ExxonMobil, StatOil and a Chinese national oil company are among those that applied for licences in Irish waters in the Atlantic Margin, according to an industry source.
Companies already invested offshore Ireland are also understood to have applied for licences to extend their footprint. And it was rumoured that BP also took a close look at the acreage on offer.
Providence Resources (LON:PVR), led by Tony O’Reilly Jr, is a first mover offshore Ireland. And it would be surprising if the London and Dublin listed firm wasn’t also among the list of bidders, the sources added.
The Falkland oil drillers have today revealed that an appraisal well on a new discovery, Isobel Deep, has been added to the current schedule. An original discovery well at Isobel Deep, in May, found oil bearing reservoir though it was at a higher than expected pressure and the oil companies were unable to test the discovery properly.
This new well at Isobel Deep – which will also aim for additional targets (Elaine South, and Isobel Shallow) – replaces the planned Jayne East exploration well.
Falkland Oil & Gas (LON:FOGL) as a result of the new arrangements will receive US$10mln compensation from fellow partners Premier Oil (LON:PMO) and Rockhopper Exploration (LON:RKH).
Tethys Petroleum (LON:TPL, TSE:TPL) soared some more than a fifth after revealing it is set for a premium priced takeover by Nostrum (LON:NOG), as a new agreement has now been signed.
Nostrum has been one of a number of parties discussing potential takeovers and strategic investments in recent months. And it now has exclusivity until October 6 to make a formal offer to buy the company.
Nostrum proposes a share-based deal which would value Tethys at C$0.147, which represents a 63% premium to Tuesday’s closing price in Toronto.
President Energy (LON:PPC) has revealed a significant increase in oil reserves at the Puesto Guardian oil field in Argentina.
Proved (1P) oil reserves have increased 21% to 11mln barrels, while proved and probable (2P) reserves rose by 28% to 18.1mln barrels. Proved, probable and possible (3P) reserves are now 32% larger at 23.1mln barrels.
The new reserves statement, prepared by consultant Gaffney, Cline & Associates, calculated a value (net present value discounted by 10%) of US$329mln for the oil reserves in the ground.
Drilling has now begun on Primeline Energy’s (CVE:PEH) new exploration well offshore China. The well, LS23-1-1, aims to tap into resources close to the company’s production facility for the LS36-1 gas field, the company said.
It is located in 81 metres of water, in the East China Sea, and it is planned to reach a depth of 2,688 metres.
Several target zones are being targeted by the well, and the programme is expected to last for about 30 days, though if hydrocarbons are discovered, the timeline will be extended to allow logging and/or testing to be carried out. LS23-1-1 is the first of two planned wells.
Highlands Natural Resources (LON:HNR) said a unit oil field services firm Schlumberger has signed indicative terms to licence a re-fracking technology that could become a “major disruptive force” in the industry.
Schlumberger wants evaluate the potential of DT Ultravert (DTU) by assessing the data gained from five field trials over a year. The technology has been developed by Diversion Technologies and specifically Paul Mendell, who created AIM-listed Iofina.
However, Highlands has effective control of the DTU as it owns a 75% stake in Diversion's current patent applications, both in the US and globally.
Shares in Independent Oil & Gas (LON:IOG) gained more than 20% in early deals after it revealed it had made significant progress towards drilling the planned Skipper well.
The North Sea oil and gas junior, which has been working to secure funding for a number of months, said it now has commitments amounting to around £7mln for the project.
Advanced discussions are ongoing with the oilfield service companies - such as the rig owner, well operator, subsea equipment supplier and an essential rig services provider – and they have all committed to either part-fund, defer payment or provide loans. These commitments secure the contractors participation in the project, IOG said.