Verus acquires CIECO's UK North Sea portfolio

Verus has agreed to acquire Cieco Exploration & Production (UK) from parent ITOCHU Corporation for USD400 million. The effective date of the transaction is 1 January 2018. The acquisition will includes a 23.1% interest in the Western Isles Development Project, a 25.8% interest in the Hudson field, a 2.0% interest in the Brent Pipeline System, and a 1.2% interest in the Sullom Voe terminal. This will add 11mboepd taking Verus' net production...

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Valeura's value protected by another gas price increase in Turkey

Valeura has announced that BOTAS, which owns the Turkish natural gas network and imports 82% of Turkey’s gas, has announced a fourth natural gas reference price increase. This increase is 14% (63% compounded so far this year) to around USD5.60-6.00. This increase more than compensates for the recent depreciation in the Turkish Lira by maintaining the gas price in USD broadly unchanged. On a related note, Valeura has drilled the Yamalik-1 well...

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EnQuest acquires remaining Magnus stake

EnQuest has exercised its option to acquire the remaining 75% interest in Magnus from BP, together with an increase in the interests of the Sullom Voe Terminal (to 15.1%), Ninian Pipeline System (to 18.0%) and Northern Leg Gas Pipeline (to 41.9%). The transaction will add c.60mmboe of 2P reserves and 10mmboe of 2C resources. To fund the transaction, EnQuest is looking to raise USD138 million in a 3-for-7 rights issue at 21p/share, which represents a 46% discount to the closing share price of 6 September 20...

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Spirit Energy farms in to Hurricane's Greater Warwick Area

After many years of trying to find a farm-in partner, Hurricane Energy has finally succeeded in bringing in farminee for its Greater Lancaster/Warwick Area in the West of Shetlands. Hurricane's tough journey had the company combating a falling oil price environment coupled with industry scepticism around its "fractured basement reservoir" plays. In 2017, it ploughed on alone with the sanction of an Early Production System ("EPS") at the Lancaster...

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