Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Deo Petroleum: Amalgamation Agreement Finalized

change text size

DEO Petroleum announced that the amalgamation agreement to combine the License P218 Block 15/21a Gamma Sub Area ("Gamma") and Block 15/21g ("Spaniards") areas has been finalized. The parties to the agreement will now effect the relevant transfer documentation. A firm commitment well is expected to be drilled by Encore (Operator) in the third quarter of 2012.

Deo has a carried interest of 12.62 percent and will make no cash contribution to the dry-hole cost of the first well. The remaining Gamma/Spaniards equity is held by Encore (28 percent), Nautical Petroleum (21 percent), Serica Energy (21 percent), Faroe Petroleum (8.4 percent), Maersk Oil (5.74 percent), and Atlantic Petroleum (3.24 percent).

David Marshall, DEO Chief Executive Officer, commented, "We are delighted to announce the signature of the amalgamation agreement which will allow detailed well planning activities to be finalized. We look forward to the results of the commitment well later in 2012."

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Senior Division Order Supervisor
Expertise: Petroleum Engineering
Location: Houston, TX
 
Division Order Analyst
Expertise: Petroleum Engineering
Location: Houston, TX
 
Senior Reservoir Engineer
Expertise: Reservoir Engineering
Location: Anchorage, AK
 
search for more jobs