Comprehensive system field trials were held in north Sumatra before the sale. PT Elnusa Tbk’s deputy director of geoscience said the first project will be in Java.
Up to four horizontal wells with about 65% working interest will be drilled on five sections of land. An area of mutual interest covers two additional sections of land.
DEA Group and LetterOne didn’t give financial details, but a LetterOne spokesman confirmed the sale. In April, Britain's Energy Ministry gave Fridman six months to dispose of fields, Reuters said.
The new group will be called Clough Enercore. The acquisition builds on Clough's North American presence, which began when an engineering team was established in Houston in 2014.
The deal underlines investors still see value in North Sea related businesses, despite a slump in oil prices and high operating costs.
In April Vanguard and LRR Energy LP announced a similar deal worth $539 million, which was announced closed on Oct. 5.
The JV significantly increases Rice's leading midstream position in the core of the Utica Shale.
Resolute also said the borrowing base of its revolving credit facility has been set at $165 million as part of its fall redetermination.
Under Chief Executive Doug Suttles, Encana is transforming into a major oil producer by concentrating spending on regions rich in gas liquids and oil and selling off natural gas assets.
Investors have more time to weigh Suncor’s unsolicited all-stock offer for Canadian Oil after its board approved poison pill shareholder rights plan, Reuters said. Company is worth about CA$4.3 billion.
In all, 36 companies from 17 countries - including Petrobras, ExxonMobil, BP and Shell - registered. No majors have bid so far. A few sold blocks were contested, Reuters said.
If the potential acquisition closes, the company will have increased its horizontal development inventory in the core of the Midland Basin by more than 25% in the past few months.
|Mid||USD 345||Members only||Sanchez Energy Corp.|
|E&P||USD 27||Members only||Bill Barrett Corp.|
|E&P||USD 50||Members only||Torchlight Energy Resources Inc.|
|E&P||USD 259.4||Members only||EnerVest Ltd.|