Equatorial Guinea: Tullow completes sale of its assets in Equatorial Guinea to Panoro Energy
01 Apr 2021
Equatorial Guinea to
Panoro Energy has now completed. Tullow has received a payment of $88.8 million from Panoro.
As previously disclosed, this transaction also includes contingent cash payments of up to $16 million which are linked to asset performance and oil price. The closing of this transaction follows the satisfaction of all completion conditions, including the approval from the Government of Equatorial Guinea and Tullow and Panoro shareholders and other customary third-party approvals.
Although Tullow will continue to have a financial link to the assets in Ceiba and Okume fields, the closing of this transaction marks Tullow’s exit from its licences in Equatorial Guinea after 18 years. On receipt of funds, Tullow has net debt of c. $2.3 billion and liquidity headroom of c. $1 billion.
US: Zephyr Energy completes acquisition of oil producing interests in the Bakken Formation
01 Apr 2021
AIM-listed
Zephyr Energy, the Rocky Mountain oil and gas company focused on responsible resource development, has announced the completion of its acquisition of non-operated working interests in currently producing and near-term production wells in the Bakken Formation, North Dakota, USA, as announced on 29 March 2021.
All conditions of the Acquisition were satisfied yesterday, including the transfer of title of the Bakken Interests to Zephyr and the release of the Operator liens, and all payments due in respect of the Acquisition have also been made, including payment of approx. $3.7 million for historical capital expenditure obligations and $300,000 to the Seller ($50,000 having already been paid in a non-refundable deposit).
Timor Leste: Carnarvon s Buffalo project advancing to drilling
01 Apr 2021
farm out of the Buffalo project
to Advance Energy and the
Buffalo
10 well.
Advance Energy has, subject to shareholder approval, successfully raised the capital to acquire a 50% interest in the Buffalo project. In return Advance Energy will fund the Buffalo-10 well on a free carried basis up to a cap of US$20m. This means the drilling will be at no cost to Carnarvon unless the well costs more than US$20m.
The transaction has been approved by the government of Timor-Leste.
It is expected that the transaction will complete after Advance Energy receives shareholder approval, which is scheduled for mid-April 2021.
Ithaca Energy announces 2020 year end financial results
01 Apr 2021
Ithaca Energy has announced its financial results for the twelve months ended 31 December 2020, together with the results of its independent year-end reserves assessment. The audited consolidated 2020 financial statements of the Company, related Management Discussion and Analysis, and Reserves Report are available on the Company’s website, www.ithacaenergy.com.
Highlights
Strong operational performance with Vorlich development on production in November 2020, limited disruption arising from Covid-19 related restrictions
Production of 66 thousand barrels of oil equivalent per day ( kboe/d ), 61% liquids, for the year
Unit operating costs of $16/barrels of oil equivalent (boe), down from $17/boe pro-forma 2019