Lundin Petroleum AB has completed the sale of its non-operated interests in the Salawati Basin and Island assets, located in the eastern part of Indonesia, to RH Petrogas ("RHP").
Lundin Petroleum and RHP, a company listed on the Singapore Stock Exchange ("SGX"), completed the transaction on 29 December 2010 for a consideration of MUSD 37.1 effective 1 January 2010 with additional payments due in the event of further field development of up to MUSD 3.9.
Ashley Heppenstall, President and CEO of Lundin Petroleum comments;
"We are very pleased to have completed the sale of our Salawati Island and Basin assets in Indonesia to RHP. This will allow us to focus on our exploration driven growth strategy in SE Asia where we will commence a 5 well drilling programme in 2011. Lundin Petroleum has also recently been awarded the South Sokang PSC in Indonesia".
Lundin Petroleum held 25.936 percent interest in the Salawati Basin asset (Kepala Burung Production Sharing Contract) and 14.5122 percent interest in the Salawati Island asset (Kepala Burung Production Sharing contract), both operated by PetroChina.
Source: Press release
Ithaca Energy Inc. Completes Second Well Workover on Beatrice Alpha
[Read more]
Source: Offshore Energy Today
PSA Gives Go-ahead For Manned Underwater Ops Offshore Norway
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Source: Offshore Energy Today
Desire Jacinta prospect marks another oil disappointment in the Falklands
Desire Petroleum announced that its latest Falkland exploration project, the Dawn/Jacinta 25/5-1 well has failed to discover hydrocarbons although drilled to a target depth of 1,313 meters (4,308 feet). The well will now be drilled to the planned total depth of around 1,670 meters to evaluate the deeper Dawn Prospect.
This latest round of disappointment for Desire comes just weeks after the company announced that it would plug and abandon its Rachel North well also in the Falklands. Two wells were drilled at the Rachel prospect, but both ultimately failed to deliver.
Source: Press release
Nido abandons Tindalo
AUSTRALIAN FIRM Nido Petroleum Ltd. is abandoning the Tindalo oil well off Palawan, saying the prospect is “uneconomic” due to increasing water-cuts and declining oil production rate.[Read more]
Source: Business.Inquirer.net
Tidewater to Present at the Pritchard Capital Partners Energize 2011 Conference
Tidewater Inc. announced today that Joseph M. Bennett, Executive Vice President and Chief Investor Relations Officer, will present at the Pritchard Capital Partners Energize 2011 Conference in San Francisco, California on Wednesday, January 5, 2011, at approximately 9:45 a.m. Pacific time. The presentation will be available via real-time webcast at http://www.tdw.com. Playback will be available on January 5, 2011, at approximately 10:45 a.m. Pacific time and will be available for thirty days. Upon completion of the presentation, the company will also file a Form 8-K with the SEC which will include a transcript of the presentation and a copy of the slides used by the presenter.Source: Press release
Tap Oil Announces Zola-1 Well Drilling Update
Location / Proposed Depth
The Zola-1 well is located in permit WA-290-P, immediately south of the giant Gorgon gas field in the Carnarvon Basin, Western Australia. The well is being drilled in 285 metres of water and the primary Mungaroo Formation target will be intersected at approximately 4,300 metres below sea level. Further secondary targets will see the well drilled to a target depth of 5,000 metres.
Progress
During the period from 06:00 hours WST on 22 December 2010 to 06:00 hours WST on 29 December, 406mm (16”) hole was drilled to a total depth of 3,524metres and casing was run and cemented.
Forward Plan
Pressure test casing and drill ahead in 311mm (121/4”) hole to the second intermediate casing point at circa 3,976 metres, where 244mm (9 5/8”) casing will be run and cemented in the hole.
Zola-1 is now expected reach target depth in approximately 22 days. Upon completion of evaluation the well will be plugged and abandoned in the normal course of offshore operations.
Source: Press release
Tap Oil Announces Craigow-1 Well Drilling Update
Location / Proposed Depth
The Craigow-1 well is located in permit T/47P in the offshore Bass Basin between Victoria and Tasmania. The well is being drilled in 75 metres of water and the primary near Top Aroo Formation target will be intersected at approximately 1,480 metres below sea level. The planned depth of the well is approximately 1,826 metres.
Progress
During the period from 03:00 hrs (EST) on 24 December 2010 to 06:00 hours (EST) on 29 December, 914mm (36”) hole was drilled to 159 metres and casing run and cemented. The well was then drilled in 445mm (17 ½”) hole to a depth of 745 metres and casing was run and cemented. At 06:00 hours (EST) the rig was preparing to drill ahead in 311mm (12 ¼”) hole.
Forward Plan
The well will be drilled to the planned target depth of approximately 1,826 metres in 311mm (12 ¼”) hole.
Craigow-1 is planned to take approximately 19 days in total. Upon completion of evaluation the well will be plugged and abandoned in the normal course of offshore operations.
Source: Press release
Peterhead Firms Start Work on Pioneering Underwater Tool for Ecosse Subsea Systems
Ecosse Subsea Systems was recently awarded a £30,000 Scottish Enterprise grant to assist in the research and development of SCAR, a specialist trenching plough, and fabrication is now underway at Marine Developments Ltd and Dales Engineering Services Ltd in Peterhead.
[Read more]
Source: Offshore Energy Today
Synergy Resources buys four producing wells in Wattenberg field from Nobel Energy
Synergy Resources Corporation, a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin, announced that it has purchased a 100 percent working interest in four producing wells from Noble Energy that are adjacent to Synergy’s Pratt Lease. The Pratt Lease has over 20 potential drill sites. As part of the transaction, Synergy assigned the lease rights on 340 net acres in Northern Weld County to Noble Energy. Synergy retained an overriding royalty interest in the leases assigned to Noble Energy.
Ed Holloway, CEO of Synergy Resources Corporation, stated, “We are pleased to have consummated this acquisition with Noble Energy and by acquiring these wells it will allow Synergy to commence drilling the first of six wells on the Pratt Lease by the end of the year. This transaction marks the completion of another step of our business plan as we continue to grow our cash flow and proven reserves.”
Source: Press release
Ed Holloway, CEO of Synergy Resources Corporation, stated, “We are pleased to have consummated this acquisition with Noble Energy and by acquiring these wells it will allow Synergy to commence drilling the first of six wells on the Pratt Lease by the end of the year. This transaction marks the completion of another step of our business plan as we continue to grow our cash flow and proven reserves.”
Source: Press release
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