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Everyone who has touched upon trading - as the term is understood today - very quickly falls victim to the impression that this casino is the real economy. And that indices, charts, KPI's and financial market performance is all that matters.
DualEx Energy International Inc. ('DualEx' or the 'Company') (TSXV: DXE) announced that, further to its news release dated September 30, 2016, it has closed the acquisition of producing assets in the Peace River Arch area of northern Alberta, closed the acquisition of two private corporations and closed the non-brokered private placement offering of 81,050,000 units at a price of $0.
Southwestern Energy Company (NYSE: SWN) today announced its financial and operating results for the quarter ended September 30, 2016. 'During the third quarter, we once again delivered on our commitments and delivered solid results through our relentless focus on value creation in the current pricing environment,' remarked Bill Way, President and Chief Executive Officer of Southwestern Energy.
Africa Energy Corp. (TSX VENTURE:AFE) is pleased to report that it has closed three transactions resulting in the Company acquiring a 90% participating interest and operatorship in Block 2B offshore the Republic of South Africa.
| Friday, October 21, 2016
Oil price It was the dollar what did it, greenback strength prevailed and kept a lid on the oil price that just couldnt break the shackles and make new ground. Make no mistake, the chartists are adamant that breaking through just below 53 bucks will mean another big rise but equally if it doesnt breakout then.
Indonesia has substantial unexplored basins predicted to hold 43.7 billion barrels of crude oil, according to data from the country's Upstream Oil and Gas Taskforce (SKK Migas).
In accordance with Section 9.6.
Petrofac, the international oil and gas service provider, announces the following changes to its Board of Directors. Chief Financial Officer Further to the announcement on 30 August 2016, the Company is pleased to confirm the appointment of Alastair Cochran as Chief Financial Officer and Executive Director, succeeding Tim Weller, with effect from 20 October 2016.
Providence Resources P.l.
Revenue of $7.0 billion decreased 2% sequentially Pretax operating income of $815 million increased 9% sequentially GAAP EPS was $0.
Royal Dutch Shell plc, through its affiliate Shell Canada Energy today announced it has agreed to sell approximately 206,000 net acres of non-core oil and gas properties in Western Canada to Tourmaline Oil Corp. for a total consideration of approximately $1,037 million (C$1,369 million).
This trading statement provides basic provisional information on the economic environment as well as OMV's performance for the quarter ended September 30, 2016. The OMV Group Q3/16 results will be published on November 9, 2016.
Key Highlights: Third quarter sales volumes up 31% to 21.3 mmboe.
As a veteran of the onshore energy industry, I was surprised to read Professors Strachan and Russell's view on gas exploration in the UK. The article reiterated many falsehoods and myths contrived by anti-fracking groups on energy security, the economy and environment, which must be corrected.
Zion Oil & Gas, Inc. (NASDAQ GM: ZN) announced today that it has met and complied with two key conditions set by Israel's Petroleum Commissioner, enabling it to move toward drilling its next deep oil well, about 40 kilometers (~25 miles) south of the Sea of Galilee, where the Jordan and Jezreel Valleys meet.
Verus Petroleum is pleased to announce the signing of a sale and purchase agreement with Maersk Oil North Sea UK Limited for the acquisition of Maersk Oil's 9.8% interest in the Boa oil field.
Pilgrim Petroleum PLC a private company and subsidiaries, an independent oil and gas company, has completed its acquisition of an 79% controlling interest in the announced acquisition of Bakken, Eagle Ford and Woodford Shale assets for approximately $330 million net of customary closing adjustments. The assets include approximately 210,000 acres with most of the position held by production.
Oil price I return from Norway, where little seems to phase them, to find a modest rise in the oil price that looks as if it is going to stay, at least for the time being. There are still plenty of bears around but the people that count appear to think that they can influence on the upside.
Lucas Energy, Inc. (NYSE MKT: LEI),an independent oil and gas company with operations in Oklahoma and Texas, today updated its operational activity in the Eagle Ford shale and development activity in Oklahoma.
InterOil Corporation (NYSE: IOC, POMSox: IOC) today provided an update on the court approval process regarding the pending transaction with Exxon Mobil Corporation (NYSE: XOM). Today, the Court of Appeal of the Yukon has accommodated an expedited hearing with respect to the appeal lodged by Phil Mulacek, which is scheduled to be heard on October 31, 2016.
Gastar Exploration Inc. (NYSE MKT: GST) announced that it has executed a definitive agreement with a large private global investment fund to jointly develop up to 60 Gastar operated wells in the STACK Play in Kingfisher County, Oklahoma.
Petrus Resources Ltd. (TSX:PRQ) is pleased to provide the following operations update: The Company has recently drilled three 100% WI wells in its Ferrier core area targeting liquids rich gas in the Cardium formation.
Private oil and gas company CP Exploration (CPX) announced today that it has begun drilling the Durham Smith Fuente 209HL, its third horizontal well in Reeves County, Texas. The Durham Smith Fuente 209HL follows the successfully drilled and soon-to-be-completed Durham Smith Fuente 204HU and the successfully drilled and completed Durham Smith Fuente 201HL, which had an initial production rate of 3.
Helix Energy Solutions Group, Inc. (NYSE: HLX) reported net income of $11.
A recent article directed towards the gas and industry audience was recently published in Upstream Online. Some highlights: The UK government's decision to overturn local council objections to shale gas drilling in the north of England is a significant step forward for the industry.
President Energy (AIM: PPC), the oil and gas exploration company provides the following update on its operations. Argentina The Coiled Tubing programme is progressing and operations have just commenced on the second of the expected now five well campaign.
Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) today announces that it acknowledges Olisol Petroleum Limited's Press Release dated October 12, 2016 whilst wishing to clarify certain matters pertaining to Olisol's Release and to provide a transaction update. Olisol Petroleum Limited Press Release Olisol states in its Release that it intends to direct Tethys to apply all funds to be repaid to Olisol in connection with outstanding working capital advances, plus accrued interest thereon, to its obligation to subscribe for 181,240,793 ordinary shares at C$0.
I'm always looking to invest my money in oddball places in energy; subs-sectors that are outside the mainstream. That would include areas like ethanol, which I've done quite well at, and technology stocks-where I have sometimes lost a lot of money.
Cooper Energy (ASX: COE) announces it has accepted an offer from Bass Strait Oil Company Limited (ASX: BAS) for the sale of its remaining Indonesian asset, a 55% interest in the Tangai-Sukananti KSO, South Sumatra Basin, Indonesia. A share sale agreement to effect the transaction has been signed by the parties today, with the completion of the transfer and sale expected in 3 months from signing.
Quadrant Energy has confirmed a successful well test from the Roc-2 well, 165 km north of Port Hedland in the Bedout Basin. Roc-2 flow tested at a maximum (equipment constrained) rate of 51.
CGX Energy Inc. (TSX-V - OYL) today provided an operational update on its exploration assets in Guyana.
Tethys' share of the production, before government take, from Blocks 3 and 4 onshore the Sultanate of Oman amounted in September 2016 to 364,961 barrels of oil, corresponding to 12,165 barrels of oil per day. Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Block 3 and 4 Ltd, has a 30 per cent interest in Blocks 3 and 4.
KBR, Inc. (NYSE: KBR) announced today the award of a pre-front end engineering and design (FEED) study for PT Australasia LNG Indonesia's (AALNG) new proposed LNG Hub terminal in Probolinggo, East Java, Indonesia.
Halliburton Company (NYSE:HAL) announced today results for the third quarter of 2016 of $0.01 per diluted share.
Gulfsands Petroleum plc (AIM: GPX), the oil and gas company with activities in Syria, Tunisia, Colombia and Morocco, today announces that it has signed a Farmout Agreement relating to the Colombian, Putumayo-14 Exploration and Production of Hydrocarbons Contract No 2 of 2013. The Farmout Agreement has been agreed with Samarium Energy & Resources Corporation, a fully owned subsdiary of Samarium Tennessine Corporation and Samarium Investment Corporation, acting as Guarantor.
OK, we got it by now. In an unfathomable show of splendor, OPEC has congregated in Algiers in order to show the world that it still matters and that finally, after a zillion attempts and a lot of trepidation (that's what it felt like at least) it will reduce the volume of crude it supplies into the market.
MX Oil, the AIM quoted oil and gas investing company, is pleased to announce that PR Oil and Gas Limited, the holder of its investment in OML 113, has now received US$1.2 million from the sale of the first production of oil from the Aje Field, which forms part of OML 113.
| Wednesday, October 19, 2016
Will Scotland end up in the (fracking) pocket of Donald Trump and Theresa May? In the latest of our running series of articles covering the subject, Professors Alex Russell and Peter Strachan present the case against. There are distinct similarities between the 1848-1855 gold rush and the recent US frenzied rush to tear apart its shallow shale beds regardless of cost to people and the environment.
Roxi, the Central Asian oil and gas company, with a focus on Kazakhstan, is pleased to update the market with news of its BNG operations. Introduction Roxi is pleased to update the market with news of its initial testing at Shallow Well 141 and the preparatory work for new shallow Well 142 together with an update on Deep Well A6.
Ikon Science announced today that RokDoc Ji-Fi software has won the Institute of Physics (IOP) Award for Technology for 2016. The award ceremony took place last night in the Houses of Parliament, London, UK.
Lundin Petroleum AB will recognise a net foreign exchange gain of approximately MUSD 136 for the third quarter of 2016. The profitability for the third quarter of 2016 will be impacted by a largely non-cash net foreign currency exchange gain mainly related to the revaluation of loan balances.
CLNR, the natural resources investing company, is pleased to announce a substantial increase in the prospective resources for its 100% held Licence P2248 (Block 43/11) located in the Southern North Sea gas basin. This follows the completion of a technical evaluation and Competent Persons Report on the gas resources on the Licence by Xodus Group, an independent oil and gas consultancy firm.
Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that approval has been received from the Ministry of Environment to drill the Boleslaw-1 well in the 1,150 sq km Kolo Licence, onshore Poland. Boleslaw-1 is targeting gas in an active petroleum system and remains on track to be drilled in Q4 2016.
The Company provides its quarterly activities report for the period ended 30 September 2016. Trinidad operations Production The Company's oil production for the period was 40,888 barrels (average of 444 barrels of oil per day ('bopd')) net to Range.
The amount of cash raised by 68 U.S.
Tethys Oil's revenue amounted during the third quarter 2016 to MUSD 26. Tethys Oil's share of the production, before government take, from Blocks 3 and 4 onshore the Sultanate of Oman amounted in the quarter to 1,120,764 barrels.
Casillas Petroleum Resource Partners, LLC, a partnership between Casillas Petroleum Corp. and Kayne Anderson Energy Funds, announced today that it has closed on the purchase of certain oil and gas assets owned by Continental Resources, Inc.
Canacol Energy Ltd. (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to provide the following update for the Trombon 1 discovery, which represents the Corporation's fifth consecutive gas exploration success.
Condor Petroleum Inc. (TSX: CPI) is pleased to announce that commercial oil production has commenced at the Taskuduk oilfield in Kazakhstan.
One of the recent WikiLeaks email dumps revealed some interesting things about hydraulic fracturing, also known as fracking. (This enhanced drilling technology is a big part of America's new era of energy abundance.
It is six years since a prominent newspaper dubbed BP's chief executive the 'most hated and clueless man in America' and in that time the company has paid $62 billion in fines and compensation for its role in the Macondo Gulf of Mexico oil spill. Perhaps surprisingly, much of the top leadership that visited the White House in 2010 to brief President Barack Obama remains in charge of the company.
The Norwegian Petroleum Directorate has granted Aker BP ASA a drilling permit for well 25/2-18 B, cf. Section 8 of the Resource Management Regulations.
Aminex is pleased to announce that the civil work for the Ntorya-2 wellsite is now complete and the process of mobilising the Caroil 2 drilling rig and related equipment has begun from the Ntorya-1 well pad to the Ntorya-2 wellsite, approximately 1,500 metres away. The Ntorya-2 appraisal well is expected to spud late Q4 and once spudded drilling is expected to take between 45 and 60 days.
| Tuesday, October 18, 2016
World oil production is in balance and U.S.
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that the 205 21a-7Z well (the 'Horizontal Sidetrack Well') has achieved a sustainable flow rate using an Electrical Submersible Pump of 14,500 stock tank barrels of oil per day with no produced formation water. The flow rate was constrained by the test equipment.
88 Energy Limited (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska. Highlights Multiple large conventional leads identified in Brookian Sequence over Project Icewine Leads mapped on modern 2D seismic acquired by 88 Energy in early 2016 758 million barrels of prospective mean recoverable oil (gross) identified in current top 5 leads 587 million barrels net to 88E, based on internal estimates 'Alpha' lead located in close proximity to existing transport infrastructure and Trans Alaskan Pipeline with 118 million barrels prospective mean recoverable oil (gross) Further seismic interpretation and mapping ongoing ~50% complete with potential for additional leads to be identified Seismic Interpretation and Mapping 88 Energy has progressed the interpretation of the 2D seismic data acquired early in 2016.
Suncor and Mikisew Cree First Nation (MCFN) today announced the signing of a participation agreement for the purchase by MCFN of a 14.7% interest in Suncor's East Tank Farm Development.
Preliminary production figures for September 2016 show an average daily production of 1 591 000 barrels of oil, NGL and condensate, which is a decrease of 344 000 barrels per day (approx. 18 percent) compared to August.
With the autumn refinery maintenance period in full swing, the lessened supply of refined product, combined with relatively strong demand, is likely set to keep downward pressure on gasoline and distillate inventories, according to a just-released S&P Global Platts preview of this week's pending U.S.
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities in Norway and the UK, is pleased to announce an oil and gas discovery at the Njord North Flank in the Norwegian Sea (Faroe 7.5%).
What do you do when everyone is bugging you to do something, but you don't want to do it? The simple answer is that you make it look like you are doing something in order to get others off your back. It is not always easy to tell what people's intentions are.
Dundee Energy Limited (TSX:DEN) announced today that David Bhumgara, Chief Financial Officer, intends to resign from his position effective November 15, 2016. Bruce Sherley, President and Chief Executive Officer, commented, 'I would like to thank David for his dedication and contributions to Dundee Energy.
Eni announces that the naming ceremony of the 'Armada Olombendo' floating production, storage and offloading (FPSO) vessel was held on Friday in Singapore. The FPSO shall operate in Block 15/06, offshore Angola, for the East Hub Development Project.
| Monday, October 17, 2016
Dril-Quip, Inc. (NYSE: DRQ) today announced that it has entered into an agreement to acquire TIW Corporation, a 100-year old industry-leading manufacturer of consumable downhole products for the global oil and gas market, for approximately $143 million, subject to closing adjustments.
In accordance with ASX Listing Rule 17.1, Carnarvon Petroleum on Monday requested an immediate trading halt, pending the release of an announcement in relation to the Roc-2 well.
Polarcus Limited (OSE: PLCS) is pleased to announce that the Company has entered into a memorandum of understand to collaborate with TGS-NOPEC Geophysical Company ASA to jointly develop selected 3D multi-client projects. New projects taken under the collaboration agreement will be announced separately as they occur.
The fight to halt construction of the Dakota Access crude pipeline made its way to the US energy capital as dozens of activists marched and chanted through the streets of downtown Houston. Carrying signs decorated with oil derricks, solar panels and tombstones, a group of around 75 activists marched for about six city blocks on October 12.
In a move to increase foreign investment amid the nation's worsening economic position, Brazil's Congress has approved legislation that will remove state-controlled Petrobras' obligation as sole operator on the country's pre-salt developments. Discovered in 2007, these ultra-deepwater fields represent a huge opportunity - they are the largest group of offshore reserves discovered this century.
Oilex Ltd is pleased to announce it has executed an agreement with its Joint Venture partner, Gujarat State Petroleum Corporation Limited (GSPC) in the Cambay Field Production Sharing Contract (PSC) on the next planned vertical well in the Cambay Field (Well C-78). The signing of the agreement is a key milestone towards the proposed drilling of Well C-78, unlocking value and possibly securing an extension to the Cambay Field PSC term.
Solo today announces that Horse Hill Developments Ltd ('HHDL') has informed the Company that HHDL recently submitted a planning application to Surrey County Council seeking permission to conduct further appraisal testing and drilling at the Horse Hill-1 ('HH-1') oil discovery, located in licence PEDL137, close to Gatwick Airport. The HH-1 oil discovery reported total flow rate of 1,688 barrels oil per day ('bopd') from two Kimmeridge limestones and the overlying Portland Sandstone during a short period of testing in early 2016.
Rosneft announces the signing of the Sale and Purchase Agreement for a 49% stake in Essar Oil Limited from Essar Energy Holdings Limited and its affiliates. Rosneft Board of Directors unanimously approved the deal on October, 13, 2016.
ODE, is a leading international Oil & Gas and Renewables Engineering Consultancy, and an integral part of the DORIS Group. The company provides technical services across the full asset life cycle; from conceptual to detailed engineering of greenfield and brownfield projects, and from asset management through to final decommissioning.
Total E & P Norge, operator of production licence 043, is in the process of completing the drilling of wildcat well 30/4-3 S. The well was drilled in the northeast part of the Martin Linge field.
Aker Solutions has been awarded the contract for upgrading the Mongstad terminal for Johan Sverdrup oil from late 2019. Its value estimated at NOK 350 million, the contract includes engineering, procurement and the construction of a pig receiver for the oil export pipeline from Johan Sverdrup.
Cabot Oil & Gas Corporation (NYSE: COG) today announced that the Federal Energy Regulatory Commission ('FERC') issued a letter announcing that it is evaluating certain alternatives to the Central Penn Line North and South routes, which are portions of the Atlantic Sunrise Project. The two alternative routes that are being evaluated include a potential 1.
Near the end of Sunday's contentious and much-maligned presidential debate, Hillary Clinton made, arguably, the most revealing statement yet on the likely path of energy policy in her White House. 'We've got to remain energy independent,' Clinton said.
Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, is pleased to announce the commencement of gas production from the Shoats Creek Field ('Shoats Creek') and the impact of cost cutting measures introduced by its new management team. Completion of Shoats Creek gas pipeline and initiation of gas sales A 600 metre gas line has now been installed which enables oil and gas to be produced from wells at Shoats Creek, including inter alia: Lutcher Moore 14 well ('LM14') and LM 20, as well as a number of other candidates for reconnection in the near to medium term.
Technip has been awarded a subsea contract by PETRONAS Carigali Sdn Bhd, (wholly owned subsidiary of PETRONAS), for the Samarang Redevelopment Project Phase 2 EOR, in Malaysia. Under this contract, Technip will manage the engineering, supply, construction, installation and commissioning (EPCIC) of flexible pipelines, with diameters ranging from 4' to 6', as well as EPCIC of associated platform I-tubes.
Norwegian-based oil company Statoil has informed the New Zealand Government of its decision to stop looking for oil and gas in the Reinga Basin. In 2013 and 2014, the company was awarded two exploration permits (PEP55781 and PEP57057) for the Reinga Basin, about 85 kilometres off the West Coast of Northland.
Flash blog from Morocco this morning to v briefly report on visit and yesterday's news from Hurricane and Falcon. Sound Energy Day 2 of the Sound trip to Morocco was a full field trip around all the Tendrara locations including the power plant and potential pipeline which links it to the field.
Exillon Energy plc (EXI.LN), a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora ('Exillon TP') and West Siberia ('Exillon WS'), is pleased to announce unaudited production data for the month of September 2016 ('the Period').
OPEC, a conglomerate organisation comprised of the world's leading oil nations, have recently struck a ground-breaking deal that could potentially ensure the security of the oil industry, as member countries agree to cut output and lift prices. With many optimistic about how this move could help to bolster sagging oil prices and regulate markets, including Iran's Oil Minister, Bijan Zanganeh, who claimed: 'OPEC made an exceptional decision today.
Operations Update Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration and development company, announces an update in respect to current operations and investments. Exploration Projects Exploration work continues on existing permits within the restricted expenditure constraints which were implemented following the budget review earlier this year.
BP acquires 80% equity and will be Operator of WA-409-P with an option to acquire 42.5% equity in WA-359-P Cue's 20% equity interests in WA-409-P will be funded by BP for the work programme required under the permit for the next 3 years Funding for 50% of the cost of drilling a well in WA-359-P is secured if the option is exercised BP will assist Cue in attracting an Operating Partner for WA-359-PCue Energy Resources Ltd (ASX: CUE) is pleased to advise that its 100% owned subsidiary, Cue Exploration Pty Ltd, has executed agreements with BP Developments Australia Pty Ltd (BP) for BP, subject to government approval and completion of standard due diligence, to acquire equity in the 100% Cue owned North West Shelf exploration permits WA-409-P and WA-359-P in the Carnarvon basin, offshore Western Australia.
At 4:05 pm CET on Wednesday 12 October, notice was given of a workplace accident at the Sture terminal in Hordaland. Five people were sent to Haukeland Hospital after having been exposed to H2S gas (hydrogen sulfide).
CGG announced today that it has been awarded an extensive multi-client program by the Instituto Nacional de Petroleo (INP) to acquire seismic data offshore Mozambique. The multi-survey program is designed to improve industry insight into the region's geology and provide oil and gas companies with a greater level of understanding of the country's prospectivity.
| Thursday, October 13, 2016
Once upon a time, oil markets were based on facts. Producers and consumers focused on trying to understand what 'would' happen', whilst the speculators placed their bets on what 'could' happen.
INVESTMENT STORY AND SYNERGIES WERE HIGHLY VALUED - MARKET CAPITALISATION GREW BY RUB 260 BLN LIQUID HYDROCARBON PRODUCTION INCREASED BY 10%, REFINING THROUGHPUT - BY 20% Under the Government of the Russian Federation Decree dated October 10, 2016 Rosneft carried out necessary corporate actions to prepare for and execute the acquisition of the Government's stake in Bashneft Public Joint Stock Company representing 50.0755% of its charter capital.
The Directors of Clontarf (AIM: CLON) are pleased to announce that, further to the announcement of 19th September 2016, a proposed work programme on the Tano acreage offshore Ghana has been submitted to the Ghanaian authorities in Accra. The new work programme will form part of the ongoing negotiations regarding the terms of acquiring an exploration licence for the Tano Basin acreage.
| Wednesday, October 12, 2016
First Nations tribes in Canada and the US have started flexing their muscles, successfully delaying pipeline projects on both sides of the border. Indications are that this effort is becoming more organized and may play a larger role in infrastructure decisions across the continent.
Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) has been awarded an EPCI contract for the subsea development of the Dvalin (previously named Zidane) field by DEA Norge AS. The Dvalin field development is a tie-back from a new 4-slot template to the Heidrun platform through a 15km long Pipe-in-Pipe production line.
Captures more value in fast growth renewables industry Strategic investment bolsters ability of GE Onshore and Offshore wind businesses to increase energy output and value for customers while in-sourcing production LM Wind Power will continue to be a leading supplier to other Original Equipment Manufacturers Accretive in 2018GE (NYSE: GE) the world's leading digital industrial company, announced today its intent to purchase LM Wind Power, a Denmark-based manufacturer and supplier of rotor blades to the wind industry, for $1.65 billion (€1.
DNO ASA, the Norwegian oil and gas operator, today reported the completion of three new production wells at the flagship Tawke field in the Kurdistan region of Iraq as part of a stepped up drilling program kicked off in July 2016. The Tawke-31 well, targeting the main Cretaceous reservoir will be brought on production following an acid stimulation program.