Capricorn Energy plc said it was unlikely to receive the full $29.5 million from its sale of the Catcher and Kraken oil fields, following court refusal of the purchaser’s restructuring plan. DISCUSSIONS The 2021 sale, amended in 2023, to Waldorf Production UK plc was part of Capricorn’s acquisition of a 25% non-operated interest in the […]
Legal
Chrysaor fined £150,000 for vent breaches
Chrysaor, which merged with Premier Oil to form Harbour Energy plc, has been fined £150,000 for vent breaches after exceeding its consent by more than 145 tonnes. ARMADA The company also failed to inform industry regulator the North Sea Transition Authority of the breach for seven months. On fining the company, NSTA today said that […]
Rockhopper confident of €31m Italy insurance
Rockhopper Exploration plc could be in line for €31 million from its insurance policy relating to the Ombrina Mare arbitration. TRIGGER The dispute followed the Italian Government’s ban on oil and gas exploration within 12 miles of the country’s coastline, which affected the company’s activities in the oil field. Rockhopper took out insurance in October […]
Ascent wins €5m in Slovenia arbitration
Ascent Resources plc has a won a further €4,990,976, plus interest since 19 January 2024, in an arbitration ruling against its former Slovenian joint venture partner Geoenergo d.o.o. PETROL GEO The sum is in addition to the €2,890,519.17 already accepted by Geoenergo’s administrator and approved by the relevant insolvency court. Proceedings relate to Ascent’s subsidiary’s […]
Serica extends OFAC licence for Rhum
Serica Energy plc has secured a two-year extension to its OFAC licence and secondary sanctions assurance relating to the Rhum field in the UK Northern North Sea. BENEFIT The licence and assurance permit certain US and US-owned or controlled entities, and all non-US entities, to continue providing goods, services and support to the field. Issued […]
Red Rock pursues DRC arbitration
Red Rock Resources plc said it remained on course with its arbitration proceedings in the Democratic Republic of Congo, despite conflict and demonstrations. PARTNERS Chairman Andrew Bell added: “Inevitably the invasion in the east of the country has been a distraction and caused delay, including days when offices were shut and flights cancelled. “By maintaining […]