Ascent Resources plc said that the high court has given final approval of its Slovenia joint venture partner Geoenergo d.o.o.’s insolvency. TENDER The company has stated it is owed approximately €8,000,000 of revenues which Geoenergo has already received. Ascent said it was still working to register Ascent Slovenia Ltd (ASL)’s claim in the insolvency proceedings […]
Tag: oil and gas
Orcadian completes Pilot farm-out
Orcadian Energy plc has completed the 81.25% farm-out of central North Sea licence P2244, containing the Pilot oil field, to Malaysian operator Ping Petroleum UK plc. TECHNOLOGY Discovered in 1989, appraisal of Pilot showed “excellent quality reservoir and contains 263MMbbl of a viscous oil”. Orcadian said that Ping, focused on shallow water offshore production and […]
United-Egdon granted more time for Waddock Cross
United Oil & Gas plc said that a five-year extension has been granted to PL090 containing the Waddock Cross onshore oil field in Dorset. REDEVELOPMENT The company holds a 26.5% working interest in PL090, of which the operator is Egdon Resources plc, owned by Petrichor Partners LP, which in turn is owned by Heyco Energy […]
Capricorn commits to Egypt assets
Capricorn Energy plc remains committed to its Egypt assets as its receivables balance “increased materially” last year. SPEND In its year results, the company said it continued to progress amendments to the production sharing contract to unlock value from its assets. Chief executive Randy Neely added that in his 12 years’ experience in the country, […]
Beacon CEO Larry Bottomley to step down
Beacon Energy plc chief executive officer Larry Bottomley will step down from 1 June 2024. KEY ROLE His replacement is the company’s chief financial officer Stewart MacDonald. Mr Bottomley, who will become a non-executive director, has more than 40 years’ industry experience and became Beacon’s CEO in January 2022. He was instrumental in re-establishing the […]
Corcel targets first oil and listing
Corcel plc said it was on the verge of a material transformation to become “a sizeable, listed oil and gas developer”. OPERATOR During H2 2023, the company refocused on hydrocarbons in the Kwanza Basin, Angola and is considering further transactions in the region and overseas. The six months also saw a new board of directors […]