Strata-X Energy Ltd. (TSXV: SXE) announced March 5 it signed an agreement with an undisclosed third party to acquire a producing horizontal well and 23,595 net acres of exploration leases adjacent to the its existing Vail Oil Project for $2.25 million.
Not including this acquisition, Strata-X has 100% net working interests in oil and gas exploration rights on 49,200 net acres covering the Vail Oil Project in the Illinois Basin. Upon completion, the Denver-based company will have 100% of 72,795 net acres in the Illinois Basin.
Strata-X will fund the acquisition with exisiting cash reserves. The acquisition is expected to close March 20.
Chevron’s recently started Lianzi oil and gas field off the west coast of Africa has employed a direct electrically heated (DEH) flowline system at a new record water depth.
Norway has opened up a potentially exciting area in the Barents Sea for exploration after the Ministry of Petroleum and Energy offered 10 new production licences in the region in the country’s 23rd licensing round. Three of the licences are in the newly opened area in the Barents Sea southeast.
India’s state-run ONGC Ltd. is preparing to launch exploratory drilling in waters of Palk Bay Shallow (PBS) concession (PBS-1-1 Extension) located in Park Strait between India and Sri Lanka.