Aminex (LON:AEX) said it has cut a deal with Bowleven (LON:BLVN), one of the few juniors with cash in the bank, worth just over US$24mln that involves the sale and farm-down of assets in Tanzania.
Bowleven is buying a 25% stake in the Kiliwani North Development, while taking a 50% stake in the hugely prospective Ruvuma acreage. Aminex will receive an up-front payment of US$8.5mln, which helps shore up the balance sheet, and is taking US$5mln-worth of Bowleven shares, but has agreed not to sell them for nine months.
It then gets a US$10mln carry on any drilling on Ruvuma ‘enabling a multi-well programme’ on the block, which is already host to a discovery.
Premier Oil (LON:PMO) has continued its drive to stave off the worst effects of falling oil prices by selling its Norwegian business for US$120mln.
The explorer and producer said it had agreed to sell Premier Oil Norge AS (PONAS), which includes all its Norwegian assets, to Det Norske Oljeselskap ASA. PONAS comprises the Premier-operated Vette development and adjacent Mackerel and Herring discoveries, in which it has a 50% stake.
It also includes a 50% non-operated interest in the Frøy field and seven exploration licences.
Tullow Oil (LON:TLW) has revealed its latest exploration well in Kenya, Emesek-1, was unsuccessful.
Emesek-1 was located within Block 13T, in the Lokichar basin, northern Kenya, and it was drilled to a depth of 3,000 metres without finding hydrocarbons. The well is now being plugged and abandoned.
Falcon Oil & Gas’s (LON:FOG, CVE:FO) rapid progress in its Australian shale venture has continued with the completion of a successful horizontal well.
Hot on the heels of two successful vertical wells Falcon and its partners have now drilled the Amungee NW-1H well to a total measured depth of 3,808 metres and has cut 1,100 metres horizontally through the ‘B Shale’ interval of the Middle Velkerri formation.
The B Shale is said to have favourable properties, excellent gas shows were observed throughout and the results are described by Falcon as “very encouraged”. It is now anticipated that the Amungee NW-1H well will be fracked and tested in 2016.
88 Energy (LON:88E, ASX:88E) landed a deal to massively increase its footprint at Project Icewine, in Alaska, where a drill programme is currently underway. It also launched a funding of up to $5mln.