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The oilfield service markets in Norway and the United Kingdom have felt the market downturn harder than other offshore nations. Deep cuts in activity and pressure on price have led to mass lay-offs in Stavanger and Aberdeen.
With a total depth of 5,941 metres, Mærsk Gallant has beaten the record for deepest well ever drilled on the Norwegian continental shelf. On 31 July, Mærsk Gallant drilled the Solaris ultra HPHT (high-pressure, high-temperature) well to a total depth of 5,941 metres TVD (True Vertical Depth).
Cooper Energy reports that Callawonga-12, an oil development well in PPL 220 on the western flank of the Cooper Basin, South Australia, is to be cased and suspended after reaching a total depth of 1,449 metres in the Westbourne Formation. Callawonga-12 targeted the McKinlay Member and Namur Sandstone.
Lonestar Resources US, Inc. (NASDAQ: LONE) is pleased to announce that, effective immediately, John H.
NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) announces that Mr.
Resolute Energy Corporation (NYSE: REN)today announced that Nicholas J. Sutton will retire as the Company's Chief Executive Officer effective December 31, 2016.
Britain is due to receive its first delivery of shale gas imported from the US, which will arrive at Grangemouth petrochemical plant in Scotland next month. That the UK is importing a tanker-full of shale gas from the US despite sitting on substantial resources of its own reveals just how far advanced the US shale gas industry is over that in the UK.
It's possible that OPEC is crying wolf with hints of an output freeze next month in Algiers; but it's also possible that they are ramping up production to take the sting out of a freeze. This is a delicate balancing act that the Saudis need to play very carefully.
The Board of Andes (AIM: AEN; BCBA: AEN), the producer and explorer in Argentina and Colombia, is pleased to provide an update on current exploration operations in the Chachahuen block in the Province of Mendoza, Argentina, based on drilling and completion reports, provided by YPF, the operator on this block. Highlights: Four exploratory wells were drilled and completed An oil discovery was made in exploration well 'Cerro Redondo x-1' encountering 6 metres of net oil pay in the sandstone of the Rayoso formation (cycle 1) Gas was found in exploration well 'La Orilla x-1' in the deeper horizon of the Lotena formation Gas was found in the exploration well 'Remanso del Colorado x-1' in the deeper horizon of the Cuyo Group Well 'Cerro Montoso x-1' was plugged and abandoned providing valuable geological and engineering data for the on going exploratory campaign A fifth well 'Cerro Morado Este x-1' was spudded on 5 July and is currently in the completion stage, with the main target to investigate the Centenario formationThe discoveries from the exploration program will add new potential resources for future development in the field.
Highlights Revenue of $868 million Operating income of $364 million EBITDA of $557 million 98% economic utilization Reported Net Income of $276 million and diluted earnings per share of $0.52 Cash and cash equivalents of $1.
The Norwegian Petroleum Directorate (NPD) has given the go-ahead for using the B platform on the Gullfaks field in the North Sea until 1 January 2036, which corresponds to the length of the production licence. Gullfaks B first came on stream in February 1988.
P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its results for the second quarter of 2016. Highlights & Outlook EBITDAX for 2Q was negative with DKK 1.
Total production of 5.0 mmboe in line with previous year Sales revenue of $202.
A larger-than-expected build in U.S.
The second quarter was a pivotal three months that saw rising crude prices and rig counts, well performance improvements and a brighter tone from US upstream operators who had weathered a tough downturn, and ominous crude prices in early 2016. When crude prices fell back to $40/b from yearly highs over $50/b just as they were going through their quarterly earnings calls, US operators didn't flinch from their production plans, Evercore ISI analyst Stephen Richardson said.
Canacol Energy Ltd. (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to provide the following update concerning the Nispero 1 gas discovery, the doubling of its gas drilling program for the remainder of 2016, and an increase of 9% in Corporate cash sales to 19,440 barrels of oil equivalent per day for the month of July 2016 compared to the average cash sales of 17,817 boepd for the quarter of April 1 to June 30, 2016.
Changfeng Energy Inc. (TSX VENTURE:CFY), an energy service provider in China, announces that the Company has filed its unaudited condensed interim consolidated financial results for the second quarter ended June 30, 2016.
Cub Energy Inc. (TSX VENTURE:KUB), a Ukraine-focused upstream oil and gas company, announced today its unaudited interim financial and operating results for the second quarter of 2016.
PetroShale Inc. (TSX VENTURE:PSH)(OTCQX:PSHIF) is pleased to announce its financial and operating results for the second quarter ended June 30, 2016.
Anadarko Petroleum Corporation (NYSE: APC) today announced that Darrell Hollek, formerly Executive Vice President, U.S.
Pacific Exploration & Production Corp. is pleased to announce that today the Ontario Superior Court of Justice (Commercial List) granted an order sanctioning and approving the Company's plan of compromise and arrangement pursuant to the Companies' Creditors Arrangement Act (Canada) in connection with its previously announced comprehensive restructuring transaction.
Blackeagle Energy Services, a leading provider of energy-related construction and maintenance services, announced today it has acquired certain Permian Basin assets from Brazos Rock, Inc., a leading provider of oilfield construction services in Texas.
Oil price The machine works and we know this because we have seen it in action many times before when we need a little tickle on the oil price. As I mentioned on Monday the machine that really started in early August has continued to deliver faith when little was justified.
Oil & Gas Development Company Limited (OGDCL), operator, with JV Partners PPL & GHPL has successfully tested and completed Nashpa Well # 6 & 7 development wells in Nashpa Development & Production Lease, which fall in district Karak and Kohat of KPK Province. The structure of Nashpa Well # 7 was delineated, drilled and tested using OGDCL's in house expertise.
What is the 'biggest unfinished business for the Obama administration?' According to a report from Bill McKibben, the outspoken climate alarmist who calls for all fossil fuels to be kept in the ground, it is 'to establish tight rules on methane emissions'—emissions that he blames on the 'rapid spread of fracking.' McKibben calls methane emissions a 'disaster.
$OSX has confirmed a new major buy signal, which can last for months and years. Speculation has now confirmed a pullback bottom; expect new recovery highs in coming weeks and months.
Sparrows Group is set to further grow its presence in the Asian Pacific market following the formation of a partnership between Sparrows Offshore Services Pte Ltd and SapuraKencana Technology Sdn Bhd, the latter being a wholly-owned subsidiary of SapuraKencana Petroleum Berhad. The partnership will see both entities collaborating in the provision of offshore and onshore crane services including manufacturing, supply, operations, maintenance and overhaul of offshore and onshore cranes for the oil and gas industry in Malaysia.
Sound Energy, the European and African focused upstream company, announces a series of executive changes aimed at strengthening its technical leadership. Following the Company's recent gas discovery at Tendrara, onshore Morocco and the resultant potential for the Eastern Morocco TAGI play to be a material hydrocarbon province, the Company announces the following executive appointments: Brian Mitchener joins Sound Energy as Executive Vice President ('EVP') Exploration, based in the UK.
Exillon Energy plc (EXI.LN), a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora and West Siberia, is pleased to announce unaudited production data for the month of July 2016.
SDX Energy Inc. (TSXV, AIM: SDX) announces its 2016 Second Quarter and Half Year 2016 Financial and Operating Results.
Cluff Natural Resources Plc, the AIM quoted natural resources investing company, is pleased to announce its interim results for the six months ended 30 June 2016 and an update regarding a potentially significant increase to the prospective resources of its Southern North Sea gas prospects. Highlights Additional prospects identified on Licence P2248 in the Southern North Sea in the Carboniferous and Triassic are expected to increase the Company's estimated net P50 prospective resource to in excess of 3 TCF of natural gas from 760 BCF, subject to independent review and revised Competent Persons Report Sale and Purchase and Option Agreement with Verus Petroleum, which at the cost of £1, provides the right to acquire up to 25% of three Parkmead Group operated licences (two of which are effectively drill ready) over two areas in the Moray Firth and the Central North Sea, containing or adjacent to existing discoveries Unitisation of Licence P2253 with Licence P2258 (Simwell and Burgate) where a significant Carboniferous structure has been identified Extension of MOU with Halliburton for a further two years to February 2018 Resource update and CPR expected to facilitate formal farm out discussions to fund forward work programmes, including the drilling of one or more wells Successfully completed fundraise of £727,000 in April 2016 Cash position of £955,000 (31 December 2015: £1.
Ascent Resources plc (AIM: AST), European oil and gas exploration and production company confirms that it has carried out the necessary procedures at the office of the public notary in Ljubljana to complete the purchase of Trameta doo, detailed in the Company's announcement of 1 August 2016. Completion of the acquisition will allow the Company to move ahead with the work program to recertify the export production pipeline through which Joint Venture gas production will be sold.
Madalena Energy Inc. (TSXV: MVN and OTCQX: MDLNF) is pleased to provide its operating and financial results for the three and six months ended June 30, 2016.
Ophir is pleased to announce the appointment of Mr David Davies and Dr Carl Trowell as independent non-executive Directors to the Company's Board with immediate effect. David Davies will also be appointed as a member of the Company's Audit Committee with immediate effect.
Remember the shale gale and Saudi America? The scale of those outlandish delusions has now dwindled to plays in a few counties in West Texas and southeastern New Mexico. Saudi Permian.
Further to the announcement on 11 August 2016, the Company announces that it continues to progress with the acquisition of an indirect interest in OML 18, a producing onshore Oil field located in the Southern Niger Delta. The Company is in the final stages of obtaining all necessary regulatory approvals before publishing an AIM Admission Document which will contain full details of the Transaction.
| Tuesday, August 23, 2016
Torchlight Energy Resources, Inc. (NASDAQ: TRCH), today provided an update regarding the Company's operational progress in their Orogrande and Hazel Projects.
Enterprise Group, Inc. (TSX:E) is pleased to provide an update on its business following the sale of substantially all of the assets of its utility construction business unit, T.
Rex Energy Corporation (Nasdaq:REXX) announced today that it has closed on the previously announced sale of its Illinois Basin assets to Campbell Development Group, LLC. The sale of the Illinois Basin assets includes approximately 76,000 net acres in Illinois, Indiana and Kentucky; the assets are currently producing approximately 1,700 net barrels per day.
Aminex PLC is pleased to announce the appointment of Mr Ola Fjeld, as a Non-Executive Director with immediate effect. Mr Fjeld will be proposed for election by shareholders at the next general meeting of the Company.
When we talk to folk in the industry, about our plans to steam the Pilot, Elke & Narwhal fields in the middle of the Central North Sea, sometimes we get a pretty sceptical reaction, sometimes we don't. I prefer it when we get to talk positively about the potential of steaming offshore reservoirs, but not everyone has an open mind.
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company ?focused on the UK Continental Shelf region of the North Sea, is pleased to announce that alongside its co-venturer, CIECO Exploration and Production (UK) Limited it has entered into a binding, conditional sale and purchase agreement with Statoil (U.K.
Tlou Energy Limited, the AIM and ASX listed company focused on delivering power in Botswana and Southern Africa through the development of coal bed methane projects, is pleased to announce that it has renewed a Co-operation Agreement with General Electric International Inc. and IK Holdings Pty Ltd for the delivery of a proposed gas to power solution for Botswana.
Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) today announces a corporate update. Par Value Reduction The Grand Court in the Cayman Islands has approved a motion by Tethys Petroleum to reduce the par value of the Company's ordinary shares to USD 0.
The Norwegian Petroleum Directorate (NPD) has announced a tender competition to supplement its technological expertise and capacity, with the intention of becoming even more of a driving force in the development of discoveries and improved recovery measures from producing fields. The tender competition is intended for external companies with relevant expertise.
The NPD has granted its consent for the licensees in production licences PL 316 and PL 316B to remove the production facility on Yme. The field is operated by Repsol.
Far Limited/Cairn Briefly this morning I notice that things are moving on apace in Senegal with an announcement by Far. They have increased their contingent resource number by 14% to 641m barrels and say that the field 'has the credentials to support a potential development.
| Tuesday, August 23, 2016
As previously announced, production from the Erskine field (Serica 18%) restarted on 27th July following a prolonged period to clear a blocked pipeline and undertake planned maintenance on the Lomond platform which provides treatment and export facilities to Erskine. In line with earlier statements, Erskine production was built up for a short period to flush the Lomond/Everest condensate export line and establish full flow through the system before being temporarily suspended for final clean-up operations and for re-commissioning of Lomond platform facilities to be completed.
Cape plc, an international leader in the provision of critical industrial services to the energy and natural resources sectors, announces its unaudited half-year results for the period ended 3 July 2016. Operating Highlights A strong revenue performance, driven by Asia Pacific, partially offsetting weaker than expected margins in the UK resulting in 25% reduction in group operating profit The UK business performed below expectation as operating margins were adversely affected by weakness in the offshore North Sea and thermal coal power generation markets, and poor commercial performance on the ExxonMobil contract at Fawley The Asia Pacific business performed above expectation driven by increased project activity in Australia, South Korea and Singapore The Middle East business delivered a solid performance with a strong contribution from the SOCAR-Cape joint venture in Azerbaijan mitigating the effect of increased cost pressures from clients across the region The Redhall Engineering Solutions acquisition, rebranded as Cape Engineering Services, is now fully integrated into the UK business and has performed ahead of expectations The UK business is being restructured to maximise capability for growth through delivering the full portfolio of services to the Group's customer base whilst reducing overhead costsFinancial Highlights Order intake during the first half decreased to £309m (H1 2015: £399m), largely due to the timing of key contract awards resulting in an order book of £820m at period end (5 July 2015: £800m; 31 December 2015: £861m) Revenue increased by 10% to £396.
As duly reported in prior public statements by ConocoPhillips and Woodside, ConocoPhillips has confirmed to FAR Ltd (ASX:FAR) that it has a right of pre-emption over the proposed sale of ConocoPhillips interests in Senegal to Woodside Petroleum Limited. FAR advises that, in its opinion, and as supported by legal advice, ConocoPhillips has failed to comply with the terms of the Joint Operating Agreement in relation to the proposed sale of its interests in the Senegal project.
| Tuesday, August 23, 2016
Cue Energy Resources Ltd (ASX: CUE) had mixed results in the year ended 30 June 2016. The Company achieved significant growth in production and revenues that enabled gross profit to grow by 10% to $25.
Senex Energy Limited (ASX:SXY, Senex) has today announced its 2016 full year results, which demonstrate a strong defensive response to volatile market conditions, and material progress on strategic growth projects. Key points FY16: Record safety performance, with Total Recordable Injury Frequency Rate improved by 71% to 1.
Material SNE contingent resource upgrade 2C contingent oil resources contained in the SNE field offshore Senegal have increased by 14% to 641 mmbbls (100% basis, recoverable, unrisked). A new, updated Independent Resources Report for FAR Ltd (ASX: FAR) on the SNE oil field has been completed by RISC Operations Pty Ltd ('RISC') following the drilling of two further successful appraisal wells, BEL-1 and SNE-4.
| Tuesday, August 23, 2016
Further to the ASX release of 18 July 2016 Armour Energy Limited (ASX: AJQ; Armour) is pleased to advise that oil production from the Emu Apple oil field has now commenced. Restart work at Emu Apple, which forms part of the Company's recently acquired Kincora assets in the Roma shelf in Queensland, was completed safely and well below budget.
Manitok Energy Inc. (TSX VENTURE:MEI) and Raimount Energy Inc.
Hydraulic fracturing has been a hugely controversial subject in many countries and has increasingly become the focus of legislation in the US. The state of Colorado has seen the most recent push for new restrictions - activists have obtained over 200,000 signatures to introduce two new initiatives on Colorado's November 8th ballot.
Oil price Going, going, gone as the Brent price over 50 bucks went over the top in early trading this morning. I am also reminded that having not taken out the $52.
Venezuela's thirst for light crude imports could play an interesting role in crimping as much as 300,000 b/d of its own crude exports. That would amount to a whopping 14% of Venezuela's 2.
Marathon Oil Corporation (NYSE: MRO) announced today that T. Mitch Little has been promoted to executive vice president, Operations, and will oversee the Resource Play and Conventional businesses.
The recent years many emerging gas producers are examining their options regarding the most beneficial monetization options or a combination of them for their vast gas reserves. Some emerging gas producers are Cyprus and Israel (already produces gas from the Tamar gas field), Myanmar in South East Asia and Mozambique in East Africa.
The decline in the global oil price has led to a reduced level of activity across the African continent and had an impact on countries that traditionally depend on oil & gas revenue. Despite the bleak landscape, the African continent still offers significant opportunities in the oil & gas sector.
| Monday, August 22, 2016
Egdon Resources plc (AIM:EDR) is pleased to announce that it has reached agreement to acquire an additional 20% interest in Petroleum Exploration and Production Licence PEDL068 from DESS Energy Limited ('DESS') bringing our total interest to 68%. Egdon is operator of PEDL068 which is located in the Cleveland Basin of North Yorkshire.
LGO is pleased to announce that production has now commenced from a new oil pay interval in well GY-277, the fourth of its planned heavy work-overs at the Goudron Field in Trinidad. A total of 45 feet of perforations were added to the Mayaro Sandstone, at depths between 500 and 631 feet, in a reservoir interval that has previously not been completed for production.
Seadrill Limited has received a notice of termination from Pemex Exploracion y Servicios for the West Pegasus drilling contract effective 16 August 2016. Seadrill has disputed the grounds for termination and is reviewing its legal options.
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to provide detailed technical information on the recently awarded Licensing Option ('LO') 16/22. Europa has a 100% interest in, and is operator of, seven licences in the Atlantic basins offshore Ireland including LO 16/22, which covers 992km2 in the Padraig Basin.
Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations website. BHI Rig Count: U.
Saudi Arabia suggests it may be increasing its August crude output to a new all-time high as it could give it more leverage to influence the September informal talks on a possible production freeze, Reutersreported on Wednesday, citing industry sources. Saudi Arabia - OPEC's biggest producer — pumped a record 10.
North Sea Energy Inc. (TSX VENTURE:NUK) announces an update to the Bagpuss well results from the Bagpuss Operator, Premier Oil (UK) Limited.
Analysis of International Frontier Markets The international rig fleet is a critical enabler of global energy production but the quantity and quality of available information on both the international rig fleet and demand has historically been limited, particularly in core markets such as the Middle East, Asia and Russia. The new Douglas-Westwood (DW) World Land Drilling Rig Market Report addresses this problem by providing analysis of prospects and five-year business forecasts for the international drilling business in difficult-to-access, frontier and developing regions, as well as the established North American market.
Statoil and its partners today submitted the Plan for Development and Operation of the Byrding oil and gas discovery (previously known as Astero) in the North Sea to government authorities. Capital expenditures estimated at approximately NOK 1 billion, recoverable volumes are projected at approx.
Oil price Brent hasn't been higher since the 23rd of June, roughly at the time that the Saudis started whacking up their production, partly of course to offset domestic use for summer power generation. Production from the KSA was 10.
Woodside has recorded a half-year reported net profit after tax (NPAT) of US$340 million, underpinned by production of 45.9 MMboe, 9% higher than 1H 2015.
On August 16, 2016, Pacific Exploration & Production Corp. received a proposal made by O'Hara Administration Co.
Perisson Petroleum Corporation (TSX VENTURE:POG) is pleased to announce that the Company has completed the last stage of the closing process of the purchase of the Twining assets announced on May 19, 2016, by completing the final statement of adjustments related to the purchase. As a result, the Company made an additional payment of approximately $142,000 to the Receiver for the asset.
One of the key factors which supported oil prices recovery last week was the news about some of OPEC's members who are calling once again for an output freeze deal. Positive comments were given by both, Saudi Arabia energy minister Khalid Al-Falih and Venezuelan President Nicolas Maduro, which lay the groundwork for a possible talk next month to discuss the possibility of oil producers freezing their oil output to support oil prices.
Baron is pleased to report that it has received repayment of its loan to Infrastrata plc ('Infrastrata') and agreed an amendment to the Convertible Loan Facility Agreement ('Agreement') with respect to the Islandmagee gas storage project in Northern Ireland. Under the terms of the Agreement, originally announced in May 2015, Baron provided a loan for €1.
Independent Oil and Gas plc, the development and production focused Oil and Gas Company, is pleased to announce the completion of its first operated appraisal well on the Skipper oil discovery which lies in Block 9/21a in licence P1609 in the Northern North Sea, of which IOG is 100% owner and operator. The well was successfully drilled to a total vertical depth of 5,578ft with no safety incidents and achieved its primary objective of retrieving good quality reservoir condition oil samples from the Skipper reservoir in order to optimise the Skipper field development plan.
Santos today announced a 2016 first half net loss of US$1,104 million, impacted significantly by the previously announced impairment charge for GLNG of US$1,050 million after tax and lower oil prices. Excluding impairments and other one-off items, the company recorded an underlying net loss of US$5 million after tax for the first half.
| Thursday, August 18, 2016
Pétrolia Inc. (TSX VENTURE:PEA) is proud to announce the commencement of resource confirmation work on the Bourque property, which consists of the re-entry and completion of Bourque 1, as well as the drilling and completion of an additional well - Bourque HZ No3.
The hottest oil play in the western world is the Delaware sub-basin of the Permian in SW Texas. Producers are seeing huge increases in flow rates as they figure out proper fracking techniques.
Seven Generations Energy Ltd. (TSX:VII) has closed its acquisition of Montney liquids-rich natural gas assets in northwest Alberta from Paramount Resources Ltd.
The opening seven months of 2016 have brought a revival in the Canadian E&P space following an extremely lacklustre end to 2015, when very few deals were agreed in light of an uncertain and inhibitive pricing environment. In CanOils latest monthly review of deals in the Canadian E&P space, the largest single deal of the year so far is featured - the full report can be downloaded at this link.
Aminex PLC (LSE:AEX) is pleased to announce that it has received first payment in relation to gas produced from the Kiliwani North-1 well in Tanzania and supplied to the Tanzania Petroleum Development Corporation. Gas produced was paid in $US and in accordance with the Company's Gas Sales Agreement with TPDC.
| Thursday, August 18, 2016
Wood Group has been awarded a new contract by petrochemical manufacturer SABIC, in the UK. Engineering design services will be provided to the SABIC Teesside complex in Wilton, UK under the contract, which is effective immediately.
Further to the recent announcements by the Company concerning the sale of its interest in the Chisholm Trail Prospect, the Board is pleased to announce the US$2.1 million Sale has completed successfully.
In its new rules for oil and gas drilling in the Arctic, the US has taken the biggest step yet toward a performance-based system that sets clear standards, but allows industry flexibility in how to meet them. That's a big difference from most US offshore regulation, which is prescriptive in nature, specifying in almost minute detail how operators must comply and leaving little room for deviation.
Sparrows Group and SPIE Oil & Gas Services have strengthened their existing service portfolios by signing a global agreement to work in collaboration to support the energy sector. The deal will see the companies work together to initially deliver their collective service offering throughout Africa before they expand the scope of their collaboration globally.
Victoria Oil & Gas Plc announces the publication of its updated Logbaba Field Reserves Report, setting out the reserves and resources of the Company as at 30th June 2016, as evaluated by Blackwatch Petroleum Services Limited. The reserves and resources are stated in accordance with 'Petroleum Resources Classification and Definitions', based on the SPE, WPC, AAPG, and SPEE guidelines.
| Thursday, August 18, 2016
Tullow Oil plc is pleased to announce that first oil has flowed from the Tweneboa, Enyenra, Ntomme (TEN) fields offshore Ghana, to the FPSO Prof. John Evans Atta Mills.
| Thursday, August 18, 2016
Entering new phase Moving to positive cash flow following a period of substantial investment E.On UK acquisition brings portfolio and financial benefits Full year production guidance raised to 68-73 kboepdCost base reset Progress being made with lending group to amend financial covenants and to revise debt maturities Strong operational performance Production averaged 61.
DNO ASA, the Norwegian oil and gas operator, today announced a second consecutive quarter of operating profits and the launch of an aggressive drilling campaign at the company's flagship Tawke field in the Kurdistan region of Iraq. Following an extensive workover campaign at Tawke, five new production wells will be drilled in the second half of the year to boost capacity.
Is there really a positive side for low oil prices? Yes there is, it is just that not many people can read between the lines and look at the big picture in the long term. While low oil prices could be bad for oil companies and their profits in the short term, it is good for the oil industry itself in the long term.
Following recent meetings in Lima, Baron Oil is pleased to update its shareholders as follows: Block Z-34 The Company has recently met Perupetro in its regular bi-monthly meeting to update Perupetro on the ongoing activities in the block and Perupetro have requested that the Z-34 partners provide them with an update on deep water drilling rig availability for 2017. Baron is working with its partner, Union Oil and Gas Group (UOGG), and an industry rig advisor to determine the availability, location and likely day rate of rigs capable of drilling the initial CUY prospect which lies in over 1,600 metres of water.