Eagle Energy Trust Hands Tx. Field Reins to Subsidiary

- Eagle Energy Trust Hands Tx. Field Reins to Subsidiary

Thursday, August 18, 2011
Eagle Energy Trust

Eagle Energy Trust reported that effective immediately, Eagle Energy Acquisitions, the US operating subsidiary of the Trust, has been appointed the operator of the Salt Flat Field.

"On behalf of Eagle, we express thanks to North South Oil LLC for its hard work and dedication as the operator of the Salt Flat Field. This transition has been anticipated by the parties since the Trust's initial public offering last November and North South has been a key contributor to setting the stage for the full cycle development of the Salt Flat Field. Eagle US is excited to continue with this project," said Richard Clark, President and CEO.

In preparing to assume operatorship, Eagle US has accomplished a number of key items over the past few months. The necessary permits to operate petroleum properties in the State of Texas have been obtained. Key engineering and field staff have been added, providing Eagle US with the ability to manage the full cycle development of the Salt Flat Field, as well as accelerate its evaluation of potential new acquisitions. Eagle US has also opened a field office in Luling, Texas.

"Eagle US is now well positioned to commence its role as the operator of the Salt Flat Field and to execute on its overall growth plans," said Mr. Clark. "We expect no material change in our current level of general and administrative expenses or operating costs due to assuming operatorship of the Salt Flat Field. This is an important step for Eagle and will ready us for future growth as we add new core area acquisitions."

The Trust also announced that it intends to issue its next operations update on or about September 30, 2011.

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Seadrill Takes Reins at Asia Offshore Drilling Ltd.

- Seadrill Takes Reins at Asia Offshore Drilling Ltd.

Friday, July 01, 2011
Seadrill Ltd.

Seadrill has participated in a private placement in Asia Offshore Drilling Limited and has been allocated shares for US $54 million which corresponds to a 33.75 percent ownership stake.

Asia Offshore Drilling was established by Mermaid Maritime Public Company Limited in late 2010 when two MOD-V B Class jackup rigs where ordered at Keppel FELS in Singapore. Asia Offshore Drilling had in addition option agreements for construction of two similar units. The proceeds from the private placement will be used to exercise the first of the two options. Mermaid will following the private placement have an ownership share of 33.75 percent in Asia Offshore Drilling.

Furthermore, it has been agreed that Seadrill will be responsible for the construction supervision, project management, and commercial management of all of Asia Offshore Drilling's jackup rigs.

Seadrill has participated in a private placement in Asia Offshore Drilling Limited and has been allocated shares for US $54 million which corresponds to a 33.75 percent ownership stake.

Asia Offshore Drilling was established by Mermaid Maritime Public Company Limited in late 2010 when two MOD-V B Class jackup rigs where ordered at Keppel FELS in Singapore. Asia Offshore Drilling had in addition option agreements for construction of two similar units. The proceeds from the private placement will be used to exercise the first of the two options. Mermaid will following the private placement have an ownership share of 33.75 percent in Asia Offshore Drilling.

Furthermore, it has been agreed that Seadrill will be responsible for the construction supervision, project management, and commercial management of all of Asia Offshore Drilling's jackup rigs.

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Apache Takes Reins at Origin's Block Offshore Kenya

- Apache Takes Reins at Origin's Block Offshore Kenya

Wednesday, June 15, 2011
Origin Energy Ltd.

Origin has completed an agreement with a subsidiary of US independent Apache to divest a 50 percent interest in a Production Sharing Contract (PSC) for petroleum exploration and production, pertaining to Block L8 located in the Lamu Basin, offshore Republic of Kenya.

Under the terms of the agreement Origin has been reimbursed historical costs of US $13.2 million and Apache has become operator. In addition, Apache will meet a component of Origin's costs of an initial exploration well to be drilled in Block L8, on the Mbawa structure. The schedule for exploration activity has yet to be determined

Commenting on this agreement, Origin's Executive General Manager, Geoscience & Exploration New Ventures, Dr. Rob Willink said, "Origin is pleased to have completed this transaction with Apache. The joint venture has agreed to go forward with exploration drilling, with Apache as operator bringing its expertise to that endeavor."

Offshore East Africa at large has become an industry focus for exploration as a result of recent deepwater discoveries offshore Tanzania and Mozambique. Block L8 comprises 5,123 square kilometres with attractive exploration opportunities that include several large objectives. Prospectivity of the block centers on the Mbawa structure, a large but complexly faulted anticline mapped on 3D seismic data with potential for both oil and gas at inferred Cretaceous and Jurassic reservoir levels.

As a result of this transaction the interest holders in PSC Block L8 will become:

• Apache 50%
• Origin Energy Kenya Pty Ltd 25%
• Pancontinental Oil & Gas NL / Afrex Ltd *^ 25%

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Leed Hands GOM Reins to Marlin

- Leed Hands GOM Reins to Marlin

Monday, May 23, 2011
Leni Gas & Oil plc

Leni Gas & Oil announced resumption of operations in the Gulf of Mexico following the recent announcements by Leed Petroleum plc ("Leed").

Leed has announced that it has sold all its Gulf of Mexico properties and LGO has been advised that the new operator will be Marlin Energy LLC ("Marlin"), a private oil and gas operations company, based in Lafayette, Louisiana.

LGO met with Marlin last week and expect that production operations at Eugene Island 184 will be restored by early June and understand that Marlin are planning new sidetrack developments on EI 184 in the coming months to lift production.

Neil Ritson, LGO's Chief Executive, stated, "We are pleased that the operations will shortly be restored and that the hiatus has been kept as brief as possible, and we look forward to working with the new operator in order to accelerate the pace of development on these properties."

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Ophir to Take Reins of Block Offshore Tanzania

Ophir to Take Reins of Block Offshore Tanzania

Thursday, April 07, 2011

Ophir Energy plc

Ophir announced that a subsidiary has entered into agreement with Ras Al Khaimah Gas Tanzania Ltd (RAKGas) to acquire a 70% interest and Operatorship of a Production Sharing Agreement (PSA) over an area designated as the East Pande Block in Tanzania. Completion of this agreement is subject to standard Government consents.

The East Pande license lies in the coastal region of southern Tanzania covering an offshore and onshore area in excess of 7,500km2. The block lies immediately to the west of Blocks 1, 3 and 4 in which Ophir has a 40% interest. Ophir has recently drilled the first deepwater wells offshore Tanzania resulting in three significant gas discoveries. The maximum water depth in the East Pande block is approximately 2,000m. The PSA was awarded to RAKGas in 2006.

In late 2010 RAKGas acquired approximately 1,800 line kilometers of 2D seismic data in the offshore section of the block. The data indicates the continuous nature of the geology between East Pande and the prospective Ophir acreage to the east. Subject to partner and Government consent, Ophir intends to acquire a new 3D seismic survey in the offshore section of the block.

Under the terms of the farm in agreement, Ophir will fund 100% of the cost of the 3D seismic survey and will reimburse certain back-costs. In the event that Ophir elects to drill, RAKGas will be carried through the drilling of the first exploration well.

Ophir and RAKGas are also partners in the Berbera PSA in Somaliland.

Ophir's New Business Director Jonathan Taylor commented, "We are delighted to extend our partnership with RAKGas to the East Pande project and to further deepen our relationship with the Government of Tanzania. With our recent exploration discoveries in Blocks 1 and 4, immediately adjacent to East Pande, we are well placed to build on this success and undertake a fast-track exploration campaign to pursue the petroleum potential of this exciting project."

Shell to Take Reins Offshore Sicily

Shell to Take Reins Offshore Sicily

Tuesday, April 05, 2011
Northern Petroleum plc

Northern announced that Northern Petroleum (UK) Limited ("NPUK") has applied to the Italian authorities for the transfer to Shell Italia E&P S.p.A ("Shell") the role of Rappresentante Unico ("Operator") for six permits offshore west of Sicily; G.R17.NP, G.R18.NP, G.R19.NP, G.R20.NP, G.R21.NP and G.R22.NP, located in the thrust and fold belt to the west of Sicily. The transfer would enable
Shell to progress work required to apply for drilling approvals in advance of the final decision as to whether an exploration well is to be drilled in the permits. The joint venture is currently finalizing the subsurface evaluation.

Northern has acted as Operator of the permits during the 2D and 3D seismic phases of the exploration program, the costs of which were met by Shell. Under the terms of the farm-in agreement Shell holds 55% in G.R17.NP, G.R18.NP, G.R19.NP and 70% in G.R20.NP, G.R21.NP and G.R22.NP, with NPUK holding the remaining equity interest in the permits.

BHP Billiton Hands Reins to FOGL Offshore Falklands

BHP Billiton Hands Reins to FOGL Offshore Falklands

Thursday, March 31, 2011
Falkland O&G Ltd.
by  SubseaIQ

FOG announced further progress on its rig contract negotiations and certain changes to its license arrangements.

Changes to license arrangements

On March 30, 2011 FOGL signed a binding Heads of Agreement with its joint venture partner, BHP Billiton, that provides for the exit of BHP Billiton from the Northern license area once certain conditions have been satisfied, including approval of the Falkland Islands Government to both the assignment of BHP Billiton's 51% interest and transfer of operatorship to FOGL.

In relation to this withdrawal BHP Billiton will contribute towards the costs of drilling the Loligo well, by placing funds in an escrow account. The funds are to be drawn by FOGL against the costs of drilling the Loligo well. In the event that the Loligo well encounters hydrocarbons, BHP Billiton will have the option to back in to the Loligo development area only, for a maximum 40% non-operating interest in the discovery, in return for making a cash contribution to FOGL's future exploration and appraisal costs. Such a reassignment of interests will also be subject to approval by the Falkland Islands Government.

The settlement with BHP Billiton will, together with other funds available to FOGL, provide FOGL with total cash resources of US $110 million. These cash resources will be sufficient to fund the Loligo well, other exploration expenditures and allow the Company to fulfill the Phase 1 work commitment of the Northern license area.

Operations

Further to its announcement on March 15, the company is close to finalizing a rig contract for its deep water exploration program.

FOGL is also considering additional drilling options. The site survey program is progressing well, with surveys already completed on three locations. FOGL is considering the most appropriate means of financing and advancing these options and is in discussion with several parties that are interested in farming in to its licenses.

Tim Bushell, Chief Executive of FOGL, said, "We are pleased to have made good progress in our rig contract negotiations and to have reached an amicable agreement with our joint venture partner that gives FOGL control over its deepwater exploration program, commencing with the drilling of the Loligo prospect."