North Energy’s New Farm-in Well is Spudded

Posted by Michelle Howard
Monday, July 07, 2014

Rex International Holding Limited shared that North Energy ASA, in which the group holds an approximate stake of 5.35 percent, had entered into an agreement with Tullow Oil Norge to acquire a 10 percent stake in PL 507 on 26 June 2014. The agreement is conditional on government approval, and upon completion, the effective date of the acquisition has been set as January 1, 2014. Exploration drilling had begun on July 1, 2014 on the Lupus oil prospect in PL 507 in the North Sea.

Located about 35 kilometers south of the Oseberg field, well 31/10-1 is being drilled by the Borgland Dolphin in about 120 meters of water. Upon closure of the agreement, partners in the licence will be Tullow Oil Norge as operator with 60 percent, Explora Petroleum AS with 20 percent, Ithaca Petroleum Norge AS with 10 percent and North Energy with 10 percent. North Energy had said in its press release dated June 26, 2014 that it “sees a high probability of discovering hydrocarbons in the prospect”.

 Måns Lidgren, Chief Executive Officer of Rex International Holding, said, “We are pleased  to note that PL507 has been spudded shortly after North Energy’s proposed farm-in to the licence. We are excited about the prospects for North Energy, in which we have a 5.35 percent interest.”

Additionally the group announced that their jointly controlled entity HIREX had signed the heads of agreement (HOA) for 20 percent stake in offshore licence in Australia on July 4, 2014.

The binding agreements accord an option from 3D Oil to HIREX to acquire a 20 percent working interest in the approximately 448 square-kilometer concession VIC/P57, located in the northwest offshore oil-prolific Gippsland Basin, in exchange for use of the Rex Virtual Drilling technology to determine the best hydrocarbon prospects in the concession.

 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Fjords Processing Bags Johan Sverdrup Contracts

Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea.

Ocean Safety, Richard Irvin Marine Safety Merger

Ocean Safety has today announced the merger with Richard Irvin Energy Solutions Marine Safety Division and their Aberdeen branch.   This merger follows the

Energy

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

Fuels & Lubes

Litgas, Statoil JV to Develop Baltic Sea LNG

Natural gas supply and trading company Litgas, part of Lithuania's state owned energy holding Lietuvos Energija, and Statoil, leading global energy company in oil and gas production,

Port Gothenburg Offering LNG

Ships running on liquefied natural gas (LNG) are going to be able to bunker at the Port of Gothenburg, as new regulations for LNG bunkering have been introduced

Hapag-Lloyd's New Noses Lower Emissions

Hamburg based shipping company Hapag-Lloyd plans for 24 of the largest containerships in its fleet to get new bulbous bows by 2016, with some of the vessels also

News

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Mergers & Acquisitions

Ocean Safety, Richard Irvin Marine Safety Merger

Ocean Safety has today announced the merger with Richard Irvin Energy Solutions Marine Safety Division and their Aberdeen branch.   This merger follows the

Carlyle Group Acquires LMC

Global alternative asset manager The Carlyle Group today announced the acquisition of Lauderdale Marine Center (LMC), the nation's largest yacht repair facility

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

Offshore Energy

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

Fjords Processing Bags Johan Sverdrup Contracts

Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea.

Ocean Safety, Richard Irvin Marine Safety Merger

Ocean Safety has today announced the merger with Richard Irvin Energy Solutions Marine Safety Division and their Aberdeen branch.   This merger follows the

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3255 sec (3 req/sec)