Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2014-03-16 17:16:00



OILVOICE.  Global Energy Development PLC (AIM: GED) announce that it has signed a farm-out agreement (the "Agreement") with respect to its Bolivar association contract area (the "Contract Area"), in the Middle Magdalena Basin, with Everest.

The Agreement marks the successful conclusion of a previously announced extensive marketing process conducted by Jefferies International over the last 12 months in connection with the Bolivar association contract.

Under the terms of the Agreement, Everest will acquire a 50 per cent. interest in the Contract Area, including any and all rights, obligations and duties in respect of the Contract Area in exchange for payment of the work commitments stipulated in the Agreement and the cash payment of $5 million. The Agreement is subject to certain conditions, including Ecopetrol approval. Under the Agreement, Everest commits to undertake the funding of a work program with respect to the Contract Area (the "Work Program"), including an obligation to pay all future costs and expenses incurred with respect to the proposed operations:

within one year of completion of the agreement, to re-enter and hydraulically fracture potential formations in two existing wells within the Contract Area; and 

within two years of completion, to drill and complete one new exploitation well in the Contract Area.

The Work Program shall be governed by a joint-venture agreement to be agreed between Global and Everest. 

Everest is an affiliated company of the Quasha family trusts which also have an interest in Lyford Investments, Inc., an existing shareholder in Global. HKN, Inc. ("HKN"), Global's principal shareholder, Lyford Investments, Inc and parties acting in concert with it are interested in 21,849,016 Global shares, representing approximately 60.50 per cent. of the issued share capital of the Company. By virtue of these holdings, entry into the Agreement constitutes a related party transaction under the AIM Rules. With the exception of Mr. Mikel Faulkner, who is a director of HKN, the Company's Directors consider, having consulted with Northland Capital Partners Limited, the Company's Nominated Adviser, that the terms of the Agreement are fair and reasonable insofar as the Company's shareholders are concerned.

Stephen C. Voss, Managing Director of Global, commented  "The Company is very keen to re-commence its activities in the Middle Magdalena Basin. This agreement not only provides us with the funding for a three well progamme but it also allows us to share the risks as we jointly develop the Company's largest asset base."

Tags: Global Energy Development


2018, March, 18, 11:40:00


PENNENERGY - The Trump administration accused Russia on Thursday of a concerted, ongoing operation to hack and spy on the U.S. energy grid and other critical infrastructure, and separately imposed sanctions on Russian officials for alleged high-tech interference in the 2016 American presidential election.

2018, March, 18, 11:35:00


IAEA - IAEA Director General Yukiya Amano commended efforts by Pakistan to increase nuclear safety and security as the country works to triple its nuclear power capacity. Prime Minister Shahid Khaqan Abbasi commended the IAEA for the support provided to Pakistan in the use of peaceful nuclear applications. Pakistan “was ready to further strengthen its partnership with the IAEA and contribute towards the achievement of the Sustainable Development Goals worldwide,” the Prime Minister said.

2018, March, 18, 11:30:00


PLATTS - "The increase in competition induced new practices in the market that resulted in imports returning to normal," Petrobras' Jorge Celestino said during a presentation of the company's 2017 financial results.

2018, March, 18, 11:25:00


PLATTS - The objective of this program is to increase its domestic refinery utilization rates to 90% from current levels of 10-20%, Kragha said speaking to Platts in Cape Town on the sidelines of the African Refiner Association conference.

All Publications »