Tethys Opens Doris Facilities in Kazakhstan

- Tethys Opens Doris Facilities in Kazakhstan

Tuesday, August 09, 2011
Tethys Petroleum Ltd.

Tethys announced the opening of its Doris oil production facilities in Kazakhstan.

Oil is currently being trucked from this location at a rate of approximately 1,500 barrels of oil per day ("bopd"), which will increase to 2-2,500 bopd with the new production facilities. With the opening of the new rail-loading facility in 4Q of this year, which will reduce the trucking distance by half, it is planned to increase production to 4,000 bopd. The production facility and terminal are designed for potentially much greater production rates in the future.

Dr. David Robson, Chairman, President and Chief Executive Officer of Tethys, who inaugurated the facilities together with the Deputy Governor of the Shalkar Region and the Governor of Bozoi, said, "This is an important step forward in the development of the Doris oilfield. The increase in production capacity and the ability to produce refinery grade crude oil is crucial to the further development of the Doris oilfield. In addition to the increased sales volumes Tethys will also realise better margins. Our Kazakh team have done a tremendous job in delivering this project on time and on budget, particularly in the remote location of Bozoi and I congratulate them on this important milestone. We would expect to see further production increases as we continue to expand the facilities and drill new wells on the Doris field. This is a great day for Tethys!"

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Faroe Clinches Credit Facilities for Future Growth Plans

- Faroe Clinches Credit Facilities for Future Growth Plans

Friday, July 08, 201
Faroe Petroleum plc

Faroe announced the signing of two new banking credit facilities, which provide substantial additional finance to underpin the Company's growth plans.

The two facilities are:

• NOK 1 billion (approx. £110 million) Norway Exploration Financing Facility, of which NOK 500 million (approx. £55 million) is initially committed by the participating banks, and a further NOK 500 million is available on an uncommitted "accordion" basis. Faroe Petroleum currently has approximately 20 exploration licenses offshore Norway and expects to drill 12 exploration and appraisal wells in Norway by the end of 2013. This facility is designed to have the capability of financing the majority of Faroe's exploration and appraisal costs on the Norwegian Continental Shelf. The facility will mature on 31 December 2014.
• US $250 million (approx. £156 million) Reserve Base Lending Facility, of which US $125 million (approx. £78 million) is initially committed by the banks, and a further US $125 million is available on an uncommitted "accordion'' basis. This facility is available to finance approved capital expenditure, operating costs and acquisitions. The facility will mature on June 30, 2016, with an amortizing repayment profile from June 2013.

Six participating banks have been selected and brought together as one group to provide the two facilities pro rata. The participating banks are BNP Paribas and Lloyds TSB Bank plc, as Mandated Lead Arrangers, together with Commonwealth Bank of Australia, DnB NOR Bank ASA, Royal Bank of Scotland plc and SEB. BNP Paribas are also acting as Facility Agent and Security Trustee under both facilities, with Lloyds TSB Bank plc acting as Technical and Modelling Bank under the Reserve Base Lending facility.

At 1 July 2011 the Group had cash balances of approximately £84.2m and, together with the cash flow from its existing producing assets, which now include the Blane oil field, and the forthcoming production income from the Brage, Njord, Ringhorne East and Jotun fields in Norway, the Group is well financed.

Commenting on the new facilities, Iain Lanaghan, Finance Director, said, "We are delighted to have concluded this financing exercise, and to have received such strong support from our banks, all of whom took part in a competitive process to participate in these facilities. The new facilities provide us with substantial new funding to support the growth of the Group."

"With an exciting drilling program ahead, of which the majority of wells will be drilled in Norway, the new Norway Exploration Financing Facility provides us with a powerful and efficient means of maximizing our equity participation for minimum cost. The combination of our new Reserve Base Lending facility and strong cash flow from our significantly enhanced portfolio of producing assets ensures that Faroe Petroleum is well funded for investment growth in our core areas."

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Alliance to Develop Natural Gas Facilities in North Dakota

- Alliance to Develop Natural Gas Facilities in North Dakota

Thursday, June 23, 2011
Alliance Pipeline L.P.

Alliance announced plans to develop a pipeline and associated facilities in North Dakota to transport liquids-rich natural gas. Hess Corporation has entered into a precedent agreement with Alliance for service on the proposed 80-mile lateral pipeline, which would connect production from Hess' gas processing facility in Tioga, ND to the Alliance mainline near Sherwood, ND, for onward shipment to the Chicago market hub.

The pipeline's initial design capacity is approximately 120,000 Mcf/day, and can be expanded based on shipper demand. Alliance will hold an open season this summer to identify further shipper transportation needs.

The Tioga Lateral Project has a planned in-service date of July 2013, subject to regulatory and other required approvals.

"The Alliance system ships high-energy, liquids-rich natural gas, to NGL processing facilities owned by Aux Sable Liquid Products at the terminus of the mainline system near Chicago," said Murray Birch, Alliance president and CEO. "We are pleased that the Tioga Lateral Project will enable us to offer Williston Basin producers a value-added transportation option that is unique in North America."

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Ensco Ups Revolving Credit Facilities to $1.9B

- Ensco Ups Revolving Credit Facilities to $1.9B

Tuesday, June 07, 2011
Ensco plc

Ensco has increased the commitments under its revolving credit facilities to a total of $1.9 billion. The commitment under a five-year credit facility is $1.45 billion. The commitment under a separate 364-day credit facility is $450 million.

Ensco also announced that it has increased the maximum amount of its unsecured commercial paper program from $700 million to $1.0 billion. The commercial paper program is backstopped by the revolving credit facilities.

Ensco completed its acquisition of Pride International, Inc. on 31 May 2011, as previously reported. The increased credit facilities and commercial paper program will facilitate the growth of the newly-combined company.

The notes to be offered by Ensco under the commercial paper program will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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El Paso Closes Revolving Credit Facilities

- El Paso Closes Revolving Credit Facilities

Friday, June 03, 2011
El Paso Corp.

El Paso Corp. has amended and restated its revolving credit facility and renewed the El Paso Exploration & Production Company (EPEP) revolving credit facility, both of which were set to mature in 2012.

Changes to the El Paso Corporation facility include the extension of maturity to 2016, the reduction of available commitments from $1.5 billion to $1.25 billion, and credit terms which now include more flexibility on collateral support and El Paso Corporation's general partnership interest in EPB as collateral. The EP facility also now provides for an elimination of collateral support upon the loans achieving investment grade status. There were no material changes to the covenant and collateral package supporting the $1.0 billion borrowing base facility for EPEP.

The EP facility was financed through a syndication of 23 financial institutions. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. acted as coordinators for the EP Facility. The EPEP facility was financed through a syndication of 31 financial institutions. BNP Paribas Securities Corp. and Scotia Capital acted as coordinators for the EPEP facility.

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Foster Wheeler Clinches Detail Design Contract in GOM

Tuesday, March 22, 2011

Foster Wheeler's Global Engineering and Construction Group has been awarded a detail design contract by Enbridge Offshore for the deepwater Walker Ridge Gathering System (WRGS) export gas pipelines and the deepwater Big Foot (BGF) export oil pipeline located in the Walker Ridge (WR) area of the Gulf of Mexico.

The contract value, which was not disclosed, will be included in the company's first-quarter 2011 bookings. Foster Wheeler's work on the design contract is expected to be completed during the second quarter of 2011.

"We are delighted that Enbridge Offshore Facilities, LLC has selected Foster Wheeler Upstream's Houston-based team for this project and we look forward to delivering a high quality service which fully satisfies our client," said Clive Vaughan, chief executive officer, Foster Wheeler Upstream. "We have performed the detail design of essentially all of the deepwater pipelines in the Gulf of Mexico. Upstream remains a top growth priority for Foster Wheeler, and the award of the three deepwater gas and oil pipelines contained in this WRGS and BGF project confirms our strategy and commitment to the upstream oil and gas market sector."

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Exillion Discovers Oil in West Siberia

Exillion Discovers Oil in West Siberia

Tuesday, 22 March 2011 16:38 Rigzone.com

 

Moscow. Exillon announced that well EWS I - 38, located in West Siberia, successfully found oil on the eastern part of the East EWS I field, and legacy exploration well EWS I - 1 on the southern part of the EWS I field has been successfully re-completed.

 

EWS I - 38

 

EWS I - 38 well which was spudded on 2 March 2011 was drilled in 17 days on an eastern part of the East EWS I field on a turn-key contract for a total consideration of 0.8 million.

The well encountered the Jurassic P reservoir at 1,858m which is 2m higher than previously thought. Results of wire line logging combined with oil shows and sample analysis whilst drilling, have confirmed the presence of at least 9m of net oil pay within the Jurassic. Testing of the well will be completed mid-April.

The well was drilled directionally 1.1km to the north-east from the existing well pad. On completion of testing the well will be connected up to existing production facilities. The well is a result of the continued application of 3D seismic combined with a thorough understanding of reservoir geology.

EWS I - 1

Exploration well EWS I -1 is located on the southern part of the EWS I field. The well was originally drilled in 1971, and was subsequently suspended due to the absence of production infrastructure.

In March 2011, after re-interpreting the well logs, the Group saw that wire line logging indicates the presence of 7.2 m of net oil pay within the Jurassic P reservoir, which represents more than a three fold increase from the previous estimate. The Group perforated additional intervals and the well flowed water-free oil naturally to the surface with a flow rate of 530 bbl/day on a restricted 8 mm choke.

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http://www.ordons.com/