Orcadian Energy plc could sell the Pilot oil licence with the company’s finances “severely constrained” and a £1m debt to Shell due at the end of August. DISCUSSIONS The company, which also still needs to raise new finance in the short term for working capital, held £97,000 at end of July 2023. “A number of […]
Tag: joint venture
Deltic exits three southern North Sea gas licences
Deltic Energy plc will withdraw from three of its five joint venture gas licences in the southern North Sea following its partner Capricorn Energy‘s move to focus on its own Egyptian assets. NEW PARTNERS Deltic, which is rationalising and “high grading” its portfolio, will withdraw from P2560, P2561 and P2562 while retaining P2567 (Cadence) and […]
Tullow’s partners exit Kenya JV
Tullow Oil plc’s partners TotalEnergies and Africa Oil have withdrawn from the South Lokichar Basin joint venture in Kenya for “differing internal strategic reasons”. OPTIONALITY Tullow said it expected net project 2C contingent resources to increase from 231 mmboe to 461 mmboe, and the group’s total contingent resources from 605 mmboe to 836 mmboe. The […]
Clontarf completes lithium JV for Bolivia brines
Clontarf Energy plc has completed its joint venture (JV) for direct lithium extraction from brine in Bolivia as it plans to expand its portfolio. TERMS Following all conditions precedent being satisfied for the deal signed in February 2023, the company has now paid partner NEXT-ChemX Corporation US$500,000. It will also issue to the US-based company […]
United spuds fifth and final 2022 well at Abu Sennan
United Oil & Gas plc’s joint venture partner has spud the fifth and final well for the companies’ 2022 drilling campaign on the Abu Sennan licence, onshore Egypt. ASW-1X EXPLORATION WELL Operator Kuwait Energy Egypt began drilling ASW-1X exploration well, targeting un-risked mean recoverable resources estimated by United at c. 8 mmbbls gross in multiple […]
Ascent Slovenia receives first payment of €650,560
Ascent Resources plc said it had received the first cash payment following the agreement on recognition of revenue at its joint venture (JV) onshore gas operations in Slovenia. REVENUES On 2 August the company and its local JV partner agreed Ascent’s entitlement to 90% of the hydrocarbon production revenues from the PG-10 and PG-11A wells […]