Sonde seeks alternatives for Joint Oil block in North Africa

Sonde Resources reported the following operational updates of North Africa.

In March 2014, Sonde retained Taylor-DeJongh to initiate a process to explore and evaluate potential strategic alternatives to enhance shareholder value with regard to the Joint Oil Block. The process has included discussions with in excess of twenty international petroleum entities and financial institutions. Several interested parties have executed confidentiality agreements, met with management and staff and are evaluating the data provided in the virtual data room.

The preparations for drilling the Fisal-1 well have progressed. All long lead materials (casing and drilling support material) have been ordered and initial deliveries have arrived in Sfax, Tunisia (shore base).
 
Preparations are underway to perform the site surveys in anticipation of commencing drilling operations in early Q4 of 2014.

The 3D seismic survey acquired in late 2013 has been processed and initial evaluation of the data confirms the potential nature of the Hadaf structure in Libyan waters. Detailed interpretation work of the processed seismic data is underway.

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Lukoil, NewAge farm into Bowleven’s Cameroon offshore block

Bowleven, an Africa focused oil and gas exploration group, has delivered its strategic intent to sell part of its interest in the Etinde Permit, offshore Cameroon, by entering into a conditional agreement with Lukoil and NewAge.

Bowleven will reduce its interest in the Etinde permit from 75% to 25% and receive aggregate consideration of approximately $250 million comprising a $170 million cash payment at completion; a $40 million staged deferred cash payment due at Etinde development project FID and on completion of appraisal drilling; and a $40 million (net) carry for two appraisal wells.

Lukoil will acquire a 37.5% interest and NewAge will acquire an additional 12.5% interest in the Etinde Permit to increase its group holding from 25% to 37.5%. Camop, a wholly-owned subsidiary of NewAge, will become operator of the Etinde Permit following completion, allowing Bowleven to focus on its proven exploration skillset.

Bowleven will retain a 25% interest in the Etinde Permit, ensuring continued exposure to the considerable resource and future development potential of the acreage.

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.

Marsol International grows in partnership with RMA

Marsol International, a UAE-based global marine solutions provider focused on the offshore oil terminal market and related infrastructure, has entered into a partnership with RMA Engineering Solutions (RMAES) to support its international growth strategy.

RMAES is a member of the RMA Group, a diversified American-owned company headquartered in Bangkok, Thailand.  RMA specializes in providing innovative infrastructure, automotive and engineering solutions to clients in the emerging markets of Asia, Africa, and the Middle East, often in extremely challenging frontier environments.  The company has approximately $1 billion in annual revenues with offices on the ground in 21 counties.

RMA’s global breadth and support via development and investment funding will enable Marsol to deliver its solutions to a greater service level and a wider customer base.  It will also allow Marsol to pursue international growth through its ability to train local resources to take their place in the operation and maintenance of the facilities and related equipment.

Since 2005, Marsol International has provided operational engineering and management solutions to clients, consultants and EPC contractors for new offshore facilities, and operational and IRM services for existing facilities to offshore terminal owners and operators. 

Mike Young, managing director of Marsol International, said: “Marsol International has always employed a holistic approach to growing our business. We understand that the key to developing emerging markets is to train local people to an internationally accepted level, whereby empowering them to manage their own resources.

“Marsol International adds value by managing this process. From the concept and design stage, through to installation and operation, we work closely with clients to understand their requirements to ensure their needs are met by a fully operational solution with minimal modifications. Taking ownership of this process and training local staff to operate the field on a day-to-day basis is key to this integrated approach.”

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.

Supreme Court clears Repsol to drill off Spain’s Canary Islands

Repsol SA’s plans to explore for oil off the Spanish Canary Islands in a $10-billion project won backing from the nation’s Supreme Court.

The justices rejected seven appeals against Repsol’s exploration permits, and sentence will be published in coming days, according to a court official who spoke on condition their name not be used.

The favorable ruling removes one of the last few hurdles remaining for the biggest Spanish oil company to begin drilling off Fuerteventura and Lanzarote islands near West Africa. Should Repsol discover oil, it has estimated the project will cost 7.5 billion euros ($10.2 billion).

The appeals contested the Spanish government’s decision in 2012 to reapprove exploration permits that were originally given in 2001. They had been held up since that year in court battles and administrative delays.

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Tangiers Petroleum commences drilling at TAO-1 well

The TAO-1 well is located within a proven petroleum system, adjacent to the Cap Juby heavy oil discovery and has been designed to test up to three stacked objectives, Assaka (Upper Jurassic), Trident (Middle Jurassic) and TMA (Lower Jurassic, contingent upon success at Trident/Assaka).
 
The secondary objective, Assaka, and the main objective at Trident are scheduled to be intersected within approximately 2 months. Contingent upon the results at Assaka and Trident, the Joint Venture will then make a decision to deepen to the TMA objective. The well plan does not include flow testing.
 
The company expects to make additional updates as appropriate during the course of the drilling.
 
Tangiers has a 25% participating interest in the Tarfaya Offshore Block, which is being operated by Galp Energia with a 50% interest. The remaining 25% interest is held by ONHYM (Morocco’s National Office of Hydrocarbons and Mines), which is carried through the exploration phase.

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.