Orcadian Energy plc shareholders today approved the $3.1 million farm-out of its Pilot oil field to Ping Petroleum UK plc. The conditional transaction for central North Sea licence P2244 with the Malaysian company was signed in December 2023.
Tag: farm-out
Block prepares farm-out process for Georgia gas
Block Energy plc is preparing the farm-out process for the company’s project III, comprising blocks XIB and XIF, in Georgia. STRATEGY The project spans the three fields of Patardzueli, Rustavi and Teleti, which are all under a PSC until 2048. Operations focus on the “multi-tcf undeveloped gas resource” within the Lower Eocene and Upper Cretaceous […]
Orcadian signs $3.1m conditional farm-out for Pilot
Orcadian Energy plc has signed a conditional $3.1 million farm-out with Ping Petroleum Ltd for an 81.25% interest in the central North Sea Pilot oil field. TERMS The Malaysian-owned company will pay an initial $100,000 on receipt of licence P2244 subject to conditions of the sale and purchase agreement expected before the end of March […]
United enters ‘critical stage’ for Walton Morant farm-out
United Oil & Gas plc said talks had entered a “critical stage” with its preferred potential farm-out partner for the Walton Morant licence in Jamaica. VALUE The company also aims to secure an extension to the licence period, due to expire at the end of January 2024, for additional technical work on the block to […]
JOG granted further 18 months for Buchan
Jersey Oil & Gas plc (JOG) has received regulatory approval for an 18-month extension until 28 February 2025 to the second term of its P2498 Buchan licence in the central North Sea. FARM-OUT The North Sea Transition Authority (NSTA) also granted permission for the company to assign a 50% working interest in the licence and […]
Reabold CPR bolsters farm-out plans for licences
Reabold Resources plc said its aim to farm-out its North Sea assets has been bolstered by a new competent person’s report (CPR). POTENTIAL RPS Group’s report covers licences P2464, P2504 and P2605, in which Reabold has a 100% working interest, and licence P2478 containing the Dunrobin complex (36%). Reabold acquired the licences in May 2022 […]