sale of ConocoPhillips interests in Senegal to Woodside Petroleum Limited. FAR advises that, in its opinion, and as supported by legal advice, ConocoPhillips has failed to comply with the terms of the Joint Operating Agreement in relation to the proposed sale of its interests in the Senegal project.
Africa | Tuesday, August 23, 2016

Cue Energy Resources announces results for the year ended 30 June 2016

Cue Energy Resources Ltd (ASX: CUE) had mixed results in the year ended 30 June 2016. The Company achieved significant growth in production and revenues that enabled gross profit to grow by 10% to $25.
Australasia | Tuesday, August 23, 2016

Senex Energy announces full-year results

Senex Energy Limited (ASX:SXY, Senex) has today announced its 2016 full year results, which demonstrate a strong defensive response to volatile market conditions, and material progress on strategic growth projects. Key points FY16: Record safety performance, with Total Recordable Injury Frequency Rate improved by 71% to 1.
Australasia | Tuesday, August 23, 2016

FAR announces material 14% increase in SNE field contingent recoverable oil resources

Material SNE contingent resource upgrade 2C contingent oil resources contained in the SNE field offshore Senegal have increased by 14% to 641 mmbbls (100% basis, recoverable, unrisked). A new, updated Independent Resources Report for FAR Ltd (ASX: FAR) on the SNE oil field has been completed by RISC Operations Pty Ltd ('RISC') following the drilling of two further successful appraisal wells, BEL-1 and SNE-4.
Africa | Tuesday, August 23, 2016

Armour Energy commences oil production from Emu Apple oil field

Further to the ASX release of 18 July 2016 Armour Energy Limited (ASX: AJQ; Armour) is pleased to advise that oil production from the Emu Apple oil field has now commenced. Restart work at Emu Apple, which forms part of the Company's recently acquired Kincora assets in the Roma shelf in Queensland, was completed safely and well below budget.
Australasia | Monday, August 22, 2016

Manitok Energy and Raimount Energy complete plan of arrangement

Manitok Energy Inc. (TSX VENTURE:MEI) and Raimount Energy Inc.
North America | Monday, August 22, 2016

Fracking's Future

Hydraulic fracturing has been a hugely controversial subject in many countries and has increasingly become the focus of legislation in the US. The state of Colorado has seen the most recent push for new restrictions - activists have obtained over 200,000 signatures to introduce two new initiatives on Colorado's November 8th ballot.
North America | Monday, August 22, 2016

Oil price, Egdon Resources, Europa Oil & Gas, Bowleven, And finally...

Oil price Going, going, gone as the Brent price over 50 bucks went over the top in early trading this morning. I am also reminded that having not taken out the $52.
West Europe | Monday, August 22, 2016

Venezuela's light crude habit soaks up US exports

Venezuela's thirst for light crude imports could play an interesting role in crimping as much as 300,000 b/d of its own crude exports. That would amount to a whopping 14% of Venezuela's 2.
South America | Monday, August 22, 2016

Marathon Oil announces leadership changes

Marathon Oil Corporation (NYSE: MRO) announced today that T. Mitch Little has been promoted to executive vice president, Operations, and will oversee the Resource Play and Conventional businesses.
North America | Monday, August 22, 2016

Monetization options for emerging and future gas producers (LNG-CNG-Downstream options)

The recent years many emerging gas producers are examining their options regarding the most beneficial monetization options or a combination of them for their vast gas reserves. Some emerging gas producers are Cyprus and Israel (already produces gas from the Tamar gas field), Myanmar in South East Asia and Mozambique in East Africa.
West Europe | Monday, August 22, 2016

Opportune Time for Africa Oil & Gas Industry to Consider Change: PwC Oil & Gas Review

The decline in the global oil price has led to a reduced level of activity across the African continent and had an impact on countries that traditionally depend on oil & gas revenue. Despite the bleak landscape, the African continent still offers significant opportunities in the oil & gas sector.
Africa | Monday, August 22, 2016

Egdon Resources acquires additional 20% interest in PEDL068

Egdon Resources plc (AIM:EDR) is pleased to announce that it has reached agreement to acquire an additional 20% interest in Petroleum Exploration and Production Licence PEDL068 from DESS Energy Limited ('DESS') bringing our total interest to 68%. Egdon is operator of PEDL068 which is located in the Cleveland Basin of North Yorkshire.
West Europe | Monday, August 22, 2016

LGO Energy successfully recompletes well GY-73, Trinidad

LGO is pleased to announce that production has now commenced from a new oil pay interval in well GY-277, the fourth of its planned heavy work-overs at the Goudron Field in Trinidad. A total of 45 feet of perforations were added to the Mayaro Sandstone, at depths between 500 and 631 feet, in a reservoir interval that has previously not been completed for production.
Central America | Monday, August 22, 2016

Seadrill announces cancellation of West Pegasus drilling contract

Seadrill Limited has received a notice of termination from Pemex Exploracion y Servicios for the West Pegasus drilling contract effective 16 August 2016. Seadrill has disputed the grounds for termination and is reviewing its legal options.
North America | Monday, August 22, 2016

Europa Oil & Gas provides technical update on Licensing Option 16/22, offshore Ireland

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to provide detailed technical information on the recently awarded Licensing Option ('LO') 16/22. Europa has a 100% interest in, and is operator of, seven licences in the Atlantic basins offshore Ireland including LO 16/22, which covers 992km2 in the Padraig Basin.
West Europe | Monday, August 22, 2016

Baker Hughes announces weekly rig counts

Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations website. BHI Rig Count: U.
North America | Monday, August 22, 2016

Saudis Ramping Up Oil Output To Gain Leverage In OPEC Talks

Saudi Arabia suggests it may be increasing its August crude output to a new all-time high as it could give it more leverage to influence the September informal talks on a possible production freeze, Reutersreported on Wednesday, citing industry sources. Saudi Arabia - OPEC's biggest producer — pumped a record 10.
Middle East | Friday, August 19, 2016

North Sea Energy provides update on Bagpuss drilling results

North Sea Energy Inc. (TSX VENTURE:NUK) announces an update to the Bagpuss well results from the Bagpuss Operator, Premier Oil (UK) Limited.
West Europe | Friday, August 19, 2016

Global Land Rig Market to see Further Compression in 2016, with Recovery Forecast for the Next Four Years

Analysis of International Frontier Markets The international rig fleet is a critical enabler of global energy production but the quantity and quality of available information on both the international rig fleet and demand has historically been limited, particularly in core markets such as the Middle East, Asia and Russia. The new Douglas-Westwood (DW) World Land Drilling Rig Market Report addresses this problem by providing analysis of prospects and five-year business forecasts for the international drilling business in difficult-to-access, frontier and developing regions, as well as the established North American market.
North America | Friday, August 19, 2016

Statoil submits development plan for Byrding discovery

Statoil and its partners today submitted the Plan for Development and Operation of the Byrding oil and gas discovery (previously known as Astero) in the North Sea to government authorities. Capital expenditures estimated at approximately NOK 1 billion, recoverable volumes are projected at approx.
West Europe | Friday, August 19, 2016

Oil price, Independent Oil & Gas, Premier, Sundry-Tullow-Aminex-Bucket list-And finally...

Oil price Brent hasn't been higher since the 23rd of June, roughly at the time that the Saudis started whacking up their production, partly of course to offset domestic use for summer power generation. Production from the KSA was 10.
West Europe | Friday, August 19, 2016

Woodside Energy announces half-year net profit of $340 million

Woodside has recorded a half-year reported net profit after tax (NPAT) of US$340 million, underpinned by production of 45.9 MMboe, 9% higher than 1H 2015.
Australasia | Friday, August 19, 2016

Pacific Exploration and Production provides summary of Proponent's proposal

On August 16, 2016, Pacific Exploration & Production Corp. received a proposal made by O'Hara Administration Co.
South America | Friday, August 19, 2016

Perisson Petroleum completes acquisition of Twining Oil & Gas assets

Perisson Petroleum Corporation (TSX VENTURE:POG) is pleased to announce that the Company has completed the last stage of the closing process of the purchase of the Twining assets announced on May 19, 2016, by completing the final statement of adjustments related to the purchase. As a result, the Company made an additional payment of approximately $142,000 to the Receiver for the asset.
North America | Friday, August 19, 2016

OPEC is Playing The Emotion Game Again to Support Oil Prices

One of the key factors which supported oil prices recovery last week was the news about some of OPEC's members who are calling once again for an output freeze deal. Positive comments were given by both, Saudi Arabia energy minister Khalid Al-Falih and Venezuelan President Nicolas Maduro, which lay the groundwork for a possible talk next month to discuss the possibility of oil producers freezing their oil output to support oil prices.
Middle East | Friday, August 19, 2016

Baron Oil announces amendment to terms of loan and option agreement with Infrastrata

Baron is pleased to report that it has received repayment of its loan to Infrastrata plc ('Infrastrata') and agreed an amendment to the Convertible Loan Facility Agreement ('Agreement') with respect to the Islandmagee gas storage project in Northern Ireland. Under the terms of the Agreement, originally announced in May 2015, Baron provided a loan for €1.
West Europe | Friday, August 19, 2016

Independent Oil and Gas successfully completes first Skipper well

Independent Oil and Gas plc, the development and production focused Oil and Gas Company, is pleased to announce the completion of its first operated appraisal well on the Skipper oil discovery which lies in Block 9/21a in licence P1609 in the Northern North Sea, of which IOG is 100% owner and operator. The well was successfully drilled to a total vertical depth of 5,578ft with no safety incidents and achieved its primary objective of retrieving good quality reservoir condition oil samples from the Skipper reservoir in order to optimise the Skipper field development plan.
West Europe | Friday, August 19, 2016