Royale Energy, Inc. (OTCQB:ROYL) Royale and privately held Matrix Oil Corporation jointly announced today that they have entered into a Letter of Intent to merge in a combined stock and assumption of debt transaction. The $41.5 million transaction remains subject to completion of due diligence reviews and customary definitive documentation and the approval of the shareholders of both companies. The companies seek to complete the merger in the fourth quarter of 2016.
With oil and gas properties in the Sacramento, San Joaquin and Los Angeles Basins of California and the Permian Basin of Texas, Matrix brings to Royale an experienced technical and operations team along with a producing property set with substantial development upside. As of March 31, 2016, Matrix had total proved reserves of 12.2 million barrels of oil equivalent with a PV10 value of $102.8 million based on SEC Pricing. The Matrix reserve report prepared by Netherland, Sewell & Associates, Inc. includes over 80 proven undeveloped drilling locations mostly in the Los Angeles Basin. At closing, the combined company should have estimated daily production of approximately 650 barrels of oil equivalents per day. The company will retain the Royale Energy name with Matrix becoming a wholly owned subsidiary of Royale. Matrix will continue to operate from its current Santa Barbara, CA office.
'This combination of two great California companies is a persuasive value proposition for each company's shareholders. The combination of Royale's great shareholder base and 30-year operating history, with Matrix's strong management team, technical expertise, current production and solid reserve base provides our company with the catalyst we needed for strong continuous growth,' said Harry Hosmer, founder and Chairman of Royale. 'This transaction will strengthen us financially and strategically position us for further acquisitions. In addition, this transaction places us squarely on the path for qualification and timely application to re-list on NASDAQ.'
'Matrix is looking forward to closing this transaction and becoming an integral part of Royale's future. Being a part of a publicly traded company brings us the long term capital optionality required to unlock the exceptional reserve base Matrix has built over the last 17 years. With our recent acquisition of Sansinena Field, Matrix now controls over 40 million barrels of 3P reserves along the Whittier Fault in eastern Los Angeles County,' said Johnny Jordan, President of Matrix. 'Our founders and major stakeholders are all committed to closing this transaction and being a part of a unified California oil and gas focused growth story.'
Golar LNG Limited and Schlumberger today announced the creation of OneLNG?, a joint venture to rapidly develop low cost gas reserves to LNG. The combination of Schlumberger reservoir knowledge, wellbore technologies and production management capabilities, with Golar's low cost FLNG (Floating LNG) solution, will offer gas resource owners a faster and lower cost development thereby increasing the net present value of the resources.
Golar and Schlumberger have 51/49 ownership of the joint venture. Golar and Schlumberger have agreed an initial investment commitment to cover the estimated equity needed to develop the first project. In addition, the parties will on a project-by-project basis discuss additional debt capital as required. This future financing will take into account Golar's FLNG intellectual property through an equitable contribution mechanism to be agreed between the parties.
Golar Vice Chairman, Tor Olav Troim said, 'Our new venture with Schlumberger provides a powerful union of their oilfield services technology and production management business, and our low cost FLNG solution. It leverages Golar's LNG expertise, and builds upon our industry leading position as a midstream solutions provider.'
Schlumberger, President Operations, Patrick Schorn commented, 'This new joint venture is uniquely positioned to optimize the development of low cost gas reserves. The technology platform and production management capability that Schlumberger brings will enable a total system approach, leading to a simpler and fast-tracked FID process, and reliable operational execution for the benefit of the gas resource owners.'
OneLNG will be the exclusive vehicle for all projects that involve the conversion of natural gas to LNG, which require both Schlumberger Production Management services and Golar's FLNG expertise. After reviewing the current market opportunities where 40% of the world's gas reserves can be classified as stranded, both parties are excited at the future prospects of OneLNG and are confident that it would conclude 5 projects within the next 5 years.
GeoPark Limited (NYSE: 'GPRK'), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru1, today announced the successful drilling and testing of the Jacana 4 development well in the Jacana oil field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia.
GeoPark drilled and completed the Jacana 4 development well to a total depth of 10,370 feet. A test conducted with an electric submersible pump in the Guadalupe formation resulted in a production rate of approximately 1,950 barrels of oil per day of 16 degrees API, with 1% water cut, through a choke of 40/64 mm and wellhead pressure of 70 pounds per square inch. Additional production history is required to determine stabilized flow rates of the well. Surface facilities are in place and the well is already in production.
The Jacana 4 well followed the recent successful Jacana 3 appraisal well, which extended the size of the Jacana field. Jacana 4 was drilled to TD in a record-time of 8.8 days at a total drilling and completion cost of $2.9 million. At current oil prices, Jacana 4 is expected to have an IRR greater than 200% and a repayment period of less than six months (before year-end 2016).
GeoPark has identified approximately 40-45 additional drilling locations to fully develop the oil reserves in the Tigana and Jacana oil fields in the Llanos 34 Block.
收购的现金总价值为2580万美元,公司将通过国家银行金融公司从价值8160万美元的买方交易股权收益中进行融资,涉及到的公司还包括Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., CIBC World Markets Inc., FirstEnergy Capital Corp., Peters & Co. Limited, Desjardins Securities Inc., Acumen Capital Finance Partners Limited以及AltaCorp Capital Inc.。收购将于2016年7月12日停止。
来自/OilVoice 7月26日消息 编译/郑雨晴
[collapse title=英文原文请点击]
Tamarack Valley Energy Ltd. (TSX:TVE) is pleased to announce that it has closed the second of its two strategic asset acquisitions, details for which were previously announced on June 20, 2016.
This second acquisition strategically consolidates assets located in Tamarack's core operating areas of Redwater and Wilson Creek in Alberta and includes current production of 850 boe/d (71% light oil and NGLs) with a decline rate of approximately 20-22%, as well as 95 (60 net) total sections of land contiguous with Tamarack's existing Viking and Cardium interests. The Redwater Acquisition adds significant infrastructure, including an 82% ownership in a central oil battery at Redwater which has capacity to handle 8,000 bbl/d of oil and 1.5 mmcf/d of natural gas, and is expected to further improve Tamarack's industry-leading, low cost operations in both areas.
Total aggregate cash consideration for the Redwater Acquisition was $25.8 million and was financed with part of the proceeds from the $81.6 million bought deal equity financing that was led by National Bank Financial Inc. and included Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., CIBC World Markets Inc., FirstEnergy Capital Corp., Peters & Co. Limited, Desjardins Securities Inc., Acumen Capital Finance Partners Limited and AltaCorp Capital Inc., which closed on July 12, 2016.
来自/Offshore Energy Today 7月26日消息 编译/赵美园石油圈原创www.oilsns.com
[collapse title=英文原文请点击]
Lamprell, a provider of fabrication, engineering and contracting services to the energy industry, has informed that delivery of the jack-up drilling rig which had been scheduled for delivery in 2Q 2016 has been delayed.
The company said on Tuesday that the rig is in its final stages of commissioning and has undergone a series of equipment proving tests in anticipation of delivery to the client. Lamprell did not reveal the name of the rig nor its client. During this final testing, a technical issue has arisen with equipment supplied by an original equipment manufacturer (OEM) and this has resulted in a delay to the delivery of the rig.
The revised date for delivery of the rig is now expected to be mid-August. The resultant delay in the delivery means that the Group could be exposed to contractual remedies on the project including liquidated damages. However, Lamprell said that the board anticipates that the majority of the remedial costs and potential damages exposure as a result of this delay will be recoverable from the OEM.
Apart from the delivery of this rig, all other six rigs that Lamprell are currently constructing remain on schedule. More broadly, the market environment remains very challenging and this will impact the company’s revenues in 2017, Lamprell said.
[/collapse]
来自/Subsea World News 7月26日消息 编译/张弘引石油圈原创www.oilsns.com
[collapse title=英文原文请点击]
Technip has been awarded a contract by Repsol Sinopec Resources UK Limited for inspection, repair and maintenance (IRM) works on its North Sea subsea infrastructure.
The frame agreement with Repsol Sinopec Resources UK will see Technip provide diving support and IRM services for 2016, with possible extension to include 2017 and 2018, the company informed.
The frame agreement covers:
provision of equipment, including diving equipment, underwater intervention and engineering services;
onshore management and engineering support, provision of ancillary personnel and equipment to support Technip’s performance of the work;
diver inspection, ROV inspection, maintenance, repair, construction and decommissioning.
Technip’s operating centre in Aberdeen, United Kingdom, is managing the project.
Bill Morrice, managing director of Technip’s UK operating centre, said: “I am delighted that Repsol Sinopec Resources UK has chosen Technip to support them in maintaining this important UK oil & gas infrastructure. We have an extensive track record in life of field extension work and have successfully delivered many projects of this type. Furthermore, in these difficult times for the industry, we are extremely pleased to be entrusted to deliver this work, and look forward to working with Repsol Sinopec Resources UK.”
Libya exports faces new hopes along with threats. Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports. [Reuters]
SapuraKencana Scores $113 Million Contract. Pemex has awarded SapuraKencana Petroleum Berhad's a contract worth approximately $113 million for the procurement and construction of a new pipeline. [Oilpro]
Morgan Stanley on Oil Prices: 'A Refinery-Driven Correction Is Upon Us'. The global oil market is "severely oversupplied" with gasoline — with stocks at a five-year high — serving as a blow to crude prices from next month, reckon Morgan Stanley analysts led by Adam Longson. [Bloomberg]
Keppel refutes Brazilian bribery allegations. Singapore’s offshore rig builder Keppel has refuted bribery allegations in connection with an ongoing corruption investigation against oil company Petrobras in Brazil. [Offshore Energy Today]
US Refiners Switch to Winter Grade Gasoline Earlier than Usual. With large stockpiles and poor demand of gasoline, the US refiners have decided to blend winter grade gasoline earlier than expected. Recall that blending usually starts by August annually, followed by sales in September. [Business Finance News]
Goldman Sachs Paints Hopeful Picture For Oil Production. Goldman expects growth in Russian production to accelerate. [Bloomberg]
ConocoPhillips To Cut 6 Percent Of Workforce. ConocoPhillips joins other companies in announcing the latest in job cuts. [Oilpro]
Progress On North Saskatchewan River Oil Spill. Authorities have recovered at least 40 percent of the 1,572 barrels of oil that leaked into a major western Canadian river. [Reuters]
TEN Partners Push Production In Ghana. On course for first oil next month, the partners are looking to fast-track gas production from the TEN field in line with domestic demand and Ghana’s power generation crisis.
Iran's Natural Gas Exports Mandate U.S. LNG Support. Despite Western sanctions, Iran’s natural gas production continues to grow as more phases of its largest natural gas field, South Pars, come online.