Cooper Subsidiary Enters Farm-In Agreement for Romania Stake

- Cooper Subsidiary Enters Farm-In Agreement for Romania Stake

Friday, August 26, 2011
Cooper Energy Ltd.

Cooper announced that its wholly owned subsidiary, CE Bobocu Pty Ltd (CE Bobocu), has entered into a staged farm-in agreement with Zeta Petroleum (Romania) SRL (Zeta), a wholly owned subsidiary of Zeta Petroleum Limited (UK) (Zeta Petroleum), to earn up to a 50% interest in the Bobocu Gas Field on-shore Romania (Farm-in Agreement).

The Bobocu Gas Field is described in Cooper Energy's announcement of August 2, 2010.

The Farm-in Agreement replaces the Share Subscription Agreement and Joint Study and Bidding Agreement between Cooper Energy and Zeta Petroleum announced by Cooper Energy on August 2, 2010.

Subject to the satisfaction of certain conditions to the proposed acquisition by Key Petroleum Limited (Key) of all of the shares in Zeta Petroleum, the existing shareholding of Cooper Energy in Zeta Petroleum will be exchanged for Key shares.

The Farm-in Agreement is conditional on various matters, including:

• Implementation of the Key Proposal.
• Formal approval of the arrangement by the Cooper Energy and CE Bobocu boards of directors.

The drilling of the first well in the Bobocu Gas Field under the Farm-in Agreement is conditional on various matters, including:

• Key / Zeta Petroleum raising US $4 million to be made exclusively available for the purposes of the Bobocu Gas Field first well program.
• Zeta depositing US $2.24 million (of the US $4 million raised) in an escrow account.

Under the Farm-in Agreement, CE Bobocu will contribute farm-in costs up to a cap of US $2.24 million towards the first well in the Bobocu Gas Field.

All operations in relation to the first well will be operated by Zeta.

Following completion of the first well, CE Bobocu may elect to withdraw from the farm-in or to proceed.

If CE Bobocu elects to withdraw from the farm-in, CE Bobocu will be reimbursed from the escrow account all of CE Bobocu's expenditure on the first well.

If CE Bobocu elects to proceed, it will acquire (subject to governmental approvals and at no further cost) a 20% interest in the Bobocu Gas Field and have the right to earn up to a 50% interest in the Bobocu Gas Field.

CE Bobocu can surrender its right to earn in at any stage and will be entitled to retain the interest earned to that date. CE Bobocu will thereafter only be obliged to contribute its participating interest share of costs in respect of any further work on the Bobocu Gas Field.
Should it elect to proceed to each stage, CE Bobocu's financial obligations in relation to these subsequent programmes (in respect of which CE Bobocu will be the operator) are as follows:

Drilling of additional well	$1.8MM, plus 30% of costs thereafter	To earn an aggregate 30% interest
Design of plant	$2MM, plus 30% of costs thereafter	To earn an aggregate 40% interest
Construction of plant	$7.4MM, plus 30% of costs thereafter	To earn an aggregate 50% interest

Steve Twartz, Cooper Energy Exploration Manager, commented, "This revised arrangement provides CE Bobocu an option in the evaluation of the Bobocu Gas Field. Should the first well be successful, CE Bobocu will have preserved its risk managed options to earn further interests in the Bobocu Gas Field. Alternatively, should the first well not be successful, CE Bobocu can withdraw and it will have incurred no costs in respect of the first well."

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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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Chevron Subsidiary Spuds Well in Agbami Field

- Chevron Subsidiary Spuds Well in Agbami Field

Thursday, August 11, 2011
Pacific Drilling S.A.

Pacific Drilling announced that its ultra-deepwater drillship the Pacific Bora commenced operations at the Agbami Field in Nigeria on August 10, 2011. The rig is contracted for three years to a wholly owned Chevron subsidiary.

The Pacific Bora is capable of operating in water depths of up to 10,000 feet and drilling wells 37,500 feet deep.

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San Leon Subsidiary Concludes Seismic Acquisition in Poland

- San Leon Subsidiary Concludes Seismic Acquisition in Poland

Tuesday, August 02, 2011
San Leon Energy plc

San Leon Energy's Polish subsidiary Liesa has completed its 168 sq. km 3D seismic acquisition program over the Nowa Sol license in the Southern Permian Basin of Poland. The survey was acquired by Acoustic Geophysical Services ("Acoustic") from Hungary. Permitting and land access agreements were managed by TDE Service Polska ("TDE"). Completion of the survey marks the first time that foreign contractors have carried out a seismic acquisition program in Poland.

The survey was designed to image the conventional oil and gas potential of the proven Permian sediments in the Nowa Sol area as well as to look at the deeper potential of the Carboniferous source rocks.

The survey will be processed by two independent processing companies, one in the US and one in Poland. Final processed results are expected in September followed by detailed interpretation by the Company, with plans to commence a two to three well drilling campaign by the end of 2011.

Oisin Fanning Chairman of San Leon Energy commented, "The completion of the Nowa Sol 3D is another step forward in our drilling plans for Poland. The lower risk oil potential of the area is an important part of our short term strategy to organically grow San Leon in the short term while we continue to explore for the significant longer term gas resources in our portfolio. The safe and successful completion of the Nowa Sol 3D is further evidence of San Leon's operational capabilities.

We believe that the Carboniferous section below the proven Permian sediments, an approximate 880,000-acre license position, also offers the potential to be a large unconventional gas play in Europe and we look forward to drilling this later in the year."

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Seadrill Secures Rig Deal for Santos's Subsidiary Offshore Bangladesh

- Seadrill Secures Rig Deal for Santos's Subsidiary Offshore Bangladesh

Monday, June 06, 2011
Seadrill Ltd.

Seadrill has been awarded a new contract by a subsidiary of Santos Ltd. for the jack-up rig Offshore Resolute. The assignment for operations in Bangladesh will have a minimum duration of 130 days under a three firm well plus two optional wells contract. Commencement of operations under the new contract is scheduled for early third quarter 2011, in direct continuation of the rig's existing contract. The estimated contract value is USD $17.5 million for the firm 130 day minimum duration period.

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Spatial Energy Spins Off European Subsidiary

- Spatial Energy Spins Off European Subsidiary

Monday, May 23, 2011
Spatial Energy

Spatial Energy announced the opening of a European subsidiary. Spatial Energy made the announcement at the 2011 EAGE (European Association of Geoscientists and Engineers) Conference & Exhibition in Vienna, Austria.

Chris Carlston, co-founder and Vice President of Sales for Spatial Energy in Boulder, Colorado, USA, has accepted the new position of Managing Director, Spatial Energy GmbH, which will be based in Vienna. Spatial Energy GmbH is the fourth global office opened since the parent company's founding in 2005.

With increased interest in oil and gas exploration and production, including activity in Africa, as well as in shale gas plays in Eastern and Western Europe, Spatial Energy made the strategic decision to focus on building and strengthening relationships with key EAME energy companies. By establishing an office in Vienna with one of its key principal executives, the company is able to provide dedicated sales and support for customers and partners in key markets throughout the Western and Eastern Europe, Africa and the Middle East (EAME).

"Long term customer relations and service are a critical part of our success. As our customers expand their operations globally, a subsidiary in Europe is our logical next step," said Bud Pope, President, Spatial Energy. "We see Europe and Africa as strong growth markets where the concept of enterprise imagery hosting and management is catching on fast. We're dedicated to ensuring that our current and future clients can rely on our remote sensing expertise no matter where their business takes them."

Carlston stated, "More and more, oil and gas companies are beginning to understand the value of integrating disparate spatial data sets and making them more accessible throughout their organizations. They also place a high value on service and support, which is the hallmark of our company. I look forward to serving the EAME market with the leading enterprise imagery and data management services to the Energy sector. With our global remote sensing applications and analytical offerings, and now with the opening of the Vienna office, I'll be able to provide our global customers with the consistent, personal attention they deserve."

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NTIC Subsidiary, Petrobras Sign Phase 2 Contract

- NTIC Subsidiary, Petrobras Sign Phase 2 Contract

Thursday, May 19, 2011
Northern Technologies International Corp.

Northern Technologies announced the signing of a Phase 2 expanded contract between Petrobras and Zerust Prevencao de Corrosao S.A. (NTIC's Brazilian subsidiary) to supply an additional $2.6 million (BRL$ 4.21 Million) in ZERUST(R) FlangeSaver(TM) products to help protect several more of Petrobras' offshore oil production rigs from corrosion damage.

Petrobras, the world's 6th largest oil producing company in terms of volume, currently owns and operates 109 offshore rigs. Prior to awarding contracts to NTIC's Brazilian subsidiary, Petrobras conducted extensive multi-year product field trials against competitive alternatives. This new contract is a result of the fulfillment of the Phase 1 contract awarded by Petrobras to NTIC's Brazilian subsidiary in July 2010 for an initial implementation of $1.4 million (BRL$ 2.5 Million) in FlangeSaver products.

"We are very pleased that our ZERUST(R) FlangeSaver(TM) corrosion protection products continue to prove their value to Petrobras by helping to reduce operating, environmental and maintenance costs by significantly extending the operational integrity and safety of certain equipment on their offshore rigs," said Patrick Lynch, President and Chief Executive Officer of NTIC. "Corrosion is a significant threat to keeping essential equipment operating properly on off-shore installations. Zerust(R) products have proven, time and again, their ability to provide the corrosion prevention necessary to protect infrastructure and thereby protect the oil workers from harm and the environment from damage," Mr. Lynch continued. "We're proud to offer the oil and gas industry innovative solutions to protect against the environmental damage that can be caused by corrosion damage to oil and gas infrastructure."

FlangeSaver technology as well as other Zerust(R) Oil & Gas corrosion solutions are based on NTIC patented and/or proprietary technologies and are intended to significantly extend the service life of oil and gas industry infrastructure beyond the capabilities of conventional alternatives. NTIC has a core R&D team dedicated to the Oil & Gas sector based in Beachwood, OH and is currently conducting joint R&D and trials with multiple major oil companies around the world. Together with its extensive joint venture network, NTIC has trained personnel in most geographic regions to support global oil & gas industry clients.

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BNK Petroleum Subsidiary Scoops Up Spanish Concession

BNK Petroleum Subsidiary Scoops Up Spanish Concession

Tuesday, April 12, 2011
BNK Petroleum Inc.

BNK Petroleum announced that its wholly owned subsidiary Trofagas Hidrocarburos, S.L., has been awarded an oil and gas concession in the Autonomous Community of Cantabria, Spain totaling approximately 61,470 acres. This concession brings the Company's total acreage in Europe to about 3.6 million net acres in 5 separate basins.

This new concession located in the Cantabrian basin of Spain was acquired for a shale gas target. The Concession contains certain minimum requirements, which must be fulfilled by BNK to retain its interest. Some of the more significant minimum requirements consist of conducting geological work in the first year, drilling one vertical well each in years two, four, five and six.

Wolf E. Regener, BNK's President and CEO commented, "We are very pleased that we have been granted our first concession in Spain and are encouraged by the data we have gathered over the last two years. The shale gas data collected in Spain looks very promising. We look forward to developing shale gas in Spain both for our shareholders and the country of Spain."

Poland

The Company also announced that the Lebork S1 well on the Slupsk Concession is currently drilling at 3,517 meters, with over 220 meters of core taken. The core will be analyzed over the coming weeks. The Company anticipates that it will complete drilling and logging in the next week, at which time it will release an update with the available data. The majority of the analysis of the sidewall cores from the Wytowno #1 well are expected back from the subcontractor in May. The 1st well on the Starogard concession is expected to begin drilling sometime in June.

MOL Subsidiary Spuds Well at Akri-Bijeel Block

MOL Subsidiary Spuds Well at Akri-Bijeel Block

Friday, March 25, 2011
Gulf Keystone Petroleum Ltd.

Gulf Keystone announced that the Bekhme-1 Exploration Well has spudded on the Akri-Bijeel block in the Kurdistan Region of Iraq on March 21, 2011.

Bekhme-1 is the second exploration well to be drilled on the Akri-Bijeel block, 20 km to the north-east from the Bijell-1 discovery well (Operator's P50 estimate of 2.4 billion barrels of oil in place). Bekhme-1 will target prospective intervals in the Jurassic and the Triassic with a planned depth of approximately 3000 meters.

The Company has a 20 percent working interest in the Akri-Bijeel block operated by Kalegran Ltd., a 100% subsidiary of MOL Hungarian Oil and Gas Plc., which holds 80 percent working interest in the block.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented, "Bekhme-1 is the first well to be drilled on the large surface feature that dominates the north of the Akri-Bijeel block, which is adjacent to the Shaikan block with proven oil and gas reservoirs. The discoveries at Bijell-1 and Shaikan have considerably de-risked this new drilling target making Bekhme an attractive prospect."

Cairn Energy profits boosted by Indian oil field

Cairn Energy profits boosted by Indian oil field

22 March 2011 Last updated at 10:34 GMT

Edinburgh oil firm Cairn Energy has announced profits are up 20-fold since oil started flowing from its field in Rajasthan.

 The company made US$1.1bn (£674m) in pre-tax profits last year, before extensive exceptionals, compared with US$53m (£32m) in 2009.

Production from the Mangala field began in August 2009, and has risen to 125,000 barrels per day.

 Cairn's exploration programme off Greenland will continue this year.

The company is awaiting permission to increase that to up to 240,000 barrels.

A more significant obstacle for the oil company is the need for Indian government approval of a sale of its majority stake in its Cairn India subsidiary.

Chief executive Sir Bill Gammell told BBC Scotland that the company is funded to continue its drilling programme off the coast of Greenland, even if it does not release capital on schedule from the sale of its controlling stake to India-based Vedanta Resources for at least US$6bn (£3.8bn).

He said Cairn Energy has been operating in India for 15 years, and that experience should be a help in unravelling the dispute with the state-owned oil company ONGC.

'Strong relationships'

Sir Bill said: "It's been difficult. I've always taken the view you're a guest in other people's country.

"It's been frustrating for us, there are rules, it's up to the Indian government how to play it.

"We've built strong relationships and partnerships, and in the end of the day, we tend to get the right resolution".

He added that "sanctity of contract" is important in India.

Cairn's main argument has been a government approval to break the previous deal with ONGC would undermine foreign investors confidence in India as having a reliable legal system.

On the 15 April deadline for the deal between Cairn and Vedanta, the chief executive said it was important to get "clarity" before that date.

Cairn's exploration programme off Greenland is scheduled to continue this year, with drill vessels hired for the drilling of four wells as well as seismic surveys.

It began last year, with results described as "encouraging".

Link

http://www.bbc.co.uk/