December 16, 2017

UK Oil & Gas hits ‘important milestone’ as report finds possible 1.25 million barrels at Markwells field | Business | London Evening Standard

The company behind the so-called Gatwick Gusher has said that 1.25 million barrels of oil could be recovered from its Markwells Wood field, north east of Portsmouth. The potential oil in the Markwells field was calculated by recognised analysts Xodus Group, who said there was a 75% risk that the oil could be recovered. Any oil recovery depends on a raft of approvals, both internal and external. UK Oil & Gas has begun the process of applying to the regulator, the Oil and Gas Authority, for a licence for an 18 year production period. Stephen Sanderson, chief executive of UKOG, said…

Gatwick oil find: Report boosts UK Oil & Gas’ prospects at Horse Hill | Business | London Evening Standard

Hopes for millions of barrels of oil gushing from the South Downs around Gatwick airport came a very small step closer to reality today. A report from independent consultants Schlumberger, commissioned by the explorer UK Oil & Gas, said there are 11 billion barrels of so-called “oil in place” in the 55 square miles of the two Horse Hill licences. After the first flurry of excitement in April over initial findings, UK Oil & Gas and its fellow shareholders in the licences said this is still not an estimate of how much oil, if any, might actually be recovered. But boss…

Let’s have clarity once and for all on Soma Oil & Gas – The Independent

It’s not always easy getting a straight answer out of Michael Howard. Ask Jeremy Paxman, who famously asked him 12 times if he had threatened to overrule the boss of the prison service. The former Conservative leader was similarly tricky to pin down more recently when questioned by journalists about a letter he wrote last year to the government minister Michael Fallon in his new guise as chairman of his Somali company Soma Oil & Gas. In it he described how the Soma job was “an appointment I accepted with the encouragement of the FCO”. However, the Foreign and Commonwealth…

John Rogers Increases His Stake in Contango Oil & Gas Company – GuruFocus.com

John Rogers (Trades, Portfolio) of Ariel Investment LLC has increased his portfolio stake in Contango Oil & Gas Company (MCF). Rogers is the founder of Ariel Investment LLC which manages approximately $8.9 billion in equity assets. On July 31 he added 467,473 shares of Contango to his portfolio, increasing his allocation in the oil and gas sector to 4.96% and his portfolio position in Contango to 0.50%. After the share increase on July 31, Ariel Investment LLC holds 25% of the outstanding equity shares of Contango. [ Enlarge Image ]Contango Oil & Gas is an exploration and production company focused on resources in the…

UK Oil & Gas founder Lenigas quits | Interactive Investor

Controversial oil man David Lenigas has called it quits at UK Oil & Gas (UKOG), the tiny explorer he helped set up in 2013 and which has discovered oil near Gatwick Airport. The shares rocketed by over 1,000 % earlier this year following the Gatwick find, but Lenigas, who will stay as a consultant for four months, has a history of building companies then moving on. UKOG, it seems, is no different. Lenigas, who has claimed that up to 100 billion barrels of oil lay beneath the ground in the Weald Basin, is retiring “to focus on other business interests”. He will…

First Nation sues Tundra Oil & Gas, province over oil wells near reserve land – iTeam – CBC

Leaders of a small First Nation in Western Manitoba say they feel betrayed by an oil company that drilled for oil on land adjacent to a native reserve but did not make the First Nation a partner in any oil well profits. Gamblers First Nation is suing Tundra Oil & Gas Partnership — which is owned by Winnipeg-based James Richardson & Sons Ltd. — and the Province of Manitoba, which licensed the company’s drilling on land next to the First Nation reserve land. Gamblers is asking Court of Queen’s Bench for an order to quash the licences for the oil wells and…

Oil & Gas Jobs: Firms hiring for hundreds of positions – Emirates 24|7

Even as most oil and gas companies globally have kept their hiring levels subdued due to the relatively low oil prices, big names in the region like Qatar Petroleum and Saudi Aramco are adding to their headcount. The companies have several vacancies advertised and are looking for people across departments. Qatar Petroleum has openings in various departments such as gas processing, legal, operations engineering, administration and clerical, gas production maintenance, marine port and terminal operations, drilling, healthcare, human resources among many others. Hundreds of jobs have been posted and interested candidates can apply online. The compensation package at the company…

New funding sets Europa Oil & Gas up for success, CEO says – Proactiveinvestors (UK)

With funding plans announced today Europa Oil & Gas (LON:EOG) is setting itself up for success, says chief executive Hugh Mackay. Europa aims to raise £3.4mln through a share sale, with £1.4mln already secured through a conditional institutional placing. Existing shareholders now have the opportunity to subscribe for a total £2mln worth of additional new shares. New shares will be issued at 6p each, a 20% discount to Friday’s closing price. Mackay in an interview with Proactive Investors acknowledged criticism of the funding terms from some investors. “To be honest, I don’t like the price either,” he said. “But, at the end…

Freeport-McMoRan Oil & Gas files for initial public offering – Houston Business Journal

Houston-based Freeport-McMoRan Oil & Gas Inc. has filed a registration statement for an initial public offering that could raise up to $100 million. The number of shares to be offered, the price per share and the timing of the offering have not been decided, so that proposed maximum aggregate offering price might still change, according to the June 23 filing with the U.S. Securities and Exchange Commission. The company plans to list its common stock on the New York Stock Exchange under the ticker symbol “FMOG.” The energy industry overall accounted for a significant chunk of the IPO market in 2015 thus far,…

NEWS  |  Sabine Oil & Gas Defers $21 Million Interest Payment  |  Rigzone

SPRINGVILLE, PA - JANUARY 17:  A Cabot Oil and Gas natural gas drill is viewed at a hydraulic fracturing site on January 17, 2012 in Springville, Pennsylvania. Hydraulic fracturing, also known as fracking, stimulates gas production by injecting wells with high volumes of chemical-laced water in order to free-up pockets of natural gas below. The process is controversial with critics saying it could poison water supplies, while the natural-gas industry says it's been used safely for decades. While New York State has yet to decide whether to allow fracking, economically struggling Binghamton has passed a drilling ban which prohibits any exploration or extraction of natural gas in the city for the next two years. The Marcellus Shale Gas Feld extends through parts of New York State, Pennsylvania, Ohio and West Virginia and could hold up to 500 trillion cubic feet of natural gas.  (Photo by Spencer Platt/Getty Images)

In a sign of ongoing distress in upstream commodity companies’ balance sheets, Sabine Oil & Gas Corp. has decided to defer a $21 million interest payment due June 15 on its 7.25 percent senior notes due in 2019. The embattled Houston independent said in a statement the company would take advantage of a 30-day grace period on the payment. The other option is default, a step that could lead the company closer toward bankruptcy. Kim Brady, a partner at Solic Capital, told Rigzone that banks have been patient with energy companies given the volatile economic environment. However, “As soon as…