Positive log results have been announced by Australian ASX-listed natural gas company, Po Valley Energy Limited, from the drilling of its Podere Maiar 1dir (“PM1”) well in the Selva Gas Field in northern Italy’s Podere Gallina licence area. It will now be completed as a production well. PM1 was successfully drilled to a total depth of 1,330 metres in the Pliocene ahead of schedule and on budget. Downhole log results from Schlumberger confirm a gross gas pay of 53m.
Company Updates
AWE rejects China takeover woos
AWE Limited has resisted a proposal from China Energy Reserve and Chemical Group for the acquisition of 100% of its shares. AWE revealed that the unsolicited, non-binding, indicative, and conditional offer came from China Energy Reserve and Chemical Group’s (CERCG) Australian subsidiary. The company said China’s state-owned CERCG wanted to acquire 100% of its shares on a fully diluted basis, at a price of $0.71 cash per share under either a recommended takeover bid or a scheme of arrangement (indicative proposal). The total cash consideration for a 100% share acquisition stands at around $430 million. The $0.
OGA releases free UK offshore seismic data
The Oil and Gas Authority in the United Kingdom has released the $35 million government-funded seismic data to promote exploration in under-explored areas of the UK and the North Sea. The datasets, now available to industry and academia, will support the next Offshore Licensing Round, set to open in mid-2018, and contains 19,000km of newly acquired broadband seismic data, new gravity and magnetic surveys, approximately 23,000km of reprocessed legacy seismic data and a rejuvenated set of digital well data, in addition to various supplementary reports.
Global Petroleum extends license offshore Namibia and seeks farm-in partner
Brisbane-based Global Petroleum has been granted an extension by the Namibian Ministry of Mines and Energy for its license offshore in the Walvis Basin and entered into second renewal period. Global, via subsidiary Jupiter Petroleum, holds an 85% participating interest in Petroleum Exploration Licence No. 0029, encompassing offshore blocks 1910B and 2010A located in the Walvis Basin. Global Petroleum’s subsidiary, Jupiter Petroleum, been granted an extension to the First Renewal Exploration Period (Phase 2) of 12 months to December 3, 2018 for Petroleum Exploration Licence No. 29, which covers Blocks 1910B and 2010A.
AWE delivers flow test record from Waitsia field
AWE Energy has popped the bubbly, celebrating one of the highest onshore flow rates in the Australian oil and gas industry. The Sydney independent oil and gas producer revealed that the Waitsia-4 well in the Perth Basin flowed gas at an instantaneous maximum rate of 90 million standard cubic feet per day from the Kingia Sandstone and an average of 89.6 MMscf/d on a 96/64 inch choke at ~2,395 psig flowing well head pressure over a 23-minute period.
Australian subsea sector set to see major activity improvement
THE Australian subsea oil and gas industry is about to see a significant increase in activity, according to one of the region’s leading figures. Marius Martens, the Chairman of national industry body, Subsea Energy Australia. and a senior committee member overseeing content for the 2018 Australasian Oil & Gas Exhibition & Conference (AOG2018) Subsea Forum, says that subsea activity is expected to grow to support both new and recently constructed projects. In terms of new projects; Mr Martens says there are a number of major subsea developments, either as tie-backs to shore or to offshore facilities, underway in Australian waters.
China scoops Bentley Systems Award in Singapore
CHINA’s Offshore Oil Engineering Company, a subsidiary of CNOOC, was the star oil and gas performer at the Bentley Be Inspired Awards Ceremony in Singapore where the company won the BIM Advancements in Mining and Offshore Engineering for innovation driving efficiencies. Bentley Systems Vice President Analytical Product Modelling Director Katherine Flesh said the award recognised excellence in the planning, design, structural engineering, construction, operations and commissioning of mines, mining facilities, marine and both offshore and onshore infrastructure.
Chevron cans Great Australian Bight exploration program.
Oil and gas supermajor Chevron described the Great Australian Bight as one of Australia’s most prospective frontier hydrocarbon regions, but said the suspension of its exploration endeavours in the area was because it could not compete in the current low oil price scenario. Chevron Australia managing director Nigel Hearne commented: “We appreciate the strong support from governments, regulators and the local community for our plans to explore for hydrocarbons offshore South Australia. We are confident the Great Australian Bight can be developed safely and responsibly, and we will work closely with the interested stakeholders to help realize its potential.
Po Valley in proposed major re-organisation
Australian gas producer Po Valley Energy has announced a major re-organisation and asset ownership structure for all of its Italian oil and gas exploration and production interests. Po Valley said the initiative would give PVE shareholders a stake in a much enlarged and more liquid operator to be chaired by renowned UK energy executive, Mr James Parsons.
Chevron acquires exploration acreage offshore WA
Chevron Australia has announced its affiliate has successfully acquired exploration interests in three offshore blocks located in the Northern Carnarvon Basin off the Western Australia coast. Chevron Australia Managing Director Nigel Hearne said this new acreage strengthens Chevron’s position in Australia’s premier hydrocarbon basin where there is an established network of production infrastructure, including the Chevron-operated Gorgon and Wheatstone Projects. “Offshore Western Australia is a global focus area for Chevron and these new exploration blocks add to our already significant gas position as the largest resource holder and liquefaction owner.