AGR Notes New Drilling Technology and Growth Strategy

- AGR Notes New Drilling Technology and Growth Strategy

Thursday, September 01, 2011
AGR Group ASA

AGR Group is embarking on a new growth strategy that will allow it to maximize opportunities presented by today's market conditions. The strategy, announced by Skogen at Pareto, focuses on new technology and closer working relationships across divisions and markets.

AGR Group is launching a new technology which enables safer, cost-effective drilling of wells where reservoir conditions require more precise bottom-hole-pressure management. The EC-Drill® technology, which can be used off both fixed and floating rigs, is expected to enable further growth across the businesses.

Skogen's Pareto address signaled the official launch of this technology, "As a leading provider of technologies for demanding drilling and well operations, we are focused on developing new solutions which can enhance our customers' operations. With some reservoirs located a further 5,000 to 10,000 meters below the seabed, it is imperative that our equipment can handle very high pressures and temperatures."

Skogen also plans to bring the company's drilling technology and petroleum services divisions together to form 'AGR'. He continued, "In addition to EC-Drill® we have developed a range of established and market-leading technologies, including the Riserless Mud Recovery (RMR®) system.

"Previously, our drilling services division operated independently from our petroleum services division. We are now bringing them together to offer customers more choice and flexibility and to allow us to grow the company."

As Skogen turns his attention to growing 'AGR' he is seeking new opportunities for AGR's highly successful Field Operations business.

"Field Operations has grown significantly over the past few years and is today a substantial business. Going forward, we will consider how we can best further develop Field Operations. This is an attractive business and we see a range of interesting opportunities."

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Husky Raises $1.2B to Boost Growth Strategy

- Husky Raises $1.2B to Boost Growth Strategy

Thursday, June 23, 2011
Husky Energy Inc.

Husky will raise approximately $1.2 billion offering of common shares by way of a bought deal (the "Public Offering") and a concurrent private placement of common shares (the "Private Placement") to its principal shareholders, L.F. Investments (Barbados) Limited, and Hutchison Whampoa Luxembourg Holdings S.a.r.l.

The Company has entered into an agreement with a syndicate of underwriters, led by RBC Capital Markets, Goldman Sachs Canada Inc., HSBC Securities (Canada) Inc., and J.P. Morgan Securities Canada Inc. (the "Underwriters") under which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, 36,968,500 common shares in the capital of Husky (the "Common Shares"), at a price of $27.05 per Common Share resulting in aggregate gross proceeds of $1 billion. The Public Offering is made pursuant to a prospectus supplement to the Company's universal base shelf prospectus filed November 26, 2010 with the securities regulatory authorities in all provinces of Canada and to the Company's universal base shelf prospectus filed June 13, 2011, with the U.S. Securities and Exchange Commission ("SEC").

Pursuant to the Private Placement, the principal shareholders L.F. Investments (Barbados) Limited and Hutchison Whampoa Luxembourg Holdings S.a.r.l. will subscribe for a combined total of $200 million in Common Shares (a total of 7,393,714 Common Shares) on a private placement basis at the same price as the Public Offering.

The Company continues to execute on its strategic initiatives to accelerate near-term production and reserve growth. Husky expects production for 2011 to be towards the higher end of its previously announced guidance range.

The Public Offering and Private Placement is a key strategic element of the Company's proactive financing plan announced in November 2010 and will provide additional financial flexibility to advance its growth strategy. Proceeds will be used to accelerate exploration and development of the Company's emerging oil and gas resource portfolio and the continued development of its growth pillars in the Oil Sands, South East Asia and the Atlantic Region, including the Liwan Gas Project offshore China and Phase 2 of the Sunrise Energy Project in the oil sands of northern Alberta.

With the additional capital raised, the Company projects that production for the 2011 to 2015 time frame will be towards the high end of previous guidance of three to five percent average annual growth and is expected to be sustained at three to five percent average annual growth through to 2021. It is also anticipated an annual reserves replacement ratio of 140 percent will be achieved through the same period.

The Public Offering and Private Placement are expected to close on or around June 29, 2011 and are subject to customary closing conditions, including the approval for listing of the additional Common Shares on the TSX.

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Drilling Commences at Urals' Petrosakh Field

Drilling Commences at Urals' Petrosakh Field

Friday, April 01, 2011

Urals Energy Public Co. Ltd.

Urals announced that Well #51 on the Petrosakh field, in Russia, has been successfully spudded.
As part of the Company's updated drilling strategy to capture the full potential of the Petrosakh field, Well #51 is a large diameter vertical well designed to maximize flow rates.
The Directors expect production to begin before the end of May and further announcements will be made at the appropriate time.

DNS Outlines Strategy to Aid UK Companies in Decommissioning Work

DNS Outlines Strategy to Aid UK Companies in Decommissioning Work

Tuesday, March 29, 2011
Rigzone Staff
by  Karen Boman

Decom North Sea (DNS), an industry body established in 2010 to assist UK companies in obtaining work opportunities in future North Sea decommissioning activity, now has more than 120 members, and is stepping up effort to help companies pursue decommissioning work opportunities.

DNS Chief Executive Brian Nixon said, "With around £1billion of decommissioning expenditure forecast annually for the UK North Sea by 2015 and only 7% of projects completed to date, there is a clear need for us to support our supply chain to secure maximum business potential.

"Compelling support was recorded for Decom North Sea to look at increasing current activities, namely networking events which provide value to our members; regional and topical focus groups; industry communication and knowledge sharing; mapping the supply chain strengths and capabilities; further development of appropriate contracting models: and facilitating introductions across the industry."

In addition, a range of more strategic initiatives and opportunities have been identified and prioritized including the following:-

• provision of detailed and reliable market intelligence drawn from existing industry sources and filtered to be easily accessible by DNS members – (an industry led workgroup has now been established to lead this initiative)
• facilitate groups of members to share information, form alliances, address technologies etc.
• research decommissioning in other sectors including nuclear and salvage, to study how they deal with timing uncertainty, identify areas for transfer of experience, cross business opportunities etc. – (a first workshop on nuclear synergies has been held, with a separate group reviewing the salvage industry)
• be active with governments, regulators and operators on behalf of DNS membership
• understand capabilities and gaps relating to people, processes and technologies, and then put in place mechanisms to address the issues and opportunities – (a skills steering group is now in place)
• promote existing capability, new capacity, case studies etc.
• engage with the financial investment community to understand their drivers – promote awareness of members capabilities and needs, facilitate introductions
• look overseas to identify market opportunities and to promote member capabilities.

Nixon added, "These initiatives are listed in line with the priorities established recently by board members. The next step is for Decom North Sea to scope out and assess the level and type of resource that will be required to progress and deliver them."

In line with the priorities identified, DNS has organized a program of events, seminars and share fairs in collaboration with regional energy development organizations and government agencies, with activity covering the north-east, Highlands and Central Belt in Scotland, and the north-east and south-east in England where most of the potential supply chain for the decommissioning market is based.

DNS Board Chairman Murdo MacIver said, "One of the principle reasons for setting up Decom North Sea was to provide a mechanism for sharing non commercial information and to establish a platform that would allow companies from across the industry to obtain consistent and clear information. The recent strategy consultation, which involved all the new directors recently voted onto the board, has fully supported this and it is great to see some real drive and enthusiasm from the board in delivering these strategic objectives."