Oil & Gas News
Northern Petroleum (LON:NOP) today announced that NP Solent Limited, a wholly owned subsidiary, has been awarded part blocks 98/13 and 98/14 in the UK 26th Licensing Round. The new licence is located offshore adjacent to Northern's Isle of Wight onshore licence, PEDL 240, awarded in May 2008. The part blocks 98/13 and 98/14 cover the offshore extension from PEDL 240 of a prospect that has been mapped prior to 2008 using both seismic and well data and is located in the same petroleum basin as the Wytch Farm oil field. There is no firm drilling commitment attached to the licence award. The licensees in part blocks 98/13 and 98/14 are: NP Solent Ltd 62.5% (Operator), Magellan Petroleum (UK) Ltd 22.5%, Encore Oil Plc 7.5%, Montrose Industries Ltd 5.0%, Oil & Gas Investments Ltd 2.5%
Cove Energy (LON:COV) announced on 13 December 2011 that, in line with its stated strategy of value creation through exploration and appraisal, it had opened a data room to certain parties who expressed an interest in Cove's 8.5 per cent participating interest in the Mozambique Offshore Area 1 block ("Rovuma Area 1 Interest"), the gas LNG project which is moving towards the development stage. Rovuma Area 1 Interest represents a substantial portion of Cove's asset value within the portfolio of focussed and complementary assets which the Company has built in East Africa. As such the Directors have unanimously agreed that a sale of the Company may be appropriate at this time. The Directors have decided to conduct a formal sale process for the entire issued and to be issued share capital of the Company, running alongside other strategic options outlined in the press release on 13 December 2011, including a transaction involving the sale of the Rovuma Area 1 Interest, in line with the Company's stated strategy.
President Petroleum S.A. (LON:PPC) today announced that following completion of all regulatory requirements, the Company has now been registered as an Argentine Oil Operator with the Registry of Oil Companies of the National Secretary of Energy.
Patagonia Gold PLC (LON:PDG) announced that through its 100% owned subsidiary Minera Minamalu S.A., it has purchased the Estancia 'El Tranquilo', covering the remaining land surface rights over the Company´s flagship Cap-Oeste gold and silver project together with other highly prospective gold areas. The purchase price for 'El Tranquilo' was US$ 2,100,000 and comprises 20,000 hectares of land, dwellings, sheds, outbuildings and infrastructure. With the above acquisition PGD now have the land surface rights as well as the mineral rights over the whole Cap-Oeste gold and silver deposit; the COSE bonanza grade gold and silver deposit and other very prospective gold and silver targets within the El Tranquilo block.
Oilfield Services News
Petrofac (LON:PFC) Petrofac and Schlumberger announced today that their Integrated Energy Services and Schlumberger Production Management divisions respectively have signed a Co-operation Agreement under which these divisions will establish a working relationship to deliver integrated and high-value production projects in the emerging and growing production services and production enhancement market. Both companies will deploy their own capital in these production enhancement projects. The market opportunity for the collaboration is significant as major resource holders seek to develop discovered low-risk reserves against an industry environment characterised by a shortage of capability and capacity.
Pioneer Drilling (LON:PDC) Pioneer Drilling announced yesterday that it has acquired Go-Coil, L.L.C., for approximately $110 million in cash. Go-Coil provides coiled tubing services to exploration and production companies operating in the United States onshore and offshore oil and gas markets. The acquisition is expected to be accretive to earnings and contribute approximately $26 to $29 million of EBITDA in calendar 2012. This implies a forward transaction multiple of 4 times.