JEDI to Snaps Up Eagle Ford Assets

- JEDI to Snaps Up Eagle Ford Assets

Monday, June 20, 2011
JGC Corp.

JGC Energy Development ("JEDI"), a wholly-owned subsidiary of JGC, signed a purchase and sales agreement on June 14th to acquire 10% ownership of the Eagle Ford Shale oil window assets, located in south Texas, from TriTech I, LLC ("TriTech"). JEDI is headquartered in Houston, Texas.

The ownership of the assets is scheduled to be transferred from TriTech to JEDI by the end of July, on completion of due diligence. Chesapeake, operator and 50% owner of the assets, is a leading company in the exploitation of unconventional resources, and has established a predominant position in various unconventional plays such as Eagle Ford Shale, Anadarko Basin, Permian Basin, Niobrara Shale and Utica Shale.

With the advancement of development technologies, United States production of shale gas has been skyrocketing, and shale oil is also being produced and developed in full swing in the Bakken Shale region extending from the northern United States up into Canada. Eagle Ford has also been yielding shale oil, and many oil companies have been ramping up the development of the region. The area acquired by JGC consists of approximately 63,000 acres (approximately 253 square kilometers), on which Chesapeake holds 50% and other American oil company holds 40%, while the 10% formerly held by TriTech will be transferred to JGC.

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Faroe Snaps Up Second License in Barents Sea

Faroe Snaps Up Second License in Barents Sea

Friday, April 15, 2011
Faroe Petroleum plc
by SubseaIQ

Faroe announced the 21st Norwegian License Round award of its second license in the Norwegian Barents Sea, as announced by the Norwegian Ministry of Petroleum and Energy.

The new license covers an area of approximately 2100 square kilometers and is located within blocks 7223/3, 6 and 7224/1, 2, 3, 4 & 5. This is the largest single license awarded within the Barents Sea in this round. The main Kvalross Prospect consists of a wedge of clinoforms contained within a large structural closure. This new license area is located to the east of the recent significant Statoil discovery, Skrugard, and immediately adjacent to Faroe Petroleum's Samson Dome license, which has now completed the acquisition and processing of an extensive 3D seismic survey.

The new license partners are Faroe Petroleum (40%), together with Wintershall (40% and operator) and Petoro (20%). The license work program involves the acquisition of 3D seismic data, with a decision to drill to be taken within three years.

Graham Stewart, Chief Executive of Faroe, commented, "Faroe was awarded its first license in the Barents Sea in the 20th Norwegian Licensing Round. Since then, our team has continued its efforts to identify new high quality exploration prospects in the Barents Sea, and we are therefore delighted to have been awarded our second prestigious license in the highly competitive 21st Licensing Round. Our team has considerable experience in the Barents Sea, which is becoming an increasingly important oil province, with the Goliat oil field development now underway, and recently, a new large oil discovery by Statoil on the Skrugard prospect. The Barents Sea is an area which complements our strategic position in the Atlantic margin area of West of Shetlands and the Faroe Islands and secures further highly prospective exploration acreage for the Company. Of the 17 wells in the Company's exciting, fully funded 2011 to 2013 drilling program, 13 are planned to be drilled in Norway, clearly demonstrating Faroe's continuing commitment to create further value in Norway."