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  • Questerre Inks MoU for Oil Shale Acreage in Jordan

    Questerre Energy Corp has entered into an MoU with the Ministry of Energy and Mineral Resources of the Hashemite Kingdom of Jordan for the appraisal and development of oil shale acreage in Jordan. The initial term of the MoU is two years, with an option for extension.The MoU encompasses two blocks covering...

    Questerre Inks MoU for Oil Shale Acreage in Jordan
    Others

    Questerre Energy Corp has entered into an MoU with the Ministry of Energy and Mineral Resources of the Hashemite Kingdom of Jordan for the appraisal and development of oil shale acreage in Jordan. The initial term of the MoU is two years, with an option for extension.

    The MoU encompasses two blocks covering 388 sq km in the Isfir-Jafr area, located approximately 200 km south of Amman. A total of 35 core holes have been drilled on these two blocks by the Natural Resources Authority of Jordan.

    The primary objective of the work program will be to assess the acreage for potential oil shale development. The assessment will include economic viability, geologic, geophysical, hydrological studies as well as the feasibility of internal project electrical generation using oil shale. The company estimates its commitments could range between C$3 million-C$5 million (US$2.4 million-US$4 million) over the two year initial term of the MoU.

    View Questerre press release

  • OMV Starts Production from MR7A Well in Maari, New Zealand
    Exploration

    Cue Energy reported that OMV has commenced production from MR7A development well in the Maari field in PMP38160, Taranaki Basin, Offshore New Zealand.

    The well was drilled horizontally from the Maari Well Head Platform to a total depth of 4,220m, of which approximately 920m was completed in very high net-to-gross, good quality reservoir section. The production commenced from the Moki Formation reservoir, with an initial production rate of 1.5-2 Mbbl/d.

    Ownership of PMP38160: OMV (69%, operator), Todd Maari (16%), Horizon Oil (10%) and Cue (5%).

    View Cue Energy press release

  • Beach Energy Drills Duster in PRL98 in Cooper BasinData analysis
    Exploration

    Cooper Energy reported that Beach energy has failed to discover hydrocarbons in Sensation-1 well in PRL98, located in Cooper Basin, South Australia.

    The well was drilled to a total depth of 1,937m in the Merrimelia Formation. The well did not encounter any hydrocarbons, and will now be abandoned and plugged.

    Ownership of PRL98: Beach Energy (75%, operator) and Cooper Energy (25%).

    View Cooper Energy press release

  • Columbia Pipeline Group Raises $2.75 Billion in Senior Notes

    Columbia Pipeline Group has raised $2.75 billion in aggregate principal amount of 2.45% senior unsecured notes due 2018, 3.30% senior unsecured notes due 2020, 4.50% senior unsecured notes due 2025 and 5.80% senior unsecured notes due 2045 in a private placement.Net proceeds of approximately $2.72 billion...

    Columbia Pipeline Group Raises $2.75 Billion in Senior Notes
    Others

    Columbia Pipeline Group has raised $2.75 billion in aggregate principal amount of 2.45% senior unsecured notes due 2018, 3.30% senior unsecured notes due 2020, 4.50% senior unsecured notes due 2025 and 5.80% senior unsecured notes due 2045 in a private placement.

    Net proceeds of approximately $2.72 billion from the private placement will be utilized to pay off $1.03 billion of inter-company debt between the company and NiSource, and to fund a $1.45 billion special dividend to NiSource in connection with its planned separation from NiSource. The company intends to use the remaining net proceeds for general corporate purposes.

    View Columbia Pipeline press release

  • Statoil Receives Nod for Gymir Wildcat in PL602 Off NorwayData analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) has granted a drilling permit to Statoil for 6706/11-2 (Gymir) wildcat in PL602, located 22 km west of Aasta Hansteen off Norway. The well will be drilled by the Transocean Spitsbergen drilling facility.

    Ownership of PL602: Statoil (30%, operator), Centrica Resources (20%), Petoro (20%), Rocksource Exploration (10%), Wintershall (10%) and Atlantic Petroleum (10%).

    View NPD press release

  • Highlights of the Week Ended 23-May-2015

    Global DealsM&A activity was light this week. In the biggest deal of the week, Vanguard Natural Resources agreed to merge with Eagle Rock Energy Partners for a total deal value of $614 million.DEA Deutsche Erdoel AG farmed downits stake in the $12 billion-West Nile Delta (WND) project to...

    Highlights of the Week Ended 23-May-2015
    Global Deals, Projects & Capex, Exploration, Headlines

    Global Deals

    M&A activity was light this week. In the biggest deal of the week, Vanguard Natural Resources agreed to merge with Eagle Rock Energy Partners for a total deal value of $614 million.

    DEA Deutsche Erdoel AG farmed down its stake in the $12 billion-West Nile Delta (WND) project to BP.

    Rosneft agreed to acquire an additional 55% interest in Solimoes project from PetroRio for $55 million.

    Atlas Energy Group dropped down its natural gas producing properties in the Arkoma Basin to Atlas Resource Partners for $35.5 million.

    Range Resources Limited signed an agreement with Niko Resources to acquire its full interest in the Guayaguayare Block, Trinidad.

    MEO Australia farmed-out 30% stake in WA-488-P exploration permit in Western Australia to Rex International Holding.

    Exploration

    This week witnessed several exploration activities.

    While, Eni discovered gas and condensate in A1-01/01 well drilled in contract area D (NC41) in Sabratah Basin Offshore Libya, Statoil was disappointed at the failure of Bister (6407/8-7) exploration well and 6407/8-7A well in PL348/C, Norwegian Sea.

    Talisman failed to discover hydrocarbons in 15/12-24 S (Snomus) wildcat in PL672, North Sea.

    Meanwhile, Suncor Energy received a nod from the Norwegian Petroleum Directorate (NPD) for the 25/10-13 S wildcat in PL571, North Sea.

    ExxonMobil made a significant oil discovery in Liza-1 well on Stabroek Block, approximately 120 miles off Guyana.

    In Australia, Beach Energy spudded Sensation-1 exploration well in PRL98 on the western flank of the Cooper Basin. Buru Energy commenced drilling Olympic-1 well in EP473 of the Canning Basin, located south-east of Broome in Western Australia.

    Projects and Capex

    Terneftegas, a JV between Novatek and Total, started commercial production from the Termokarstovoye gas and gas condensate field, Northern Siberia.

    Reuters reported that BP has cut its development budget by $1 billion for Rumaila oilfield in Iraq to $2.5 billion.

    Wintershall announced that it will cease its activities in Qatar and return Block 4 North near the North Field off the Qatari coast on 25-May-2015.

    SacOil terminated its JV with Nigdel United Oil Company of Nigeria, and has withdrawn its participation from Oil Prospecting Licence (OPL) 233.

  • Data analysis PetroNeft Flows Oil from S-373 Well in Tomsk Oblast, Russia

    PetroNeft Resources announced that Sibkrayevskoye-373 appraisal well in License 61, located on Tomsk Oblast, Russia has been successfully drilled and tested.The well flowed 100 bbl/d, and the log and core data over the primary J1 reservoir interval confirmed 11.5m net oil pay. The reservoir interval is...

    PetroNeft Flows Oil from S-373 Well in Tomsk Oblast, RussiaData analysis
    Exploration

    PetroNeft Resources announced that Sibkrayevskoye-373 appraisal well in License 61, located on Tomsk Oblast, Russia has been successfully drilled and tested.

    The well flowed 100 bbl/d, and the log and core data over the primary J1 reservoir interval confirmed 11.5m net oil pay. The reservoir interval is completely saturated with oil to its base and is located about 19m structurally higher than the equivalent oil saturated interval in the S-372 well.

    View PetroNeft press release

    Ownership of License 61: PetroNeft Resources plc (50%, operator) and Oil India (50%).

  • Petronas Achieves First Oil at Bukit Tua in Indonesia

    Petronas has achieved first oil from the Bukit Tua field in Ketapang Block, located approximately 110 km offshore East Java, Indonesia.The field is expected to produce 3.7 Mbbl/d and 2 MMcf/d of gas in its initial production stage. Upon ramping up the field, the production will increase gradually before...

    Petronas Achieves First Oil at Bukit Tua in Indonesia
    Exploration

    Petronas has achieved first oil from the Bukit Tua field in Ketapang Block, located approximately 110 km offshore East Java, Indonesia.

    The field is expected to produce 3.7 Mbbl/d and 2 MMcf/d of gas in its initial production stage. Upon ramping up the field, the production will increase gradually before reaching its peak production capacity of 20 Mbbl/d of oil and 50 MMcf/d of gas. The gas produced from the field will be transported through a pipeline to the ORF in Gresik, East Java, while the oil will be offloaded to carriers for export.

    Ownership of Ketapang Block: Petronas (80%, operator) and Perusahaan Gas Negara (20%).

    View Petronas press release

  • Buru Spuds Olympic-1 in EP473, Western Australia
    Exploration

    Buru Energy has spudded Olympic-1 well in EP473 of the Canning Basin, located south-east of Broome in Western Australia.

    The primary objective of the well is conventional oil reservoirs in the Willara Formation, with secondary objectives in the underlying Nambeet Formation. The well is planned to be drilled to a total depth of 1,450m by DDH1 Rig 31 in approximately 30 days.

    View Buru Energy press release

  • Data analysis Vanguard, Eagle Rock in $614 Million Merger

    Vanguard Natural Resources LLC has agreed to merge into Eagle Rock Energy Partners LP for a total consideration of $474 million in Vanguard common units and assumption of Eagle Rock’s net debt of $140 million.The transaction is a unit-for-unit exchange of 0.185 Vanguard common units per Eagle Rock...

    Vanguard, Eagle Rock in $614 Million MergerData analysis
    Global Deals

    Vanguard Natural Resources LLC has agreed to merge into Eagle Rock Energy Partners LP for a total consideration of $474 million in Vanguard common units and assumption of Eagle Rock’s net debt of $140 million.

    The transaction is a unit-for-unit exchange of 0.185 Vanguard common units per Eagle Rock common unit. The consideration to be received by Eagle Rock's unitholders is valued at $3.05 per Eagle Rock common unit, representing a 24% premium to Eagle Rock's closing price on 21-May-2015.

    Transaction Highlights: 

    • Q1-2015 production of approximately 79.7 MMcfe/d, increasing Vanguard's Q1-2015 production by 20%;
    • Balanced reserves mix of 53% natural gas, 21% oil, and 26% natural gas liquids;
    • Proved R/P of approximately 12 years;
    • Eagle Rock's oil and gas production is approximately 80% and 70% hedged in 2015 and 2016 respectively, with additional hedges in place through 2019;
    • Proved reserves at 31-Dec-2014 of approximately 318 Bcfe, increases Vanguard's estimated proved reserves by 16%;
    • Adds approximately 1,778 producing wells and approximately 202,632 net acres.

    The transaction is expected to close in Q3-2015.

    View Vanguard press release

  • New Zealand Energy Relinquishes East Coast Permit

    New Zealand Energy Corporation (NZEC) has relinquished PEP52976 (East Cape) in the East Coast Basin of North Island, New Zealand.James Willis, Chairman of NZEC, said: “NZEC is focused on its Taranaki Basin permits that offer near-term production potential. The Company does not consider that exploitation...

    New Zealand Energy Relinquishes East Coast Permit
    Projects & Capex

    New Zealand Energy Corporation (NZEC) has relinquished PEP52976 (East Cape) in the East Coast Basin of North Island, New Zealand.

    James Willis, Chairman of NZEC, said: “NZEC is focused on its Taranaki Basin permits that offer near-term production potential. The Company does not consider that exploitation of the East Cape permit area is viable in the current commodity price environment.”

    View NZEC press release

  • Data analysis Range Raises Stake in Guayaguayare Block, Trinidad

    Range Resources Limited has signed an amendment agreement with Niko Resources to acquire its full interest in the Guayaguayare Block, Trinidad. As per the agreement, Range will acquire 32.5% interest in the Shallow and 40% in the Deep Production Sharing Contracts (PSCs). Following completion of the...

    Range Raises Stake in Guayaguayare Block, TrinidadData analysis
    Global Deals

    Range Resources Limited has signed an amendment agreement with Niko Resources to acquire its full interest in the Guayaguayare Block, Trinidad. As per the agreement, Range will acquire 32.5% interest in the Shallow and 40% in the Deep Production Sharing Contracts (PSCs). Following completion of the agreement, Range will hold 65% interest in the Shallow PSC and 80% interest in the Deep PSC.

    Range will pay Niko upon certain production milestones being achieved from the two PSCs, with the maximum payable of $19 million based on production in excess of 10 MMbbl. There is no change to the existing drilling commitments, and Range will fulfil its obligations by drilling two onshore exploration wells in 2015.

    The block is comprised of over 280,000 contiguous acres both onshore and offshore. There are a number of prospective structures within the onshore block, each considered to have significant potential for oil. The offshore block is believed to have some potential for mainly gas discoveries. Range's estimate of the best case prospective resources of the Guayaguayare block is 129 MMBOE.

    Post-transaction ownership of Shallow PSC: Range (65%, operator) and Petrotrin (35%).

    Post-transaction ownership of Deep PSC: Range (80%, operator) and Petrotrin (20%).

    View Range Resources press release

  • Suncor Receives Nod for Wildcat in PL571, North Sea
    Exploration

    The Norwegian Petroleum Directorate (NPD) has granted a drilling permit to Suncor Energy for the 25/10-13 S wildcat in PL571, North Sea. The well will be drilled by the Borgland Dolphin drilling facility.

    Ownership of PL571: Suncor (60%, operator) and Statoil (40%).

    View NPD press release

  • MEO Farms-Out WA-488-P Permit to Rex International HoldingData analysis
    Global Deals

    MEO Australia has farmed-out 30% stake in WA-488-P exploration permit in Western Australia to Rex International Holding. Post transaction, MEO holds 70% operated interest while Rex holds the remaining 30%.

    The farm-out agreement also includes the option for Rex to obtain additional 10% in return for procuring full funding of a 3D seismic survey over the Beehive prospect, which Rex can increase to 20% if it commits by 30-Jun-2015 to fund the 3D Seismic Survey and pays $500,000 cash to MEO. Rex has a further option to increase its participating interest in return for procuring full funding of the proposed Beehive-1 well. If this option is exercised by Rex or its nominee, MEO will have a full carry through a Beehive-1 well for its residual 20% participating interest.

    View MEO press release

    View MEO WA-488-P overview page

  • Data analysis ExxonMobil Hits Pay at Stabroek Off Guyana

    ExxonMobil has made a significant oil discovery in Liza-1 well on Stabroek Block, approximately 120 miles off Guyana.The well was drilled to 17,825 ft in 5,719 feet (1,743m) of water, and has encountered more than 295 ft (90m) of high-quality oil-bearing sandstone reservoirs.Ownership of Stabroek Block:...

    ExxonMobil Hits Pay at Stabroek Off GuyanaData analysis
    Exploration

    ExxonMobil has made a significant oil discovery in Liza-1 well on Stabroek Block, approximately 120 miles off Guyana.

    The well was drilled to 17,825 ft in 5,719 feet (1,743m) of water, and has encountered more than 295 ft (90m) of high-quality oil-bearing sandstone reservoirs.

    Ownership of Stabroek Block: ExxonMobil (45%, operator), Hess (30%) and CNOOC Nexen Petroleum (25%).

    View ExxonMobil press release

  • Sound Oil Encounters Gas Shows at Nervesa in Italy
    Exploration

    Sound Oil has encountered gas shows in the second Nervesa appraisal well  (AP-2015-1), north-east Italy.

    The well has reached a total depth of 2,054m. Mud log gas shows were recorded while drilling in the target reservoir zones within the Miocene San Dona Formation. The wireline logging has confirmed the presence of various gas bearing levels.

    View Sound Oil press release

    Ownership of Nervesa: Sound Oil (100%, operator).

    View Sound Oil ops webpage

  • SacOil Withdraws from OPL233 in Nigeria

    SacOil has terminated its JV with Nigdel United Oil Company of Nigeria, and has withdrawn its participation from Oil Prospecting Licence (OPL) 233.Accordingly, SacOil has the right to be refunded by Nigdel for all costs expensed to date on OPL233. The company has no future commitments and obligations...

    SacOil Withdraws from OPL233 in Nigeria
    Projects & Capex

    SacOil has terminated its JV with Nigdel United Oil Company of Nigeria, and has withdrawn its participation from Oil Prospecting Licence (OPL) 233.

    Accordingly, SacOil has the right to be refunded by Nigdel for all costs expensed to date on OPL233. The company has no future commitments and obligations associated with the appraisal of OPL233.

    Dr. Thabo Kgogo, CEO of SacOil, said: "The termination of the joint venture in respect of OPL233 is in line with the strategy communicated to shareholders previously; improves the company's financial position and will reduce future financial exposure emanating from such higher risk assets… With the expected return of capital from OPL233 and OPL281, combined with SacOil's existing cash resources, the company will be in a far stronger position to pursue its strategy of increasing production and focusing on cash generative assets."

    View SacOil press release

  • Eni Discovers Hydrocarbons in Sabratah Basin Off Libya

    Libya’s National Oil Corporation (NOC) reported that Eni has discovered gas and condensate in A1-01/01 well drilled in contract area D (NC41) in Sabratah Basin Offshore Libya. The well is located approximately 140 km from the Libyan coast and 20 km North of Bouri Field, at an average water depth of...

    Eni Discovers Hydrocarbons in Sabratah Basin Off Libya
    Exploration

    Libya’s National Oil Corporation (NOC) reported that Eni has discovered gas and condensate in A1-01/01 well drilled in contract area D (NC41) in Sabratah Basin Offshore Libya. The well is located approximately 140 km from the Libyan coast and 20 km North of Bouri Field, at an average water depth of about 125m.

    View NOC press release

  • Talisman Energy Drills Duster at Snomus Prospect, North SeaData analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) reported that Talisman Energy has failed to discover hydrocarbons in 15/12-24 S (Snomus) wildcat in PL672, North Sea. The well is located about six km north of the Varg field and 220 km south-west of Stavanger.

    The purpose of the well was to prove petroleum in Upper Jurassic reservoir rocks and Middle Jurassic reservoir rocks. The well encountered about 195m of sandstone mixed with siltstone in the Ula formation, of which 155m are sandstone of good to very good reservoir quality. The well also encountered 85m of sandstone mixed with siltstone in the Skagerrak formation in Upper Triassic, of which 45m are sandstone of generally poor reservoir quality. The well has weak traces of petroleum in sandstone rocks in both the Ula and Skagerrak formations. The well is classified as dry.

    The well was drilled by the Maersk Giant drilling facility to vertical and measured depths of 3136m and 3141m below sea level, respectively, and was terminated in the Skagerrak formation in the Upper Triassic. Water depth at the site is 86m. The well has been permanently plugged and abandoned.

    View NPD press release

    Ownership of PL672: Talisman Energy (25%, operator), Det norske oljeselskap (25%), Ithaca Energy (25%) and Fortis Petroleum (25%).

  • Statoil Disappointed at Bister Well in Norwegian SeaData analysis
    Exploration

    Faroe Petroleum reported that Statoil has failed to discover hydrocarbons in Bister (6407/8-7) exploration well in PL348/C, Norwegian Sea.

    The well was drilled by Transocean Spitsbergen drilling rig to a total vertical depth of 2,990m below sea level in the Are Jurassic formation. This was followed by side-track 6407/8-7A which was drilled to a total vertical depth of 2,770m below sea level. The well and side-track targeted hydrocarbons in the Jurassic, Ile, Tilje and Are formations where good quality reservoirs were confirmed, but no hydrocarbons were encountered at this location.  

    The well will be plugged and abandoned.

    Ownership of PL348/C:  Statoil (35%, operator), GDF SUEZ (15%), E.ON (17.5%), Core Energy AS (22.5%) Faroe (7.5%) and VNG (2.5%).

    View Faroe press release

  • Terneftegas Kicks Off Production from Termokarstovoye Field
    Projects & Capex

    Terneftegas, a JV between Novatek and Total, started commercial production from the Termokarstovoye gas and gas condensate field, Northern Siberia. The field is located in the Yamalo Nenets Autonomous District of the Russian Federation.

    There are 22 gas condensate wells drilled in the field. The field’s infrastructure also includes a gas gathering network, a gas treatment unit, and a gas condensate de-ethanization facility. The field is expected to reach its planned daily production level equivalent to approximately 2.4 Bcm of natural gas and 800 MTPA of de-ethanized gas condensate as early as Jun-2015.

    Michael Borrell, Total’s Senior Vice President E&P, Europe and Central Asia, said: “We are delighted with the start-up of Termokarstovoye, the first project executed together with our strategic partner in Russia Novatek, with whom we are also jointly developing the Yamal LNG project. Achieved ahead of schedule and below budget, this fourth start-up since the beginning of the year will contribute to Total’s production growth in 2015”.

    Ownership of Terneftegas: Novatek (51%) and Total (49%).

    View Novatek press release

    View Total press release

    View Termokarstovoye webpage

  • Wintershall Exits Qatar

    Wintershall is ceasing its activities in Qatar and is returning Block 4 North near the North Field off the Qatari coast on 25-May-2015. Wintershall’s office in Doha will now be closed.Wintershall made the Al Radeef gas discovery off the coast of Qatar in 2013. Martin Bachmann, Wintershall board member...

    Wintershall Exits Qatar
    Projects & Capex

    Wintershall is ceasing its activities in Qatar and is returning Block 4 North near the North Field off the Qatari coast on 25-May-2015. Wintershall’s office in Doha will now be closed.

    Wintershall made the Al Radeef gas discovery off the coast of Qatar in 2013. Martin Bachmann, Wintershall board member responsible for exploration and production in Europe and the Middle East, said:  “During the development planning, it was always clear to us and our partners that an economic development of the discovery, including the processing of the gas, would only be possible if we have access to local infrastructure. This access was not granted. That is why we have decided to take this step.”

    View Wintershall press release

  • Stonehenge to Construct Moraine East Gathering System

    Rex Energy and Stonehenge Energy Resources II LP have signed an agreement for the construction of a natural gas gathering and compression system in Moraine East Area, Pennsylvania. Stonehenge will build the system in 2015 to gather Rex’s production in the Moraine East Area in Butler County.The initial...

    Stonehenge to Construct Moraine East Gathering System
    Others

    Rex Energy and Stonehenge Energy Resources II LP have signed an agreement for the construction of a natural gas gathering and compression system in Moraine East Area, Pennsylvania. Stonehenge will build the system in 2015 to gather Rex’s production in the Moraine East Area in Butler County.

    The initial part of the system will consist of a 20-mile trunkline, various gathering lines and a compressor station, which will fully support the early production from the area. The system's initial capacity of 400 MMcf/d could also be expanded to facilitate future development and growth in the Moraine East Area. The Stonehenge system will deliver gas to the Bluestone processing plant, owned and operated by MarkWest Energy Partners LP.

    View Rex Energy press release

  • Antonoil Bags Ethiopia Technical Services Contract

    Antonoil Oilfield Services Group has secured a contract worth approximately RMB200 million (US$33 million) to provide technical services for a project of a Chinese non-SOE investor in Ethiopia. The contract includes cementing worth RMB130 million and drilling fluid services worth RMB70 million.The project is...

    Antonoil Bags Ethiopia Technical Services Contract
    Others

    Antonoil Oilfield Services Group has secured a contract worth approximately RMB200 million (US$33 million) to provide technical services for a project of a Chinese non-SOE investor in Ethiopia. The contract includes cementing worth RMB130 million and drilling fluid services worth RMB70 million.

    The project is expected to commence operation in H2-2015, and will be completed in two years.

    View Antonoil press release

  • OGDCL Drills Duster at Ismail-1 in PakistanData analysis
    Exploration

    Jura Energy reported that Oil and Gas Development Company Limited has failed to discover hydrocarbons in Ismail-1 exploration well on Guddu Block, Pakistan.

    The well was drilled to a total depth of 825m. The targeted Pirkoh Limestone formation, encountered at 700m, was water-bearing. The well is plugged, and abandoned.

    View Jura Energy press release

    Ownership of Guddu Block: Oil and Gas Development Company Limited (OGDCL) (70%, operator), IPR TransOil Corporation (11.5%), Jura Energy (13.5%) and Government (5%).

    View Jura Energy assets webpage

  • Data analysis Atlas Energy in Arkoma Assets Dropdown

    Atlas Energy Group has dropped down its natural gas producing properties in the Arkoma Basin to Atlas Resource Partners for $35.5 million. The assets consist of approximately 41 Bcf of mature, low-decline natural gas reserves, which currently produces approximately 11 MMcf/d from over 550 active wells.The...

    Atlas Energy in Arkoma Assets DropdownData analysis
    Global Deals

    Atlas Energy Group has dropped down its natural gas producing properties in the Arkoma Basin to Atlas Resource Partners for $35.5 million. The assets consist of approximately 41 Bcf of mature, low-decline natural gas reserves, which currently produces approximately 11 MMcf/d from over 550 active wells.

    The transaction is expected to close in Q2-2015.

    View Atlas Resource Partners press release

  • DEA Farms-Down West Nile Delta Project Stake to BP

    DEA Deutsche Erdoel AG has farmed down its stake in West Nile Delta (WND) project to BP. The WND project lies in both North Alexandria and West Mediterranean Deep-water concessions, Egypt. The deal includes the sale of a portion of DEA’s stake in the ongoing Phase 1 development of 5 Tcf of gas...

    DEA Farms-Down West Nile Delta Project Stake to BP
    Projects & Capex, Global Deals

    DEA Deutsche Erdoel AG has farmed down its stake in West Nile Delta (WND) project to BP. The WND project lies in both North Alexandria and West Mediterranean Deep-water concessions, Egypt. The deal includes the sale of a portion of DEA’s stake in the ongoing Phase 1 development of 5 Tcf of gas resources.

    The $12 billion-WND project is expected to produce 1.2 Bcf/d.

    Post-transaction ownership of WND project: BP (82.75%, operator) and DEA (17.25%).

    View DEA press release

  • Albania Seeks Bidding for Seven Blocks

    Albania will offer seven offshore and onshore blocks in a bidding process in Jun-2015.The bids for onshore blocks Four and Five in south and south-eastern Albania and Dumre in central Albania will be accepted until 15-Jun-2015. The bids for remaining blocks, comprising offshore blocks Ionian 5 and Rodoni and...

    Albania Seeks Bidding for Seven Blocks
    Others

    Albania will offer seven offshore and onshore blocks in a bidding process in Jun-2015.

    The bids for onshore blocks Four and Five in south and south-eastern Albania and Dumre in central Albania will be accepted until 15-Jun-2015. The bids for remaining blocks, comprising offshore blocks Ionian 5 and Rodoni and onshore blocks Panaja and C, will be accepted until 25-Jun-2015.

    The companies would be able to explore for an initial period of up to five years, with an option of extending to seven years. They can develop and produce in the block for 25 years or more in accordance with Albanian oil laws.

    Source: Reuters

  • BP Cuts Rumaila Development Budget by $1 Billion
    Projects & Capex

    Reuters reported, quoting an industrial source, that BP has cut its development budget by $1 billion for Rumaila oilfield in Iraq to $2.5 billion.

    Production from Rumaila is expected to remain steady at about 1.4 MMbbl/d in 2015.

    Source: Reuters

    Ownership of Rumaila field: BP (47.6%, operator), PetroChina (46.4%) and the State Oil Marketing Organisation (6%).

    View BP Iraq webpage

    Disclaimer: 1Derrick has not verified this story and does not vouch for its accuracy.

  • Rosneft Acquires Additional 55% Stake in Solimoes Project

    Rosneft has agreed to acquire an additional 55% interest in Solimoes project from PetroRio for $55 million. Post transaction, Rosneft will hold 100% working interest in Solimoes project.The project includes 16 blocks which cover an area of approximately 41,500 sq km. These blocks contain 11 discovered...

    Rosneft Acquires Additional 55% Stake in Solimoes Project
    Global Deals

    Rosneft has agreed to acquire an additional 55% interest in Solimoes project from PetroRio for $55 million. Post transaction, Rosneft will hold 100% working interest in Solimoes project.

    The project includes 16 blocks which cover an area of approximately 41,500 sq km. These blocks contain 11 discovered accumulations of hydrocarbons with an estimated 3C contingent resources of 717 MMBOE (95% gas), prospective oil resources of 1 Bbbl and prospective gas resources of 800 MMBOE.

    View Rosneft press release

  • Odfjell Drilling Bags $40 Million VietGazprom Contract

    Odfjell Drilling has secured a $40 million contract from VietGazprom for Blocks 130 and 131, offshore Vietnam. The contract will utilize ultra-deep-water drillship Deepsea Metro I.The contract work is expected to commence in mid-Q3 2015, and is for a duration of approximately 20 weeks. The contract also...

    Odfjell Drilling Bags $40 Million VietGazprom Contract
    Others

    Odfjell Drilling has secured a $40 million contract from VietGazprom for Blocks 130 and 131, offshore Vietnam. The contract will utilize ultra-deep-water drillship Deepsea Metro I.

    The contract work is expected to commence in mid-Q3 2015, and is for a duration of approximately 20 weeks. The contract also includes options for two wells testing periods with an estimated duration of 90 days.

    View Odfjell Drilling press release

  • Lundin Secures Morskaya Production License in Caspian Sea

    Lundin Petroleum has acquired a production license from Rosnedra for Morskaya field, located within the Lagansky Block in the Russian part of the Caspian Sea.The field covers approximately 50 sq km and is estimated to contain gross contingent resources of 157 MMBOE. The production license is valid until 2035....

    Lundin Secures Morskaya Production License in Caspian Sea
    Others

    Lundin Petroleum has acquired a production license from Rosnedra for Morskaya field, located within the Lagansky Block in the Russian part of the Caspian Sea.

    The field covers approximately 50 sq km and is estimated to contain gross contingent resources of 157 MMBOE. The production license is valid until 2035. The Morskaya field is owned by LLC Petroresurs. Lundin Petroleum holds 70 % stake in LLC Petroresurs and Gunvor Group holds the remaining 30% stake.

    View Lundin press release

  • Anadarko Awards Mozambique LNG Development Contract

    Anadarko, on behalf of Mozambique’s Offshore Area-1 co-venturers, has awarded a contract to the consortium of CB&I, Chiyoda Corporation and Saipem (CCS JV) for the initial development of the onshore LNG park in Mozambique.The scope of the work under the contract includes two LNG trains, each...

    Anadarko Awards Mozambique LNG Development Contract
    Others

    Anadarko, on behalf of Mozambique’s Offshore Area-1 co-venturers, has awarded a contract to the consortium of CB&I, Chiyoda Corporation and Saipem (CCS JV) for the initial development of the onshore LNG park in Mozambique.

    The scope of the work under the contract includes two LNG trains, each with capacity of 6 MMTPA. The scope also includes two LNG storage tanks with individual capacity of 180,000 cubic meters, condensate storage, multi-berth marine jetty and associated utilities and infrastructure.

    Al Walker Anadarko President and CEO, said: "Selecting CCS JV for the development of the onshore Mozambique LNG park is a significant step toward reaching Final Investment Decision… I am incredibly proud of our co-venture for all of the accomplishments achieved to date, including securing more than 8 MMTPA in non-binding long-term off-take agreements, which are now progressing toward binding Sales and Purchase Agreements… ”

    Ownership of Mozambique Offshore Area-1: Anadarko (26.5%, operator), Mitsui (20%), Empresa Nacional de Hidrocarbonetos E.P. (15%), ONGC (16%), Bharat PetroResources (10%), PTT Exploration & Production (8.5%) and Oil India (4%).

    View Anadarko press release

  • InfraStrata Spuds Islandmagee-1 in Northern Ireland
    Exploration

    InfraStrata has spudded Islandmagee-1 salt well in Northern Ireland.

    The well will be drilled to a total depth of approximately 1,700m. The objective of the well is to confirm the feasibility of the development of an underground gas storage facility in salt caverns, by obtaining wireline data and core samples of the Permian salt to undertake laboratory analyses, including rock mechanical tests, to further define the design parameters and cost estimate for the project.

    Drilling operations are expected to take around five weeks.

    View InfraStrata press release

    View InfraStrata Islandmagee webpage

  • Beach Energy Spuds Sensation-1 in Cooper BasinData analysis
    Exploration

    Beach Energy has spudded Sensation-1 exploration well in PRL98 on the western flank of the Cooper Basin, South Australia. The well is located 2.9 km north of the Callawonga field.

    The well is drilled to a total depth of 1,923m in the Merrimelia Formation. The primary target of the well is Namur Sandstone, which is the oil-bearing reservoir in Callawonga, Parsons and Windmill fields in PEL92. The secondary targets of the well are McKinlay Member, Birkhead Formation and Poolowanna Formation, which are oil-bearing in Callawonga, Christies and Sellicks fields in PEL92.

    The drilling is expected to be completed in eight days.

    Ownership of PRL98: Beach Energy (75%, operator) and Cooper Energy (25%).

    View Cooper Energy press release

  • Highlights of the Week Ended 16-May-2015

    The results season continued this week with Encana and Petrobras being the major companies declaring their numbers for Q1-2015.Encana reported a $1.7 billion loss in Q1-2015 while Petrorbras' profit was flat at B$5.3 billion (US$1.78 billion) in Q1-2015, down 1% YoY.Global DealsIn Upstream...

    Highlights of the Week Ended 16-May-2015
    Headlines, Global Deals, Results & Reports, Projects & Capex, Exploration

    The results season continued this week with Encana and Petrobras being the major companies declaring their numbers for Q1-2015.

    Encana reported a $1.7 billion loss in Q1-2015 while Petrorbras' profit was flat at B$5.3 billion (US$1.78 billion) in Q1-2015, down 1% YoY.

    Global Deals

    In Upstream segment, the biggest deal of the week was Noble Energy signing an agreement to acquire Rosetta Resources in an all-stock deal valued at $2.1 billion. Noble will also acquire Rosetta’s debt of $1.8 billion. The second biggest deal included GS Energy's acquisition of 3% stake in an onshore oil concession, ADCO, in the UAE from ADNOC for $676 million.

    Washington Gas Limited signed an agreement with Energy Corporation of America to acquire natural gas reserves in Appalachian Basin, Pennsylvania, for $126 million. 

    The Midstream segment witnessed two big deals in this week including Williams announcement of an agreement to acquire all public outstanding common units of Williams Partners in an all-stock deal valued at $13.8 billion and Shell Midstream Partners LP's agreement to acquire additional interests in the Zydeco Pipeline Company LLC and Colonial Pipeline Company for $448 million from Shell Pipeline Company LP.

    Bloomberg reported, quoting people with knowledge of the matter, that Petrobras has drawn interest from Mitsui to sell a package of natural gas pipelines in Brazil.

    Exploration

    Shell received the approval for its revised multi-year Chukchi Sea exploration plan from the Bureau of Ocean Energy Management.

    Maersk Oil discovered hydrocarbons in the exploration well Xana-1X, which was drilled in license 9/95 in Danish North Sea while OMV-operated wildcat (7324/8-2) in PL537 in the Barents Sea came up dry

    AWE spud the Waitsia-1 appraisal well, located in the Permits L1/L2 in Perth Basin, Western Australia. Circle Oil announced the spudding of LAM-1 well on the Lalla Mimouna permit, Morocco.

    BP will suspend operations for three weeks at West Azeri platform in the Caspian Sea for planned maintenance.

    Projects and Capex

    Apache commenced production from the Coniston oil field, offshore Western Australia.

    ExxonMobil has begun ramping up production at Banyu Urip field in Cepu Block, located in East Java, Indonesia. The company targets to reach a peak output of more than 200 Mbbl/d in 2015.

    In the United States, Cheniere Energy announced an FID for its liquefaction project (CCL Project) near Corpus Christ in Texas while UGI Energy Services announced plans to build an LNG production facility in Northern Pennsylvania that will utilize Marcellus Shale gas.  

    Mexico’s oil sector regulator CNH approved the call for bids for its next package of contracts covering 26 onshore areas which are spread across five states and contain 2.5 BBOE in 3P reserves. Mexican Energy Minister Pedro Joaquin Coldwell said that this round should bring in $620 million in investment in the first five years.

  • Petrobras Q1-2015 Profit Flat

    Petrobras reported a net income of B$5.3 billion (US$1.78 billion) in Q1-2015, down 1% YoY, influenced by the increase in the company's net financial expense, especially due to the higher depreciation of the real against the US dollar.Operating income totaled B$13.3 billion, 76% up YoY, mainly due to...

    Petrobras Q1-2015 Profit Flat
    Headlines, Results & Reports

    Petrobras reported a net income of B$5.3 billion (US$1.78 billion) in Q1-2015, down 1% YoY, influenced by the increase in the company's net financial expense, especially due to the higher depreciation of the real against the US dollar.

    Operating income totaled B$13.3 billion, 76% up YoY, mainly due to the expansion in oil and gas production, higher margins from the sale of oil products and lower expenses with the government take and imports.

    Adjusted EBITDA amounted to B$21.5 billion, 50% up YoY, fueled by the increase in diesel and gasoline prices in 2014.

    The company’s oil and natural gas output in Brazil and abroad grew by 11% over Q1-2014, averaging 2,803 MBOE/d. In April, the company reached record monthly oil production in the pre-salt area, of 715 Mbbl/d.

    View Petrobras press release

  • OMV Wildcat in PL537 Comes Up Dry
    Exploration

    The Norwegian Petroleum Directorate (NPD) reported that the OMV-operated wildcat (7324/8-2) in PL537 was dry. The well was drilled about 6 km south-east of Wisting oil discovery (7324/8-1) in the Barents Sea and 310 km north of Hammerfest. 

    Well 7324/8-2 was drilled to a vertical depth of 815m below the sea surface and was terminated in the Snadd formation from the Late Triassic Age. Water depth at the site is 394m. The well will now be permanently plugged and abandoned.

    View NPD press release

    Ownership of PL537: OMV (25%, operator), Idemitsu (20%), Petoro (20%), Tullow Oil (20%) and Statoil (15%)

  • AWE Spuds Waitsa-1 in Perth Basin

    AWE has announced that the Waitsia-1 appraisal well commenced drilling operations. The well is located in the Permits L1/L2 in Perth Basin, Western Australia.The well will be drilled vertically to a planned depth of 4,050m MDRT (Measured Depth Rotary Table) and is expected to take approximately six...

    AWE Spuds Waitsa-1 in Perth Basin
    Exploration

    AWE has announced that the Waitsia-1 appraisal well commenced drilling operations. The well is located in the Permits L1/L2 in Perth Basin, Western Australia.

    The well will be drilled vertically to a planned depth of 4,050m MDRT (Measured Depth Rotary Table) and is expected to take approximately six weeks to complete. The well is designed to further test the gas potential of the Waitsia field, comprising primary targets in the deep conventional formations in the Kingia and High Cliff Sandstones.

    The well is the second of a three well drilling program planned by the company for the Perth Basin in 2015. It will be followed by the Waitsia-2 appraisal well in H2-2015.

    Ownership of L1/L2: AWE (50%, operator) and Origin Energy (50%).

    View AWE press release

  • UGI to Build Marcellus LNG Plant

    UGI Energy Services, subsidiary of UGI Corp has announced plans to build an LNG production facility in Northern Pennsylvania that will utilize Marcellus Shale gas.  The LNG plant, which will include both liquefaction and local storage, is expected to be in full commercial operation by early 2017 and have...

    UGI to Build Marcellus LNG Plant
    Others, Projects & Capex

    UGI Energy Services, subsidiary of UGI Corp has announced plans to build an LNG production facility in Northern Pennsylvania that will utilize Marcellus Shale gas.  

    The LNG plant, which will include both liquefaction and local storage, is expected to be in full commercial operation by early 2017 and have the capability of producing 120,000 gallons of LNG per day. The total capital investment will be approximately $60 million. Natural gas will be supplied by UGI's Auburn gathering system.

    View UGI press release

  • Data analysis Tamarack Valley Buys Cardium Assets for $45 Million

    Tamarack Valley Energy announced the acquisition of Wilson Creek Cardium Assets for C$54 Million (US$45 million).  The assets in aggregate are expected to add approximately 1.4 MBOE/d (45% light oil and NGLs) as of the closing date and includes 128 (88 net) total sections of land in the greater Wilson...

    Tamarack Valley Buys Cardium Assets for $45 MillionData analysis
    Global Deals

    Tamarack Valley Energy announced the acquisition of Wilson Creek Cardium Assets for C$54 Million (US$45 million).  The assets in aggregate are expected to add approximately 1.4 MBOE/d (45% light oil and NGLs) as of the closing date and includes 128 (88 net) total sections of land in the greater Wilson Creek / Alder Flats area.

    Tamarack has identified 40 net one-mile equivalent high quality, one year or less payout Cardium drilling locations using current strip pricing and current realized industry service costs. Tamarack will also acquire 100% ownership in facilities which includes a 6 MMcf/d gas plant, 1 Mbbl/d central oil battery and over 220km of emulsion and pipeline infrastructure. In aggregate, Tamarack has estimated the replacement cost of these facilities to be in excess of C$60 million.

    View Tamarack Valley press release

  • Cheniere Makes FID for Corpus Christi Liquefaction Project

    Cheniere Energy announced an FID for its liquefaction project (CCL Project) near Corpus Christ in Texas. The company has issued a 'notice to proceed' to Bechtel to construct first two natural gas liquefaction trains.The CCL Project is designed for up to three trains with expected aggregate nominal...

    Cheniere Makes FID for Corpus Christi Liquefaction Project
    Headlines, Projects & Capex, Others

    Cheniere Energy announced an FID for its liquefaction project (CCL Project) near Corpus Christ in Texas. The company has issued a 'notice to proceed' to Bechtel to construct first two natural gas liquefaction trains.

    The CCL Project is designed for up to three trains with expected aggregate nominal production capacity of approximately 13.5 MMTPA, three LNG storage tanks with capacity of approximately 10.1 Bcfe, two LNG carrier docks and a 22-mile, 48" natural gas supply pipeline. The first train is expected to start operations as early as 2018, with the second train expected to commence operations approximately six to nine months thereafter.

    Total project costs of approximately $11.5 billion for the first two trains, two LNG storage tanks, one dock and the natural gas supply pipeline will be funded with approximately $3.1 billion of project equity and approximately $8.4 billion of debt.

    Charif Souki, Chairman and CEO of Cheniere, said: "We have initiated construction on our second LNG export facility, the Corpus Christi liquefaction project, located on the Coastal Bend of Texas along the Gulf of Mexico. Including our LNG export facility at Sabine Pass, we now have six trains under construction, with first LNG expected at Sabine Pass from Train 1 by year end."

     View Cheniere Energy press release

  • CNH Approves Call for Bids for 26 Onshore Oilfields

    Mexico’s oil sector regulator CNH approved the call for bids for its next package of contracts covering 26 onshore areas. The onshore oil and gas areas to be tendered are spread across five states and contain 2.5 BBOE in 3P reserves.The onshore areas range in size from about 7.7 sq km to 60 sq km and...

    CNH Approves Call for Bids for 26 Onshore Oilfields
    Headlines, Exploration

    Mexico’s oil sector regulator CNH approved the call for bids for its next package of contracts covering 26 onshore areas. The onshore oil and gas areas to be tendered are spread across five states and contain 2.5 BBOE in 3P reserves.

    The onshore areas range in size from about 7.7 sq km to 60 sq km and will be tendered as 26 individual license contracts.

    Winning bids will be announced on 15-Dec-2015.

    Crude oil output from the areas could reach 35 Mbbl/d while natural gas production could total 225 MMcf/d, officials from the national hydrocarbons commission (CNH) said.

    Source: Reuters

  • Shell Midstream LP Buys Pipeline Stakes for $448 Million

    Shell Midstream Partners LP has signed an agreement with Shell Pipeline Company LP to acquire additional interests in the Zydeco Pipeline Company LLC (Zydeco) and Colonial Pipeline Company (Colonial) for $448 million.Shell Midstream will acquire 19.5% interest in Zydeco and 1.38% interest in Colonial....

    Shell Midstream LP Buys Pipeline Stakes for $448 Million
    Headlines, Global Deals

    Shell Midstream Partners LP has signed an agreement with Shell Pipeline Company LP to acquire additional interests in the Zydeco Pipeline Company LLC (Zydeco) and Colonial Pipeline Company (Colonial) for $448 million.

    Shell Midstream will acquire 19.5% interest in Zydeco and 1.38% interest in Colonial. Post-acquisition, the company will hold 62.5% interest in Zydeco and 3% interest in Colonial.

    Shell Pipeline Company LP is a wholly owned subsidiary of Royal Dutch Shell and Shell Midstream is a master limited partnership formed by Royal Dutch Shell. The transactions are the Partnership's first acquisition since its IPO in Nov-2014.

    View Shell Midstream press release

    View Zydeco fact sheet

    View Colonial fact sheet

  • Mexico Sees $620 Million Investments in 26 Areas on Offer

    Mexican Energy Minister Pedro Joaquin Coldwell said on 12-May-2015 that the next round of oil and gas contracts should bring in $620 million in investment in the first five years. The 26 onshore oil and gas areas to be tendered are spread across five states and are believed to contain 2.5 BBOE in remaining...

    Mexico Sees $620 Million Investments in 26 Areas on Offer
    Headlines, Exploration, Others

    Mexican Energy Minister Pedro Joaquin Coldwell said on 12-May-2015 that the next round of oil and gas contracts should bring in $620 million in investment in the first five years. The 26 onshore oil and gas areas to be tendered are spread across five states and are believed to contain 2.5 BBOE in remaining resources.

    Edgar Rangel, a member of the National Hydrocarbons Commission oil and gas regulator, said the 26 areas would have average production costs of between $10 and $20 per barrel, below previously announced shallow water contracts.

    The 26 areas are the third installment of the so-called Round One tender, which features packages of blocks grouped by type of petroleum basin and heralds the opening of Mexico's oil industry after an energy reform finalized last year.

    Source: Reuters

  • Williams to Takeover Williams Partners in All-Stock Deal

    Williams announced that it will acquire all public outstanding common units of Williams Partners in an all-stock deal valued at $13.8 billion. Williams Partners unitholders will receive 1.115 shares of Williams for every unit held.In aggregate, Williams will issue 275.4 million shares as part of the proposed...

    Williams to Takeover Williams Partners in All-Stock Deal
    Headlines, Global Deals

    Williams announced that it will acquire all public outstanding common units of Williams Partners in an all-stock deal valued at $13.8 billion. Williams Partners unitholders will receive 1.115 shares of Williams for every unit held.

    In aggregate, Williams will issue 275.4 million shares as part of the proposed transaction, representing approximately 27% of the total shares outstanding of the combined entity.

    View Williams press release

  • GS Energy Gets 3% in ADCO Concession for $676 Million

    GS Energy agreed to pay $676 million to ADNOC for a 3% stake in an onshore oil concession, ADCO, in the UAE. The 40-year deal will provide approximately 800 MMbbl to the company. The company became the third to gain a stake after Total and Inpex.Source: Reuters

    GS Energy Gets 3% in ADCO Concession for $676 Million
    Headlines, Global Deals

    GS Energy agreed to pay $676 million to ADNOC for a 3% stake in an onshore oil concession, ADCO, in the UAE. The 40-year deal will provide approximately 800 MMbbl to the company. The company became the third to gain a stake after Total and Inpex.

    Source: Reuters

  • Data analysis Emerald Enters Delaware Basin in $75 Million Buy

    Emerald Oil has agreed to acquire core Delaware Basin acreage from Yates Petroleum for $75 million. The acreage is in Lea and Eddy counties in New Mexico.The acquired assets include 10,746 net acres (80% working interest and 100% operated) and 400 potential drilling locations in Avalon Shale, Bone Spring and...

    Emerald Enters Delaware Basin in $75 Million BuyData analysis
    Global Deals

    Emerald Oil has agreed to acquire core Delaware Basin acreage from Yates Petroleum for $75 million. The acreage is in Lea and Eddy counties in New Mexico.

    The acquired assets include 10,746 net acres (80% working interest and 100% operated) and 400 potential drilling locations in Avalon Shale, Bone Spring and Wolfcamp Shale.

    Emerald plans to drill five net Delaware basin wells for $33 million to $38 million in the remainder of 2015.

    View Emerald Oil Form 8-K

    View Emerald Oil press release

  • Massy Wood Group Bags $250 Million BP Contract

    BP has awarded a service contract in Trinidad & Tobago to Massy Wood Group with a potential value of up to $250 million. Massy Wood Group is jointly owned by Wood Group PSN and the energy division of Massy Holdings.The contract scope covers EPC services to BP's 13 upstream offshore facilities, located...

    Massy Wood Group Bags $250 Million BP Contract
    Others, Headlines

    BP has awarded a service contract in Trinidad & Tobago to Massy Wood Group with a potential value of up to $250 million. Massy Wood Group is jointly owned by Wood Group PSN and the energy division of Massy Holdings.

    The contract scope covers EPC services to BP's 13 upstream offshore facilities, located within the Greater Cassia and Greater Mahogany areas. The onshore Galeota Point terminal and Beachfield facilities are also included in the scope of the contract, which is effective immediately.

    View Wood Group press release

  • Circle spuds LAM-1 Well in Morocco

    Circle Oil has spud LAM-1 well on the Lalla Mimouna permit, Morocco.The well is targeting the Miocene gas-bearing sands. The primary target sands are prognosed at a depth of 1,231m Measured Depth and the Total Depth of the well at 1,521m Measured Depth. The well is expected to take between 14-20 days to...

    Circle spuds LAM-1 Well in Morocco
    Exploration

    Circle Oil has spud LAM-1 well on the Lalla Mimouna permit, Morocco.

    The well is targeting the Miocene gas-bearing sands. The primary target sands are prognosed at a depth of 1,231m Measured Depth and the Total Depth of the well at 1,521m Measured Depth. The well is expected to take between 14-20 days to drill.

    Ownership of Lalla Mimouna permit: Circle Oil (75%, operator) and ONHYM (25%).

    View Circle Oil press release