Company Updates

Melbana seeks new partners for Beehive

04/05/2020 Posted by Dale

Melbana Energy is back in the hunt for new suitors to partner its aspirations for WA-488-P offshore northern Australia after Santos’ option to farm into the prospect lapsed.

Containing the potentially significant Beehive prospect, the permit is located in the Bonaparte Gulf in some coveted real estate between Blacktip, a producing gas field, and the Turtle and Barnett oil discoveries, which are undeveloped.

The permit carries an obligation to drill an exploration well by December this year and Melbana said its data room had been piqued by results from a 3D seismic survey and work conducted on rig selection and well permitting.

Santos gets green light for Bedout Sub-Basin

27/04/2020 Posted by Dale

NOPSEMA has approved Santos' application for a 3D seismic marine survey in the Bedout Sub-basin offshore Western Australia.

The approval was granted on April 9, 2020.

The Keraudren Extension 3D Marine Seismic Survey area is located approximately 45km from Bedout Island, 56 km from the mainland and 141km from Port Hedland.

The survey data will develop regional geologic models to assist an exploration permit retention strategy and potential locations of future drilling of exploration and development wells and the seismic survey vessel will sail on pre-determined lines towing streamers with hydrophones to determine the structure and composition of geological formations below the seabed.

CGG Geosoftware innovates on with Cloud-Ready Reservoir characterization applications

27/04/2020 Posted by Dale

CGG GeoSoftware has released new versions of its Cloud-ready reservoir characterization and petrophysical interpretation software with features and functionality “that enhance the user experience, improve capabilities, and offer greater flexibility”.

CGG said all applications across the entire GeoSoftware portfolio now run on both Azure and AWS platforms, enabling easy access to products from wherever a client is working. The newest releases, Jason 10.1, HampsonRussell 10.5 and PowerLog 10.1, also offer advances in machine learning and artificial intelligence, as well as streamlined connections to Python ecosystem notebooks.

Jason 10.1 enhancements include further expansion of drag-and-drop functionality of files and viewers.

TGS begins Gambito 2020 offshore seismic survey

21/04/2020 Posted by Dale

TGS has commenced the Gambito 2020 3D seismic survey offshore Gambia.

The acquisition, utilising the BGP Prospector vessel, is being undertaken in conjunction with BGP under the cooperation of The Gambian Ministry of Petroleum & Energy

The 4,770km2 Gambito 2020 3D survey covers open acreage in deep and ultra-deep waters and is perceived to be highly prospective considering that extensive basin floor fans were identified in TGS’ 2D regional seismic grids.

The acquisition will take about three months, with the full dataset available set to be available after final processing in the second quarter of next year.

The survey will support a future licensing round in Gambia and TGS has exclusive rights to existing multi-client seismic data offshore The Gambia.

Santos gets green light for Bedout Sub-Basin survey

21/04/2020 Posted by Dale

NOPSEMA has approved Santos' application for a 3D seismic marine survey in the Bedout Sub-basin offshore Western Australia.

The approval was granted on April 9, 2020.

The Keraudren Extension 3D Marine Seismic Survey area is located approximately 45km from Bedout Island, 56 km from the mainland coastline and 141 km from Port Hedland.

CGG announces sold Q1 financial results

14/04/2020 Posted by Dale

CGG has anticipated first quarter revenues of around US$273 million, down 3% year-on-year, including geoscience revenue of about US$93 million, up 2% year-on-year, and multi-client first quarter 2020 segment revenue around US$104 million -- up 17% year-on-year, with after-sales of around $47 million.

This was revealed in the company’s latest financial update in which CGG said it had generated a positive net cash flow of around $25 million during the first quarter of this year, with group cash liquidity of around $622 million at the end of March, net debt of around $583 million and a geoscience...

Oil Search completes successful well tests at Nanushuk in Alaska

07/04/2020 Posted by Dale

The Mitquq 1 ST1 and the Stirrup 1 wells were both digged, logged, cored and flow tested, which included a clean-up and flow period and a pressure build-up before the final flow test to assess deliverabilities.

At Mitquq 1 ST1, located nine-kilometres east of the proposed central processing facility of the Pikka Unit Development, Oil Search encountered a net pay zone of 52.5m with a gas cap of nine metres. The well flowed at a rate of 1730 barrels of oil per day (bopd) from a single stimulated zone.

Stirrup 1, located 12km west of the Horseshoe...

Searcher completes Argentina 2D Reprocessing Expansion Project

07/04/2020 Posted by Dale

INTERNAL STOCK BRIEF

Projects hit as Woodside halves spending

31/03/2020 Posted by Dale

Woodside has decided to reduce its total expenditure for 2020 by 50% in response to global uncertainty, which is almost certain to impact final investment decisions for several projects.

This follows the worldwide financial consequences of the COVID-19 crisis and the oversupply of crude oil and LNG, which has crashed prices.

Woodside said it is taking a prudent approach to cash flow management, given the considerable uncertainty in the near-term investment environment and the magnitude of forward capital investment decisions.

“We will take appropriate actions to ensure our credit rating remains robust, and that we are well...

Carnarvon Petroleum to continue Dorado Project development

31/03/2020 Posted by Dale

Carnarvon Petroleum said it was continuing with Dorado Project development as planned, with engineering and pre-FEED work streams being advanced in spite of corona virus upheavals.

The Perth-based explorer said current market conditions associated with the COVID-19 virus and lower oil price environment had created challenging business conditions, with many planned seismic acquisition programs in the 2020 calendar year expected to be deferred until market conditions improve and vessel logistics were not constrained by health issues.

However, the company was striving to keep its plans on track.

Carnarvon managing director and CEO Adrian Cook said: “The Dorado field is a high-quality asset that is expected to have a low cost of production.