IS - People & Companies - November 5, 2019AIM-listed ADM Energy Plc appointed Peter Francis as non-executive chairman of the board and Manuel Lamboley nonexecutive director. Following these Oct. 21 appointments, Richard Carter moved from interim non-executive chairman to COO, and Stefan Olivier stepped down from the board, leaving the company with immediate effect. Australia’s Armour Energy Ltd. appointed Richard Fenton as interim CEO on Oct. 24 to replace Roger Cressey, who tendered his resignation July 29 but remained in his...
Nov 05, 2019
OFS - People & Companies - October 29, 2019Borr Drilling formally appointed Paal Kibsgaard as the new chairman of the board during an October meeting. The former Schlumberger CEO will replace Tor Olav Troim, who will continue to serve as a director and has been appointed as deputy chairman. Schlumberger is Borr’s leading stockholder. Kibsgaard was elected as a director at the company’s annual general meeting in September. UK-based Expro appointed Quinn Fanning as CFO. He was formerly EVP and CFO of Tidewater Inc. and played a...
Oct 29, 2019
IS - Solo makes North Sea debut and changes name to Scirocco - October 2019London-listed Solo Oil is establishing a new core area, striking a deal to acquire non-operated interests in Dutch North Sea gas assets from One-Dyas for €32.1 million ($35.3 million), including a deferred payment of €2.0 million ($2.2 million) upon future development of 2C contingent resources. Solo concurrently announced it was changing its name to Scirocco Energy. The deal marks its transition from an investment firm with stakes in E&P firms in Tanzania and Canada to an operating...
Oct 15, 2019
CM - People & Companies - October 4, 2019Alta Mesa Holdings GP, LLC announced that interim CEO James T. Hackett resigned from that role on Sept. 10 but will continue as executive chairman of Alta Mesa Resources, Inc. The GP is the general partner for Alta Mesa Holdings, LP and filed for bankruptcy together with Alta Mesa Resources. Basic Energy Services, Inc. announced that president, CEO and director TM Roe Patterson is transitioning away from the company but will stay through the appointment of his successor. Also,...
Oct 04, 2019
OFS - Weatherford gains court approval for Ch. 11 reorganization plan
- September 2019Amending its restructuring support agreement for the third time was just what Weatherford International plc needed to win US Bankruptcy Court approval for its entire reorganization plan on Sept. 11. The company went back to court two days earlier in the Southern District of Texas with a joint pre-packaged reorganization plan with a third amended support agreement that had the support of about 82% of its senior unsecured noteholders. In addition, an amendment to a backstop commitment...
Sep 17, 2019
OFS - Analyst Notes - September 17, 2019Helmerich & Payne, Inc. (NYSE: HP; $37.61-Sept. 5; Buy) Our Dec-Q’19+ activity assumptions are likely a touch too high, which is primary reason why we’re now cutting our FY’20 EBITDA estimate to ~$667MM (vs. prior $700MM; Street $747MM). On capex front, we like seeing HP take its FY’20 budget ($300MM vs. TPH/Street $325MM/$300MM) closer to maintenance-only type levels, although we suspect this number has room to fall further if our activity forecast proves correct next year. While...
Sep 17, 2019
CM - Weatherford gains US approval for bankruptcy reorganization - September 2019Amending its restructuring support agreement for the third time was just what Weatherford International plc needed to win US Bankruptcy Court approval for its entire reorganization plan on Sept. 11. It went back to court in the Southern District of Texas two days earlier with a joint prepackaged reorganization plan with a third amended support agreement. The company is seeking to eliminate nearly $6 billion of debt from its books. Under the amended plan, Weatherford will have access to...
Sep 13, 2019
CM - Weatherford opens Chapter 11 to kill $5.8 billion in debt - July 2019Noting between 200 and 1,000 total creditors, beaten and bruised Weatherford
International plc entered a US federal bankruptcy court in Texas on June 28 to file for
Chapter 11 protection and pave the way to submit a plan to shed a total of $5.85 billion
worth of debt. The bankruptcy filing was expected, as the debtor outlined a
comprehensive plan on May 10 to restructure its debt. The plan had the backing
of 62% of its noteholders
at the time, which grew to 79% by
petition-filing day.
The...
Jul 12, 2019
IS - News Briefs - March 3, 2020Berlanga International is expected to spud its first wildcat off Myanmar on Block M-8 by the end of Q1, according to the Enverus International Web App. The Noble Clyde Boudreaux semisubmersible will drill the well in 100-300 meters of water to a planned depth of 1,100 meters, and drilling operations are expected to last for 30 days. Depending on the results of the wildcat, Berlanga may drill an appraisal well 3.2 km to the southeast of the first well. The company is targeting a prospect that...
Mar 03, 2020
IS - News Briefs - February 11, 2020Australian junior Empire Energy plans to spud an exploration well by mid-2020 in EP187 onshore Australia’s Northern Territory. The SL-4 well will target the Middle Velkerri A, B and C shales with an estimated net thickness of 270 meters and is analogous to the Marcellus, Barnett and Eagle Ford shales in the US. Doriemus plc signed a binding heads of agreement to issue 100-143 million of Chess depositary interests at A$0.035 each to gross up to A$5 million ($3.37 million). Under the...
Feb 11, 2020
OFS - News Briefs - February 4, 2020Doris Inc. won a contract from BHP for engineering services for subsea umbilicals, risers, flowlines and the export pipeline for the Trion project off Mexico. Trion is located in the Perdido belt in 2,570 meters of water. BHP is targeting a 2022 final investment decision on the project, with first oil coming in 2025 or 2026. Financial terms were not disclosed. Evolution Well Services executed a 24-month agreement to provide dedicated electric hydraulic fracturing services for a leading...
Feb 04, 2020
IS - North Sea & Western Europe Briefs - November 5, 2019Angus Energy plc will gross £1.5 million from a convertible loan facility led by Riverfort Global Opportunities. It received the first £1 million of the facility upon signing Oct. 28, netting £897,500 in the transaction. While there is no interest due, the holder can convert the drawn borrowings into equity using a variety of discounting methods. If the holder doesn’t convert, amounts drawn must be repaid after 12 months. Up to 20% of the outstanding principal is convertible by YE19. Angus also...
Nov 05, 2019
OFS - Contracts Briefs - September 17, 2019Petrofac has received an extension of its 2016 contracts in support of Repsol and Sinopec’s UK North Sea JV. The company will provide engineering support services as a Tier 1 contractor for brownfield modifications and projects across the JV’s operated assets and Flotta terminal. The JV also granted contract extensions to Wood plc, PD&MS Group, Step Change Engineering, Global E&C and R&M Engineering. Seadrill Ltd. secured a one-year charter extension, valued at about $74 million,...
Sep 17, 2019
IS - News Briefs - July 23, 2019ASX-listed ADX Energy struck a deal
with Austrian E&P firm RAG Exploration
& Production GmbH to acquire the
onshore Zisterdorf and Gaiselberg fields
located in Austria’s Vienna Basin for $4.5
million (€4 million). Each field covers
2,503 sq km and holds total 2P reserves
of 0.98 MMboe. The assets are producing
350 boe/d and are expected to generate
2019 post-tax flow of $2.25 million. Axxis Geo Solutions, an enlarged
company through the buyout of Songa
Bulk, announced its listing on...
Jul 23, 2019
IS - North Sea & Western Europe Briefs - July 23, 2019Egdon Resources updated results
of its Biscathorpe-2 exploration well in
PEDL253 onshore the UK in Lincolnshire
County. The well was completed in February
and suspended for a potential future sidetrack. Further analysis of well data indicated
a likely 35-meter oil column close to the well.
The oil column is in the top of the Dinantian
interval from 1,980 to 2,015 meters. Data
at the base of the analyzed section and
wellbore gas readings also suggested
additional pay below 2,133 meters....
Jul 23, 2019