Po Valley set for AIM listing of Saffron Energy on Friday

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Australia’s Po Valley Energy Ltd (ASX: PVE), which has oil and gas exploration, development and production interests in northern Italy, has announced an updated timetable for the spin-out of its subsidiary, Saffron Energy Plc (Saffron Energy) and is now anticipating a listing on London’s AIM market by this Friday (February 24). The listing of Saffron, which will own one gas production (Sillaro) and two near-term gas production fields (Bezzecca (90%) and Sant’Alberto) near Milan and Bologna previously owned by PVE, includes a A$4 million IPO capital raising to primarily fund accelerated development of all three gas field assets. Agreements have…

Geoex courts, woos and wins MultiClient Geophysical

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Spectrum has withdrawn its bid to take over MultiClient Geophysical, after the target company’s board recommended an offer filed by Geoex. Geoex entered the fray in January in its effort to acquire all outstanding shares in MultiClient Geophysical (MCG) at a consideration of NOK 1.20 per share. Spectrum then made a competing offer of NOK 1.25 per share. Geoex responded earlier this month with a revised offer of NOK 1.40 per share, valuating the total share capital of MCG at approximately NOK 130 million (AU$20.8 million) MCG subequently recommended the offer made by Geoex, deeming it in the best interest…

PGS cuts losses in fourth quarter.

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MARINE geophysical company PGS was hit by a 33 per cent decline in revenue in the fourth quarter, but revealed in its quarterly report that its net loss had dropped to US$156.1 million compared to US$334 million in the corresponding period of 2015. The company’s net loss before tax was US$118.7 million, compared to US$357.1 million in the prior-year quarter. The company recorded impairment charges, excluding impairment of MultiClient library, of US$12 million for the full year 2016 and US$7.8 million in the fourth quarter. This primarily related to adjustments to the expected schedule for returning cold-stacked vessels to operation.…

CGG completes first airborne gravity survey in Bahrain

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CGG has completed the acquisition and processing of the first ever airborne gravity gradiometry (AGG) survey of the Kingdom of Bahrain. Conducted on behalf of the Bahrain Petroleum Company (Bapco), CGG said this was the first commercial survey to be acquired worldwide using Falcon®Plus, the newest release in CGG’s suite of Falcon airborne gravity gradiometer (AGG) systems, which the Paris headquartered company claims is the lowest-noise AGG system available. CGG said a data set of around 18,000 km of high-resolution, low-noise airborne gravity gradiometer and magnetic data is now available over approximately 7,700km² of open exploration acreage across the Kingdom’s…

FROGTECH uncovers significant structures in South China Sea.

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Australian geoscience company Frogtech Geoscience has released a comprehensive new basement‐focused study of the hydrocarbon‐rich South China Sea and Gulf of Thailand; a geologically complex region. The Canberra-based company said the study (South China Sea SEEBASE®) includes new, terranebased plate reconstructions of the Proto‐South China and cutting‐edge insights into the tectonic evolution of the region. “The redefinition of the Paleotethys suture, a fundamental tectonic structure, shows that it formed a significant regional rheological and thermal boundary that was important to the evolution of hydrocarbon‐rich basin systems through time,” Frogtech said. “The resulting structural and tectonic model gives petroleum explorers a…

Spectrum returns to profit in Q4

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Offshore seismic operator Spectrum has returned to profit in the fourth quarter, posting a net gain of $2.5 million that corresponded to a net loss of $5.5 million in the corresponding quarter of 2015. For the full year, however, the seismic player recorded a $20 million loss, in comparison to an $8 million loss in 2015. Spectrum said it does not expect the marine seismic market to improve significantly this year, with 2016 and 2017 representing the bottom of the current downcycle. During the fourth quarter net multi-client revenues totalled $29.9 million, down from $41.9 million in 2015. Spectrum said…

Shell submits program for Brent field decommissioning

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Shell has submitted its decommissioning program for the Brent oil and gas field in the UK sector of the North Sea to the Department for Business, Energy and Industrial Strategy (BEIS). Shell said that after submission of the plan, an extended 60-day public consultation on recommendations to decommission the Brent field would commence. Located 115 miles north-east of the Shetland Islands, the Shell-operated field has produced about three billion barrels of oil equivalent since production started in 1976. This represents almost 10% of UK production. Brent Delta ceased production in 2011 and Brent Alpha and Brent Bravo followed suit in…

APPEA warns: Don’t kill the golden goose!

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The Australian Petroleum Production and Exploration Association of Australia (APPEA) believes Australia’s capacity to find and develop its oil and gas resources may be at stake as the Commonwealth Treasury reviews the petroleum resource rent tax (PRRT). APPEA Chief Executive Dr Malcolm Roberts said a stable, competitive tax regime had been essential in attracting more than $200 billion in new gas projects for Australia. “There is intense global competition for capital. Australia is just one of 21 countries exporting LNG (liquefied natural gas),” Dr Roberts said. “Australia is not the most attractive destination for global investors. Our reserves are costly…

Polarcus lands 4D project off West Africa

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Marine seismic acquisition firm Polarcus has been awarded a 4D marine seismic acquisition project offshore West Africa. Polarcus announced the contract award but did not disclose financial details or reveal who the client was. The marine seismic player said that the project is scheduled to start in the second quarter of 2017 and it would run for approximately one month.The project represents Polarcus’ second in West Africa since the start of 2017. In early January it announced a letter of intent for an offshore broadband 3D marine seismic acquisition project in the region. This project is due to start in the first quarter…

CGG delivers final pre-STM data for multi-client survey in Midland Basin

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CGG has announced that the final processed time volumes (Orthorhombic Kirchhoff PreSTM) from its recent Hobo 3D multi-client survey in the highly prospective Midland Basin are now available for license. CGG said this Howard County, Texas project delivers 342 square miles of wide-azimuth seismic data with ultra-low-frequency content down to 3Hz for optimal reservoir characterization. The seismic data is available now and will be complemented by a full reservoir optimization package that will be available in July 2017 and includes petrophysics, quantitative interpretation, RoqScan™ quantitative mineralogy, and also geochemistry and geomechanics. This package will deliver a comprehensive reservoir study of…

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