US: Nostra Terra provides Pine Mills update
03 Mar 2021
AIM-listed
Nostra Terra, the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, has provided an operations update for its Pine Mills asset in East Texas.
Highlights
Potential additional locations and reserves identified
2nd Cypress well planned in 2021
Remaining acreage owned 100% by NTOG being assessed for further potential farmouts
Background
Nostra Terra currently owns and operates a 100% working interest ( WI ) in the Pine Mills asset which covers 2,400 acres. On 22 April 2020 Nostra Terra announced that it had signed a farmout agreement with
Cypress Minerals on an undrilled 80 acre area of the 2,400 acres, where Cypress would drill and complete one well at its sole expense to earn a 75% WI. Nostra Terra would retain a 25% WI in the Farmout Area where the drilling and completion in the first well cost would be paid for by Cypress. Additionally Nostr
Australia: Armour Energy announces proposed demerger of Northern Basin Oil & Gas Business
03 Mar 2021
HIGHLIGHTS:
Unlocking unrecognized value for shareholders through proposed demerger and separate ASX listing of Armour’s Northern Basin Oil & Gas Business.
McArthur Oil & Gas Ltd – a new company – is proposed to be created to hold the Northern Basin Oil & Gas Business and demerg ed from Armour through an in-specie share distribution to existing shareholders.
IPO and capital raise of $60-$65 million for McArthur Oil & Gas proposed to fund acquisition of Northern Basin Oil & Gas assets from Armour and to fund forward exploration.
Proposed total consideration of $40 million cash plus a minimum of 33.3% retained interest by Armour shareholders in McArthur Oil & Gas. The consideration received by Armour will be used to retire its outstanding debt.
Floating Offshore Wind sector promises global opportunities for subsea industry
03 Mar 2021
Floating Offshore Wind (FOW) sector through a three-part webinar series organised by
Offshore Renewable Energy (ORE) Catapult’s Floating Offshore Wind Centre of Excellence (FOW CoE), beginning this month (9th March).
Subsea UK is encouraging underwater engineering companies to capitalise on the massive global potential in FOW following recent developments. UK Government has set a target of one gigawatt (GW) of floating wind capacity by 2030, the EU is aiming to have 100-150 GW by 2050 and new research from Wood Mackenzie states the
FOW market in Asia Pacific could offer investment opportunities worth up to $58 billion.
UK: Jersey Oil and Gas announces Greater Buchan Area Development Project Concept Select update
03 Mar 2021
Concept Select Report ( CSR ) in respect of its
Greater Buchan Area ( GBA ) Development Project which contains an aggregate
172 million barrels of oil equivalent ( MMboe ) 2C contingent resource estimates of light sweet crude and associated gas. The planned development is centred on resuming production at the
Buchan oil field and producing the
J2 and Verbier oil discoveries as well as other existing and yet to find discoveries within the GBA as future upside.
Highlights
A three-phase development centered around a single integrated wellhead, production, utilities and quarters platform located at the Buchan field - the GBA hub
UK: Global Offshore to provide complete cable care service to Equinor wind farms
03 Mar 2021
Global Offshore, a leading provider of cable installation, repair and trenching services to the offshore renewables, utilities and oil & gas markets, and part of the
Global Marine Group, has announced a multi-year cable maintenance and management framework agreement with Equinor.
The framework agreement will see primary contractor, Global Offshore, supply cable management services and perform associated call off services, comprising of active cable maintenance as well as unplanned repairs. The agreement gives Equinor access to
Global Marine Group’s fleet of cable ships and CTVs, including their versatile cable laying ships, Global Symphony and Normand Clipper, equipped with one of Global Offshore’s Q1400 jet trenchers.