Geopark Hldgs (LON:GPK, 424p, ? (0.82%)) has formed a new strategic partnership with LG International Corporation ("LGI"), the Korean conglomerate to jointly acquire and develop upstream oil and gas projects in Latin America.
LGI is the energy, natural resource and trading affiliate of LG Corporation, the large international Korean company with 147 subsidiaries operating in over 50 countries and with annual sales exceeding US$100 billion. LGI has successfully invested and operated in the oil and gas exploration and production business for over twenty years including current upstream oil and gas projects in Oman, Vietnam and Kazakhstan. LGI has adopted a long term strategy of investing in oil and gas upstream assets in emerging resource-rich countries and has targeted Latin America as a new growth region. The objective of the LGI-GeoPark strategic growth partnership is to build a risk-balanced portfolio of upstream opportunities across Latin America - a rich under-explored hydrocarbon region whose economic future is dependent on the development of secure energy supplies. The intent is to leverage the platform and experience of both partners to identify and carry out side-by-side acquisitions; initially targeting upstream projects in the US$100-500m range size. GeoPark will be the manager of the strategic partnership and Operator of acquired projects. GeoPark will have the right to earn additional equity interests in each project, in addition to its working interest, in accordance with a formula based upon the financial performance of each acquired project. The initial term of the partnership is three years and the target for closing the first acquisition is during 2010.
Nautical Petroleum (LON:NPE, 47.5p, ? (1.04%)) announced that the Rig Agreement for the drilling of the Catcher prospect has been signed. The Tertiary (Paleocene) Catcher prospect, operated by EnCore Oil plc, in UK Central North Sea block 28/9, is expected to be spudded in May 2010.
Dragon Oil (LON:DGO, 481p, ? (2.04%)) completed the initial testing of both the Dzheitune (Lam) A/142 and 13/143 development wells. Dzheitune (Lam) A/142 well was drilled to a depth of 3,961m by the Iran Khazar rig. The well tested at a combined rate of 2,103bopd with the short string contributing 1,180bopd and the long string contributing 923bopd. Dzheitune (Lam) 13/143 was drilled to a depth of 3,450m by Rig 40. The well tested at a combined rate…
