https://www.engineeringnews.co.za

Petrel hunts for buyers in Canada

13th May 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed petroleum explorer Petrel Energy is looking for a buyer for it Lochend Cardium oil assets, in Canada.

Joint venture (JV) partner Bernum Petroleum and Petrel would offer around 6 541 net acres and 3 019 net acres respectively, including two producing oil wells and two licensed well locations, as well as associated infrastructure.

Over the past year, Petrel and Bernum have worked to identify well and facility locations with a number of well locations recently approved by the regulatory authorities, giving the JV the opportunity to pursue development drilling later in the year.

“Although we are happy with our initial investment and still see potential for further value creation, we are of the view, on the back of recent industry rationalisation, that the timing is right for Petrel to monetise this asset in order to focus capital on our core projects in Uruguay and Spain, where ultimately we expect a better return,” said Petrel MD David Casey.

Petrel initially acquired its 40% interest with the purpose of leveraging off a proven operator to establish commerciality and optimise near-term reserve certification for a relatively quick turnaround and exit strategy.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Industrial Nozzles & Systems (Pty) Ltd
Industrial Nozzles & Systems (Pty) Ltd

Industrial Nozzles & Systems (Pty) Ltd (Est. 2000) exclusive representative in Southern Africa for LECHLER GmbH (Est. 1879) - Europe's leading...

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 0.873s - 140pq - 2rq
Subscribe Now