Serica Energy plc has acquired the Lancaster field following its completed £14.5 million acquisition of Prax Upstream Ltd from Prax Exploration & Production. COMPANY MOVES The company also assumed PUL’s cash balance, equivalent of $34m (£25.4m), of which $12m (£9m) is restricted to cover demobilisation of the Aoka Mizu floating production, storage and offloading vessel. […]
Tag: farm-in agreement
Serica agrees farm-in on Wagtail discovery
Serica Energy plc has secured a 40% farm-in on the Wagtail oil discovery and the March and Bancroft exploration prospects, within licence P2530, for an initial $650,000. EXTENSION The agreement is with Australian-listed Finder Energy which currently holds the central North Sea licence with a 60% operated interest. Dana Petroleum holds the 40% balance. Serica […]
Union Jack JV spuds Sark
Union Jack Oil plc’s joint venture has spud the Sark well, targeting an estimated 1,440,000 barrels of oil gross and a further potential 1.5 million barrels, in central Oklahoma, USA. PARTNERS The company will use the proceeds from the July £2 million fundraise for the programme. The overall US$3m drilling programme comprises Sark and Wolverine-1 wells […]
Helium One JV spuds State-9 at Galactica
Helium One Global Ltd’s joint venture has spudded the State-9 SWSE 3054 development well at the Galactica helium project in Las Animas County, Colorado, USA. LYONS SANDSTONE Operator Blue Star Helium is currently preparing to drill the intermediate hole section in what will be the sixth well of the 2025 campaign. As with previous wells […]
Sunda raises up to $9m to drill Chuditch
Sunda Energy plc has conditionally raised up to US$9 million and signed a farm-in agreement for the Chuditch gas field, offshore Timor-Leste. JURASSIC The fundraise is through the issue of unsecured convertible loan notes with three institutional investors. Drawdowns in tranches will pay for a jack-up rig to drill an appraisal well scheduled for July […]
Orcadian signs non-binding farm-in for Earlham
Orcadian Energy plc has signed a non-binding heads of agreement for a farm-in on its southern North Sea licence containing the Earlham discovery. LOAN The deal also covers a potential redevelopment project to blow down the decommissioned Orwell gas field. The licence holds Earlham with a P50 contingent resource of 114 bcf sales gas, the […]