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2014-04-25 20:00:00

UK ESTIMATES 10

UK ESTIMATES 10

Explorer Egdon Resources said an independent report had estimated that its UK shale gas licences hold around 18 trillion cubic feet of gas, enough to supply Britain for more than 6 years and 10 times more than its previous estimate.

Egdon shares were up 13.7 percent at 0716 GMT.

Britain is counting on the extraction of huge shale gas reserves to help make up for a decline in North Sea gas production, and the government has promised tax and local community incentives to help kick off a shale gas programme.

The company, which sold parts of its shale gas licences to French oil major Total earlier this year, also said it was continuing to look for acquisition and consolidation opportunities in the sector.

"Given the high level of interest and recent transactions, we expect our UK shale-gas assets to be an increasing near-term value driver for the business," Egdon Resources Chairman Philip Stephens said in a statement.

British utility Centrica and French peer GDF Suez have also entered the UK shale gas scene over the past year, paving the way for further interest by major oil and gas companies.

Egdon Resources, listed on Britain's Alternative Investment Market (AIM), warned however that it had not assessed the risks of extracting the gas, which meant there was no certainty extraction would be commercially viable.

Typically only 10-15 percent of resources in place are able to be extracted.

The company also said it planned to participate in Britain's next onshore licensing round, which is expected later this year.

Egdon Resources also on Friday reported a 830,000 pound profit for the six months ended Jan. 31, recovering from a 230,000 pound loss over the same period a year ago.

The explorer slightly undershot its full-year production target of 200 barrels of oil equivalent per day.

reuters.com

Tags: UK, SHALE, GAS

Chronicle:

UK ESTIMATES 10
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

UK ESTIMATES 10
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

UK ESTIMATES 10
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

UK ESTIMATES 10
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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