Monthly Archives: December 2014

OMV Gets First Oil from Maari Growth Project

VIENNA, Dec 1 (Reuters) – Austrian energy group OMV has drawn its first oil from the Maari redevelopment drilling campaign in New Zealand, it said on Monday, a project that aims to increase reserves, production and recovery from a producing offshore field.


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Production capacity for the well, known as MR-8A, was estimated at 4,500 barrels of oil per day (gross).

The Maari Growth campaign includes drilling five wells into producing and new reservoirs. OMV will invest around 205 million euros in the campaign expected to be completed by mid-2015.

The Maari joint venture partners are OMV New Zealand Ltd (69 percent and operator), Todd Maari Ltd (16 percent), Horizon Oil International Ltd (10 percent) and Cue Taranaki Pty Ltd (5 percent), it said.

Argentina Says Inks $550M Shale Exploration Deal With Petronas

The Malaysian company will provide $475 million toward the development of 35 wells, with the remainder of the investment provided by YPF, according to the deal inked in Kuala Lumpur.

“In March 2015 the first of three annual phases for development of the La Amarga Chica bloc in Neuquen province will begin,” the statement said.

Chevron Corp, Royal Dutch Shell Plc and Total SA have also agreed to invest in the development of shale fields in Argentina.

Some studies show the country is sitting atop a shale bounty that could transform the outlook for the Western Hemisphere’s supply and secure Argentina’s energy self-sufficiency for decades.

The Vaca Muerta formation covers a total area of 30,000 square km, roughly the size of Belgium.

Oil Basins Comments on Rey’s Acquisition of 50% Stake in WA’s Derby Block

Oil Basins Limited (OBL) made the following ASX announcement Monday to update shareholders and investors on matters pertaining to Western Australia (WA) Petroleum Exploration Permit EP487 (Derby Block) in the Canning Basin.


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On Nov. 28, Rey Resources Limited announced that it had entered into a highly conditional potential transaction with Backreef Oil Pty Ltd (BOPL) for a 50 percent interest in the Derby Block.

The Company wishes to make the following comments:

  • BOPL does not presently hold a 50 percent beneficial interest in the Derby Block
  • OBL has outlined its legal position in the recent OBL AGM presentation dated Nov. 25 and is waiting for the WA State Administrative Tribunal (SAT) to deliberate on whether BOPL wrongfully exists on title – quite apart from whether any percentage interest is held beneficially by BOPL
  • SAT is expected to hand down its decision on or before Jan. 27, 2015
  • The proposed Rey transaction presently has no currency as it is highly conditional, and it is not clear whether it is made by BOPL with the approval of Buru Energy Limited
  • If the BOPL deal with Rey is with Buru’s approval or direction, and the BOPL deal with Buru is to expire or be varied, then OBL seeks Buru to change as soon as possible all ASX releases, presentations, maps, website and prospective potential resources relating to its claimed 50 percent interest in EP487 (Derby Block)

Dolphin Geophysical Conducts 3D Seismic Survey in Block 50 Offshore Oman

Rex International Holding Limited (Rex International Holding or the Company, and together with its subsidiaries, the Group), one of the largest companies listed on the Catalist of the Singapore Exchange Securities Trading Limited, referred Tuesday to the Dec. 2 press release issued by Masirah Oil Ltd. (Masirah), a 64 percent indirectly owned subsidiary of its jointly-controlled entity, Lime Petroleum Plc (Lime):


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Masirah Oil Ltd (Masirah or the Company) announced that it has commissioned a new 3D seismic survey in Block 50 Oman. The seismic survey, will be undertaken by Dolphin Geophysical ASA with its vessel, Artemis Arctic. The seismic survey commenced in November and is scheduled to be completed within approximately 45 days following mobilization.

Hans Lidgren, chairman of Masirah, said, “The data collected will help increase our understanding of the geology in the area and provide more information for the use of Rex Virtual Drilling to select prospects for our planned multi-well exploration drilling program in 2015 and 2016.”

Dan Brostrom, executive chairman of Rex International Holding, said, “We are pleased to note that plans for Block 50 Oman are on track. Given that Block 50 Oman covers a large area of close to 6,563 square miles (17,000 square kilometers), information from the seismic survey will value-add to the extended well testing and multi-well campaign targeted to be carried out in the block in 2015 and 2016.”

Rex International Holding holds an indirect 65 percent stake in Lime while Hibiscus Petroleum Berhad indirectly holds the remaining 35 percent stake. Lime holds a 64 percent stake in Masirah while PETROCI, the National Oil Company of the Ivory Coast (also known as Cote d’Ivoire), has a 36 percent participating interest in Masirah. Masirah holds 100 percent of the Block 50 Oman concession.

In September, Masirah Oil was conferred the prestigious Offshore Discovery of the Year award for discovering hydrocarbons in its second offshore exploration well in Block 50 Oman in February. The award was one of six awards presented in conjunction with the launch of the Oil & Gas Year Oman 2014 energy report, a flagship title of Wildcat International, a publisher of business intelligence resources, produced in partnership with the Ministry of Oil and Gas and OPAL (Oman Society for Petroleum Services).

President Energy Revises Terms of Puesto Guardian Purchase

South America-focused President Energy reported Monday that is has agreed to modify the amount of money it is paying to purchase its 100-percent ownership of the Puesto Guardian concession, onshore Argentina.


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President said that, following a request from the seller of Puesto Guardian in order to accommodate its immediate capital needs, the company has agreed to make a payment of $800,000 to the seller with the previously-agreed deferred consideration of $1.88 million and a five-percent contingent overriding royalty being cancelled.

The revised terms now mean that the total purchase price for the outstanding 50 percent of the concession and operatorship is $5.8 million, compared to the previously-agreed actual and contingent sum of $17.88 million.

The firm added that it has now completed an initial review of Puesto Guardian and that this review further supports the company’s view that there is “strong potential for significant production and proven reserves upside”. As part of this review, and in preparation for the work program scheduled for the first quarter of 2015, President said it recently opened up an old shut-in well that produced 130 barrels of oil per day on a light swab test with good pressure support.

President also announced that it has agreed to renew its $15 million unsecured revolving loan facility until December 31, 2015.

President Chairman Peter Levine commented in a company statement:

“We are delighted to have taken operatorship and 100-percent ownership of Puesto Guardian at these revised terms. This opportunist transaction relieves President of actual and contingent liabilities arising from the acquisition totalling $12.88 million in consideration of an accelerated discounted sum of $800,000.

“We believe the Puesto Guardian concession offers considerable untapped potential and are greatly encouraged by the strong recent well test performance.

“The extension of the loan facility will continue to provide President with operational flexibility”

Petrobras Finds Gas at Orca-1 Well in Colombia’s Offshore Tayrona Block

Petroleo Brasileiro S.A. (Petrobras) announced Tuesday the discovery of natural gas accumulation at Orca-1 exploratory well in Tayrona Block in Colombian Caribbean deepwaters, 24.9 miles (40 kilometers) off the coast of La Guajira. Petrobras is the operator and holds 40 percent interest, in partnership with Ecopetrol (30 percent) and Repsol (30 percent).


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The well drilling ended in September, reaching 13,910 feet (4,240 meters) and 2,211 feet (674 meters) of water depth. The natural gas accumulation was confirmed at 11,811 feet (3,600 meters) and represents the first discovery in the history of exploratory research at Colombian Caribbean deep waters. Petrobras will carry on the scheduled operations, in order to evaluate such discovery.

The Performance at the Colombian Caribbean

Petrobras, in partnership with Ecopetrol, was the pioneer at the Tayrona block when, in 2004, the first agreement granted by the Colombia’s National Hydrocarbons Agency – ANH – for deepwaters exploration at Colombian Caribbean was celebrated.

Rey Resources to Acquire Backreef’s 50% Interest in WA’s Derby Block

Rey Resources Ltd. (Rey or the Company) announced Friday that its subsidiary company Rey Lennard Shelf Pty Ltd. (RLS) has entered into an agreement with Backreef Oil Pty Ltd. (Backreef) to acquire a 50 percent interest in petroleum exploration license EP487, the “Derby Block”, located in the Canning Basin of Western Australia (the Agreement) subject to certain terms and conditions.


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The Derby Block is a large exploration license of approximately 1,930 square miles (5,000 square kilometers) that was recently granted to Backreef (50 percent) and Oil Basins Ltd. (50 percent). It occurs to the north of Rey’s existing interests in petroleum exploration licenses in the Canning Basin.

The Company considers EP487 to be prospective for hydrocarbons and look forward to working with Oil Basins to develop the Derby Block.

Backreef and Oil Basins are currently in dispute over Backreef’s interest in the Derby Block and certain unpaid cash calls that have occurred between the parties since 2012.

Key Terms of the Agreement

Under the Agreement, RLS will acquire Backreef’s 50 percent interest in the Derby Block (for either at RLS’s election):

  • $1.7 million (AUD 2 million), to be paid on the grant of a Production License in respect of EP487; or
  • a 2 percent royalty on future production

The Agreement is subject to certain conditions precedent, including:

  • conditions to RLS’s satisfaction, of ongoing hearings in the State Administrative Tribunal (SAT) of Western Australia where Oil Basins is currently seeking to have Backreef’s grant of title in EP487 by the WA government overturned. This is expected to conclude in January 2015
  • termination or expiration of existing agreements to sell the Derby Block to third parties; and
  • FIRB approval

RLS will also assume the conduct of, and bear the cost of, the SAT proceedings and outstanding legal claims on Backreef by Oil Basins in the WA District Court and Magistrates Court in connection with the expenses incurred on the management of the Derby Block to date. RLS will have the ability to terminate the Agreement and be relieved from any obligation to conduct and bear the costs of these proceedings at any time on the giving of 14 days’ notice to Backreef.

It is expected that, on completion of the acquisition, RLS and Oil Basins will form a joint venture to develop the Derby Block.

PGS Commences 3D Seismic Program in South Australia’s Ceduna Sub-Basin

Norway’s seismic surveyor Petroleum Geo-Services announced Monday the successful commencement of the Springboard MC3D program in the Ceduna sub-Basin offshore South Australia. The Springboard MC3D has significant industry support and is being acquired by the Ramform Sovereign, a PGS state-of-the-art seismic vessel that utilizes PGS’ GeoStreamer technology.


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The proven capabilities of GeoStreamer, PGS’ leading-edge towed streamer acquisition technology will enhance hydrocarbon exploration efforts by giving greater confidence in subsurface imaging, improved prospect definition and identification as well as better geological modelling with less reliance on sparse well data. The program will see some 3,088 square miles (8,000 square kilometers) of industry leading GeoStreamer data acquired in this frontier area.

About the Ceduna Sub-Basin

The Ceduna area has become a hotspot for exploration activity following recent gazettal round awards to major E&P companies and represents a significantly under-explored frontier area with the Springboard survey area presently lacking any 3D seismic data. It is widely expected that drilling will commence in this deep water area in 2016/2017 and, as such, all companies will be seeking to improve confidence in their leads and prospects with the new high quality Springboard 3D seismic data.

Eco Orient Energy Drills WBEXT-3F Well in Thailand’s Blocks L44/43, L33/43

Australia’s Carnarvon Petroleum Limited (Carnarvon) reported Tuesday that drilling has been completed on the WBEXT-10B well and has commenced in the WBEXT-3F well in the L44/43 and L33/43 Concessions in Thailand, in which Carnarvon holds a 20 percent interest.


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The WBEXT-10B well, drilled down dip in the WBEXT-3C/3D/3D fault block, was completed as a production well after encountering an oil column in the igneous reservoir, and after a week of testing is flowing at rates of between 400 and 450 barrels of oil per day (bopd) with 2-3 percent water cut.

The WBEXT-3F appraisal well is being drilled to determine the extent of the oil column in the WBEXT-3ST1 fault block.

During initial testing of the WBEXT-10B well the Thailand Concessions are flowing over 4,500 bopd (gross) with discussions ongoing with the Operator to determine the ultimate flow rates in line with previous decisions to reduce the rates of new wells in order to increase ultimate recovery per well.

Equity holders in the L33/43 and L44/43 Concessions are:

  • Carnarvon Petroleum – 20 percent
  • Eco Orient Energy (Operator) – 60 percent
  • Loyz Energy – 20 percent

BMT Lands ExxonMobil’s Contract for Angola’s Offshore Kizomba Project

BMT Scientific Marine Services (BMT), a subsidiary of the BMT Group, the leading international maritime design, engineering and risk management consultancy, announced Tuesday that it has been selected by Esso Angola to provide maintenance services for systems installed on the two Kizomba Tension Leg Platforms (TLP) offshore Angola.

BMT previously installed integrated marine monitoring systems (IMMS) on the TLP and Floating Production Storage Offloading (FPSO) facilities on both developments, as well as subsea riser tension monitoring systems. This contract allows BMT to provide servicing and maintenance on system instrumentation exposed to offshore conditions and ensure continued function and accurate data.

BMT’s Client Support Services plan will include twice-yearly service visits with calibration checks, software maintenance and updates, and remote technical support.

BMT provides innovative IMMS for a wide range of floating offshore oil facilities including the associated subsea risers and mooring systems. It delivers custom-engineered products from design through procurement, assembly, installation and operational support service. In addition, BMT deploys temporary monitoring systems for performance assessment, acceptance trials and forensic investigations. In combination with its extensive monitoring system experience, BMT provides data management and technical analysis of data acquired by the various permanent and temporary integrated marine and structural integrity systems.

BMT has an excellent track record in supplying 75 plus major Platform Integrity Monitoring Systems to operators in the Gulf of Mexico, offshore West Africa, Brazil, Malaysia and West of Shetland.