Radial Energy Inc., Houston, (OTCBB: RENG) has acquired an additional 3% interest in the Huaya Block 100 project in Peru, increasing its participation from 23%, for US$450,000. Radial will now pay US$1 million to E&P A&D News A&D Watch • March 2007 • 35 the operator within 10 days of the completion and successful production-testing of the Huaya 100-1X well, and US$550,000 upon the successful completion of the next development well (Huaya 100-2X). The original agreement called for a one-time payment of US$1.7 million upon completion and testing of the first well.
Recommended Reading
Brett: Oil M&A Outlook is Strong, Even With Bifurcation in Valuations
2024-04-18 - Valuations across major basins are experiencing a very divergent bifurcation as value rushes back toward high-quality undeveloped properties.
Marketed: BKV Chelsea 214 Well Package in Marcellus Shale
2024-04-18 - BKV Chelsea has retained EnergyNet for the sale of a 214 non-operated well package in Bradford, Lycoming, Sullivan, Susquehanna, Tioga and Wyoming counties, Pennsylvania.
Defeating the ‘Four Horseman’ of Flow Assurance
2024-04-18 - Service companies combine processes and techniques to mitigate the impact of paraffin, asphaltenes, hydrates and scale on production — and keep the cash flowing.
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.
Ozark Gas Transmission’s Pipeline Supply Access Project in Service
2024-04-18 - Black Bear Transmission’s subsidiary Ozark Gas Transmission placed its supply access project in service on April 8, providing increased gas supply reliability for Ozark shippers.