December 16, 2017

Amec Foster Wheeler raises cost-cut target, halves dividend

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British oil and gas services company Amec Foster Wheeler Plc raised its cost-savings target for the year and cut its dividend in half, pressured by the slump in oil prices. Ian McHoul, the chief financial officer at Amec Foster Wheeler, told CNBC Thursday that any cut in dividend is always “poorly received” and said the company was “very disappointed” that it had to make this decision. “This is about setting the business up for stability in what are very choppy waters now,” he said. “We’re active in solar, in wind, in mining…so there are pockets of strength. But what we’re…

LEKOIL – Acquisition of Interest in OPL 325, Offshore Nigeria

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Proposed Placing of New Ordinary Shares to raise up to US$40 million (approximately £26 million) Lekoil (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to announce the acquisition of an indirect controlling interest in OPL 325, (located to the south of OPL 310 in the Dahomey Basin) offshore Nigeria, for an initial consideration of US$16.08 million, with other payments due at developmental milestones totalling US$24.12 million (the “OPL 325 Acquisition”).  Lekoil considers that the OPL 325 Acquisition is consistent with its continuing strategy to assemble a balanced portfolio…

Equatorial Guinea Promotes New Offshore Exploration in 2016

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Ministry of Mines, Industry and Energy will launch bidding round in 2016 The Ministry will not extend ExxonMobil Zafiro PSC license upon expiration. Sale of Hess assets to foreign bidders and Noble Energy Carla and Diega developments will not be approved by Government. Following the success of its 2012 and 2014 bidding rounds, the Ministry of Mines, Industry and Energy of Equatorial Guinea has announced it will launch a new bidding round for all remaining deep and ultra-deepwater blocks in 2016. Two operators have confirmed they will further explore prospects in Equatorial Guinea in 2016: RoyalGate Energy will drill Block…