Cardinal Resources Plc, London, (AIM: CDL) has entered an agreement with Hares Group Ltd. to acquire Ukraine-based Rudis Drilling Co. for US$14.8 million, consisting of US$6 million in cash and 21.9 million Cardinal shares.
Rudis' assets include three oil and gas licenses and a 50% working interest in a joint activity agreement with Ukrgazvydobuvannya, a subsidiary of Naftogaz Ukraine, where Rudis is operator.
Rudis' properties are approximately 40 kilometers from Cardinal's wells in the Rudivsko-Chernovozavodske Field in eastern Ukraine. The company has net average production of 500 barrels of oil equivalent per day and estimated reserves of 9.1 million barrels equivalent.
The transaction is expected to increase Cardinal's reserves to 27.5 million equivalent. It is to close by the end of November.
Moscow-based Gazprom reports its management committee has approved the acquisition of a 72.7% stake in privately held Sibneft from Millhouse Capital.
The management committee also endorsed the purchase of a 3% stake in Sibneft from Gazprombank. The deal waits approval from Gazprom's board.
Lukoil Overseas Holding Ltd. will buy Kazakhstan-focused Nelson Resources Ltd., Toronto, (Toronto: NLG) for US$2 billion in cash or approximately US$2.19 per share.
BMO Nesbitt Burns is financial advisor to Nelson. The transaction is expected to close in December.
Nelson holds a 50% interest in the Kazakhoil Aktobe LLP and has received approval to start full field development of the Alibekmola Field and pilot field development of the Kozhasai Field. The fields have combined current production of 26,300 barrels of oil per day from 31 wells.
The Alibekmola field has estimated reserves of approximately 196 million barrels.
Nelson also has an agreement with Kazmunaigas giving it an option to acquire a 25% participatory interest in Zhambai LLP, which holds a license in the Caspian offshore blocks Zhambai South and South Zaburunye in the Atyrau Oblast of Kazakhstan in the North Caspian Sea.
The company also owns an interest in the North Buzachi Field, which has reserves of 168 million barrels.
And, it holds 60% of Chaparral Resources, which owns the 60% controlling interest in the Karakuduk Field developed jointly with KazMunaiGas. The field has recoverable reserves of 62 million barrels of oil.
Nelson also owns a 50% interest in Arman LLP, which operates the Arman Field, onshore the Caspian Sea region. The field has estimated proven and probable reserves of 10.8 million barrels.
Transco Resources Corp., Calgary, (Toronto Venture: TRN) plans to merge with CEP International Petroleum Ltd., a privately held company with an 85% interest in two exploration licenses onshore the Koriakia region of the Kamchatka peninsula, Russia.
Holders of CEP and Transco common shares will receive one share of the combined company per CEP or Transco share held. Research Capital Corp. is advisor to Transco.
Transmeridian Exploration Inc., Houston, (Amex: TMY) plans to acquire Bramex Management Inc. in a deal valued at $168 million, including approximately $42 million of bank debt.
Bramex owns the 50% of JSC CaspiNeft TME not currently owned by Transmeridian. Transmeridian operates the South Alibek Field in Kazakhstan through its present interest in CaspiNeft under a joint operating agreement with Bramex.
Upon closing, which is expected by the end of December, Transmeridian will own 100% of CaspiNeft.
Valkyries Petroleum Corp., Vancouver, (Toronto Venture: VPC) has entered a protocol with Lanta Invest LLC to acquire 50% plus one share for a controlling interest in CSC Oilgaster, the owner of the Ashirovskoye license block in the Orenburg region of Russia.
Proved reserves associated with the field are 12 million barrels of oil.
Valkyries will pay Lanta Invest US$9 million for the interest. In addition, Valkyries will issue 120,000 common shares to IMD Inc. as a finder's fee.
SM Energy Announces $0.15/Share Quarterly Cash Dividend
2023-03-30 - SM Energy's board of directors announced the quarterly cash dividend of $0.15/share of common stock outstanding will be paid out to stockholders on May 5.
Brazil's Ministry Asks Petrobras to Reassess Decision on Suspending Signed Sales
2023-03-29 - Considering the election of a new management team appointed by CEO Jean Paul Prates and the preliminary analysis, the ministry requested the firm to take "the necessary measures for a better evaluation of the issue."
Validere Brings Onboard Karen Marsh as Senior Advisor of Carbon Strategies
2023-03-28 - A former senior environmental engineer for the EPA, Karen Marsh brings 15+ years of experience to her new role as Senior Advisor, Carbon Strategies for Validere.
Ecopetrol Names Alberto Consuegra as Interim CEO
2023-03-27 - Colombia state energy giant Ecopetrol has appointed COO Alberto Consuegra Granger as interim CEO, effective April 1, to replace Felipe Bayón Pardo who steps down on March 31.
Energy Transition in Motion (Week of March 24, 2023): Advancing Projects, Investment
2023-03-24 - Here’s a look at some of this week’s renewable energy news, including a $2.6 billion wind farm final investment decision.