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AIM-listed Sound Energy has announced a better-than-expected gas flow from the TE-7 appraisal well on the Tendrara licence, and has raised a net £24.3m ($32m) through a share offer as it talks up the potential for a “huge gas deposit”. The share offer, at the market price rather than a discount, used the PrimaryBid.com online platform to enable private investors to participate on the same terms as institutions.

Morocco
Issue 233 - 15 June 2012

Tower wins Repsol farm-in

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Oil trader Arcadia Petroleum has secured a farm-in from Spain’s Repsol on its offshore licence 0010. Repsol plans to take a 44% stake and assume operatorship.

Namibia
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In a last-ditch bid to hang on to the licence, Hyperdynamics is claiming its Fatala well was a discovery, despite initially announcing it had not encountered hydrocarbons. The licence was due to expire on 21 September unless a discovery was made. Nigeria’s South Atlantic Petroleum, which farmed in to the licence in March, has withdrawn, but Hyperdynamics said it would be seeking a two-year appraisal period. However the company, which struggled to find funding and partners to drill Fatala, is likely to find financing appraisal work a challenge.

Guinea
Issue 330 - 16 September 2016

Ghana: CGG JV

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French geophysical services company CGG on 30 August announced an agreement with GNPC Operating Services Company Ltd (Gosco) to form a joint venture company focused on 2D, 3D and 4D marine seismic acquisition and related services. The company, Gosco Geoscience Ltd, will be a Ghanaian indigenous company based in Accra. Gosco, an independent Ghanaian upstream services company, operates the Offshore South-West Tano and East Keta petroleum blocks.

Ghana
Issue 154 - 09 January 2009

Gazprom plans following bid win

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Russia’s state-controlled Gazprom has said it will invest $120m in exploration of the El Assel perimeter, which it secured in the seventh bid round on 13 December.

Algeria
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Somaliland has had some success at attracting companies to explore for oil, but is burdened by Somalia’s troubles and by its lack of international recognition, writes Nadine Marroushi.

Somalia
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Houston-based McDermott International has won a contract to build a 15,000-tonne platform for Noble Energy’s Alen gas-condensate development project off the east coast of Bioko Island.

Equatorial Guinea
Issue 195 - 09 October 2010

Petronas pulls out of Ogaden

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Petronas is pulling out of Ethiopia, selling all its oil and gas interests to SouthWest Energy, the company formed by the Malaysians’ former local agent.

Ethiopia
Issue 201 - 21 January 2011

Morocco: Circle Oil in new gas find

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Circle Oil has announced a gas discovery with the KSR-10 exploration well on the Sebou permit, north-east of Rabat in the Rharb Basin.

Morocco
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While talking up its efforts to support the oil and gas industry through the current downturn with a two-year extension to all exploration contracts, the Ministry of Mines and Hydrocarbons has published a new ministerial order that limits to three years the period during which companies can employ expatriate workers. “The order follows years of successful capacity building and training within local companies and local labour in Equatorial Guinea, which has made available a well-trained pool of local talent,” a ministry statement said.

Equatorial Guinea
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Total and Sonangol signed a production-sharing agreement with the government of São Tomé & Príncipe on 15 March to explore for oil in Block 1 of the islands’ Exclusive Economic Zone (EEZ), the national oil agency ANP said.The award follows an invitation for expressions of interest launched by the São Toméan authorities in May 2018.

São Tomé & Príncipe
Issue 266 - 26 November 2013

Nigeria: Heritage in Bayelsa State tie-up

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Heritage Oil has agreed to form an indigenous Nigerian oil company through a joint venture with Bayelsa Oil Company, owned by the government of President Goodluck Jonathan’s home state. Heritage will own 45% of Petrobay Energy, which will be based in the Bayelsa State capital Yenagoa, in the Niger Delta. The venture will give Heritage access to more Nigerian assets while complying with Nigeria’s strict local content laws. Heritage said Petrobay would look to acquire production, development and exploration assets from international oil companies, and would combine “Bayelsa Oil Company’s indigenous support from state government and local communities with Heritage’s strong technical track record and access to financial markets”.

Nigeria
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With further progress in its electricity privatisation, increased food production due to investment in agriculture, and capital markets responding favourably to banks and bonds, it is easy to be drawn into the bubble of optimism that has built up around the Nigerian economy and its prospects. Away from the conflict zones of the north and Niger Delta, real progress has been made, but for every bit of positive newsflow there is a reality check, such as a new report from the Royal Institute of International Affairs (Chatham House) which examines illegal oil exports – a still little understood cog in the machine of money and power-broking that defines public life in Nigeria.

Nigeria
Issue 149 - 31 October 2008

AfDB funds Hasdrubal

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The African Development Bank has approved a senior loan of $150m through its Private Sector Window to finance BG’s Hasdrubal oil and gas field development project in the Gulf of Gabes (AE 140/14).

Tunisia
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Tullow Oil is consolidating its position in Ghana with a politically savvy $300m bid for the West Cape Three Points (WCTP) stake held by EO Group – owned by former New Patriotic Party (NPP) president John Kufuor’s allies Kwame Bauwah Edusei and George Owusu.

Ghana