Wednesday, May 2nd, 2012
International Petroleum Limited, an oil and gas exploration company with assets in Russia and Kazakhstan, is pleased to present its quarterly
activities report for the quarter ended 31 March 2012.
HIGHLIGHTS
- US$13.034 million cash at bank at 31 March 2012.
- Completed the acquisition of 100% of the shares in Vamaro Investments Limited, which indirectly owns licences for geological study of subsoil, prospecting and extraction of oil and gas in the Khanty-Mansiysk Autonomous Region in Western Siberia, Russia.
- Completed the acquisition of 75% of the shares in Charlize Investments Limited, which owns 100% of the issued share capital of OOO VostokNefteGaz, which owns an exploration licence in the Tomsk region of Western Siberia, Russia.
- Completed a placement to institutions and sophisticated investors of 165,730,000 fully paid
- ordinary shares at an issue price of A$0.20 per share, raising A$33,146,000 before costs.
- Mr Pierre Godec was appointed as a Non-Executive Director on 17 February 2012.
- Mr Vladimir Mangazeev was appointed as a Non-Executive Director on 1 March 2012 and Mr Mark Gwynne resigned as a Non-Executive Director on 1 March 2012.
- At the Vamarov Project, in March 2012, the Company commenced the work-over and hydraulic fracturing of some of the existing wells and the construction of infrastructure.
- Conducted a stimulation programme using hydraulic fracturing in Well No. 1 and Well No. 2 at the Krasnoleninsky Project in Western Siberia.
For the full report please click here
Tags: international petroleum, Quarterly Review
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Tuesday, February 28th, 2012
The Company announces today that on 23 February 2012, pursuant to a warrant deed to subscribe for ordinary shares of the Company dated 12 August 2009, a warrantholder elected for the cashless exercise of its right to subscribe for 10,000,000 Ordinary Shares at an exercise price of 4.538 – 5.673p per ordinary share, resulting in the issue and allotment
of 6,414,110 new Ordinary Shares.
Application has been made for these Shares to be admitted to trading on AIM on 1 March 2012. For the purposes of the Financial Services Authority’s Disclosure and Transparency Rules (“DTRs”), the issued ordinary share capital of the Company following this allotment consisted of 1,018,188,858 Shares with voting rights attached (one vote per Share). There are no Shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, Max Petroleum under the DTRs.
Enquiries:
Max Petroleum Plc Michael Young
President and Chief Financial Officer
Tel: +44 (0)207 355 9590
Tom Randell
Director of Investor Relations
Merlin PR David Simonson/ Anca Spiridon Tel: +44 (0)207 726 8400
WH Ireland Ltd Daniel Bate / Robin Gwyn Tel: +44 (0)161 832 2174
Macquarie Capital Paul Connolly / Steve Baldwin Tel: +44 (0)203 037 2000
Oriel Securities Michael Shaw / Ashton Clanfield Tel: +44 (0)207 710 7600
Source
Tags: AIM, DTR, Exercise of Warrants, max petroleum, michael young, president, shares, Tom Randell
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Tuesday, December 20th, 2011
Tethys Petroleum Limited today announced the initial results of its Persea 1 exploration well in Tajikistan and its intention to carry out production testing on the well in the new year.
The Persea 1 well, drilled some 5 kilometres from the town of Kurgan Teppa, reached a total depth of 2,655 metres. Wireline logs show a 50 metre gross zone of possible hydrocarbons within a mixed sandstone and carbonate sequence assigned to the Alai formation, similar to that about to be tested in the East Olimtoi (EOL09 well). Because of hole stability issues the section was drilled with relatively high mudweights which tends to mask hydrocarbon shows whilst drilling.
The Company now intends to run 7-inch liner in preparation for a production test with the aim of establishing commercial flow of hydrocarbons from this zone. The actual testing itself will be carried out in the first half of 2012 with the cost to be financed by internally generated cash flow.
Following the recent acquisition of additional interest in the Bokhtar Production Sharing Contract, which includes the Persea prospect, Tethys now holds an 85% working interest in this prospect.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
Source
Tags: Persea 1, Tajikistan, Tethys Petroleum, wireline
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Thursday, April 14th, 2011
BP announced today that it has agreed with Rosneft to extend the deadline for completing the share swap agreement (previously announced on 14 January) to 16 May 2011. The agreement between the two companies followed the 8 April decision of the arbitral tribunal to allow them to discuss extension of the deadline. This means that the share swap agreement will now not terminate on 14 April 2011.
The share swap agreement, between BP and Rosneft, together with the related Arctic Opportunity, were originally announced on 14 January 2011. Both the share swap agreement and the Arctic Opportunity remain subject to an interim injunction.
BP intends to continue with the arbitration process to obtain a final award on all outstanding issues, including whether or not the interim injunction should continue.
BP remains fully committed to TNK-BP as its primary business vehicle in Russia and fully supports its strategy and investment programme, which should ensure its success for decades to come. BP also owns a 1.3% interest in Rosneft and has been exploring offshore Sakhalin for over a decade and engaging in Arctic studies.
The arbitral tribunal was convened to resolve issues raised by Alfa Petroleum Holdings Limited and OGIP Ventures Limited relating to the share swap agreement and Arctic Opportunity arrangements agreed between BP and Rosneft and to clarify BP’s obligations under the TNK-BP shareholders’ agreement.
The Arctic Opportunity described above refers to the arrangements agreed between BP and Rosneft in January 2011, other than the share swap agreement, in particular the exclusive opportunity until up to 31 December 2012 to negotiate final terms with Rosneft for joint exploration of the three licence blocks EPNZ-1, 2, 3 on the Russian Arctic continental shelf.
Rosneft is Russia’s leading oil producing company. It produces some 2.4 million barrels of oil equivalent (boe) per day, and has reserves of 15.146 billion boe. It produces oil in all key regions of Russia. Rosneft reported (pre tax) profits for the year end 31 December 2009 of $8,519m and gross assets (as at 30 September 2010) of $87,984m.
Tags: BP, rosneft, share swap
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Wednesday, March 23rd, 2011
ABS Vice President of Global Gas William J. Sember says the classification society is in advanced stages of design review for a number of Floating LNG (FLNG) concepts, as this technology moves ever closer to reality.
Speaking at the Gastech 2011 conference, where he chaired the technical session on FLNG terminals and systems, Sember noted that as recently as five years ago, floating solutions for the import and export of LNG were still considered new and novel concepts.
“Today emerging proprietary technologies and transport designs have come of age and industry is poised for the first projects. With more than one-third of global gas reserves stranded by their location or field size without commercially viable access to world markets the attractiveness of FLNG cannot be denied,” he told attendees.
Major projects in progress include Shell’s Prelude field in the Browse Basin off Western Australia, which gained environmental approval in late 2010 and has a target production start date of 2016. Also being closely followed are several projects offshore Papua New Guinea and Inpex’s Abadi Field gas project offshore Indonesia.
FLNG offers a number of advantages over land-based terminals. FLNG installations can result in lower overall project costs and reduced environmental footprint because facilities such as long pipelines to shore, onshore development and offshore compression platforms are not needed. With gas deposits often in remote or stranded areas far from the coast the ‘marinizing’ of production, liquefaction and export facilities offers great potential for many future development projects.
Sember noted that the shipping and offshore industries have spent the past five years successfully advancing both the technology and commercial attractiveness of the FLNG concept as a means of delivering new sources of cleaner energy.
Technology developments have addressed issues as the integration of subsea architecture with FLNG; offloading systems, in particular for harsher environments with tandem configurations based on cryogenic hoses or flexible pipes; and the qualification and testing of components with regard to LNG transfer systems.
“From a class society perspective there are no technology showstoppers for FLNG. Liquefaction plants have been suitably optimized in order to efficiently use deck space while taking into account the safe and efficient operation of process equipment,” said Sember. “The advances and level of sophistication in all these subjects are evident. The time for commercialization and the first project is now.”
Founded in 1862, ABS is a leading international classification society devoted to promoting the security of life, property and the marine environment through the development and verification of standards for the design, construction and operational maintenance of marine-related facilities.
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Monday, September 13th, 2010
ADIPEC 2010 (Abu Dhabi International Petroleum Exhibition and Conference) will see heavyweight energy experts come together to present on some of the most topical issues and concerns in today’s energy industry. (Abu Dhabi International Petroleum Exhibition and Conference) will see heavyweight energy experts come together to present on some of the most topical issues and concerns in today’s energy industry.
A key feature of ADIPEC 2010 is its conference, which is organised in conjunction with the Society of Petroleum Engineers (SPE), and has this year been structured around three main themes: Sub-surface, Surface and Vision. Abu Dhabi Company for Onshore Oil Operations’ (ADCO) general manager Abdul Munim Saif Al Kindy, will this year take up the position as conference chairman and is working closely with ADIPEC organisers dmg :: events and SPE to help shape the conference with an inspiring line-up of speakers.
ADIPEC event director Hifazat Ahmad said 262 speakers from 33 countries were taking part in the event, with the central conference featuring Panel, Technical and Poster Sessions, as well as Fields Trips. “The impressive speaker line-up is testimony to the level of interest in this year’s event. ADIPEC sold out as an exhibition eight months in advance and companies have been wrangling for key positions within the event, making this year’s ADIPEC the most anticipated to date,” Mr Ahmad said.
CEO Summit
Running in conjunction with ADIPEC is the CEO Summit (October 31- November1) which will bring together professionals, academics, finance experts and intellectuals under one roof to outline key industry challenges and provide a short-term outlook for the future. The event will endeavour to produce an ‘Abu Dhabi Declaration’ on the basis of discussions carried out at the conference.
Conference Programme
Day one of the official Technical Conference will feature an executive plenary session debating one of the industry’s current hot topics, ‘Producing Carbon in a Low Carbon Era,’ with influential professionals taking part from Schlumberger, Exxon Mobil, BP and Total. The first day will also include sessions on New Organisational Capabilities, Energy Efficiency and Emissions Management, Flow Assurance, Exploration and Reservoir Geology, Fractured Reservoirs and Bits and Hole Opening.
Day two of the conference will be led by the plenary sessions Technology & Innovation in the Energy Sector and New Frontier Challenges. Specialist speakers from Weatherford, Exxon Mobil, Baker Hughes, Schlumberger and BP will present individually as part of the plenary, which will then be followed by sessions including EOR Beyond the Next Decades, Technology to Reduce Environmental Footprint, Integrated Facilities Optimisation Development Optimisation I, Artificial Lift, Seismic Acquisition and Processing and Intelligent Energy and Future Operations.
Robert Gales, vice president – geo-science, at Weatherford and speaker in the New Frontier Challenges executive plenary commented: “ADIPEC 2010 will bring together senior executives and experts from the oil and gas industry to share past experiences, discuss current challenges and develop future strategies in order to optimize existing and future fields. ADIPEC 2010 continues to provide the ideal platform to explore new oil and gas business opportunities, introduce and increase visibility for new products and services, and most finally the ability to network, renewing old friendships and building new ones at this important conference and exhibition.”
ADIPEC’s third day plenary sessions include Delivering Mega Projects in a Challenging/Changing Environment and Sustainability & Development of Human Capital. Contributors to these plenary sessions include experts from ADMA-OPCO, Exxon Mobil, BP, Kuwait National Oil Company, Saudi Aramco, Maersk Oil, RASGAS and Dana Gas.
The final plenary session of the conference will be held on Thursday 4th November and will centre on Carbon Management in the Energy Industry presented by president of the board of SCIAR NovaEnergia II, Dr. Carlos Pimenta, the US Department of Energy’s director of coal and power import and export, Barbera Mckee and senior vice president of Statoil, Hege Marie Norheim.
The conference’s popularity is also highlighted with the submission of over 1,000 abstracts, an impressive 30 percent increase on global submissions on 2008 figures. The Middle East’s contribution of abstracts saw a 55 per cent increase, with 48 percent more abstracts submitted from the UAE than in 2008, 44 percent more from Saudi Arabia, and a staggering 66 percent more from Oman, highlighting this region’s growing dedication to industry research and development.
Source: http://www.adipec.com
Tags: Adipec
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