Oil & Gas News
North Sea Energy Inc. (NUK CN, C$0.37, ? 5.13%) announced that it has been notified by the UK Department of Energy and Climate Change (DECC) that it, together with its partners, has been awarded three new blocks in the UK North Sea in the 26th Seaward Licensing Round, namely the Norfolk Prospect ? Block 12/16b (20% interest), the Norfolk East lead ? Block 12/17b (20% interest) and the Badger lead ? Block 12/30 (50% interest). NUK holds its interest in the Norfolk Prospect and the Norfolk East lead through its wholly owned subsidiary, North Sea Energy (UK NO2) Limited. The Company?s interest in the Badger lead is held through an additional wholly owned subsidiary, Echo Exploration. NUK holds a 20% interest in the Norfolk projects. The Company?s partners on both Norfolk and Norfolk East are First Oil Expro (project operator), Nautical Petroleum, and EnCore Oil. On October 5, 2011, Premier Oil announced a deal to purchase EnCore Oil. The Company?s partner on the Badger lead is EnCore Oil. As noted above, Premier Oil announced a deal to purchase EnCore Oil on October 5, 2011.
Caspian (LON:CSH) Energy (LON:CEK) Inc (CEK CN, C$0.20, ? 17.6%) With a new business partnership, formally executed last week, December 29 2011 between Caspian Energy Inc and Asia Sixth, Caspian Energy announced that it now owns 40% of Aral Petroleum Capital LLP (Aral), the operating entity in Kazakhstan, while Asia Sixth Energy owns 60% of Aral. Aral holds a 25-year production licence on the East Zhagabulak field, where it has two producing wells (EZ #213 and EZ #301). It also holds a three-year exploration permit for the North Block, an area of 1,500 square kilometres. Frason Wood BV originally owned 50% of Aral through its wholly-owned subsidiary, Groenzee BV. Frason sold Groenzee BV to Asia Sixth for $50 million, with $20 million up front and the remainder to be paid as agreed-upon production thresholds are met. Caspian, originally a 50% owner in Aral, conveyed 10% ownership to Asia Sixth in return for Asia Sixth?s undertaking to finance capital expenditures to the cumulative threshold of USD $80 million over the duration of the deal. Caspian also receives a $2 million loan, secured by production-oriented cash flow, plus access to a further two million on each of the first two anniversaries of…
