Diamond Offshore Files for Bankruptcy
Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing, one of 15 of its group companies seeking protection under Chapter 11, said day rates and demand for its services had "worsened precipitously" this year amid a "price war" between OPEC and Russia and the steep drop in oil demand caused by the coronavirus pandemic.The company has significant operations in the Gulf of Mexico.The filing comes as the five biggest U.S.
Beach Energy Eyes Offshore New Zealand
Australian oil and gas exploration and production company Beach Energy Limited has signed an agreement with OMV GSB Oil Exploration to acquire a 30% participating interest in exploration permit (EP) PEP50119 in the Great South Basin, offshore New Zealand.Under the agreement, Beach will acquire a 30% participating interest in the permit in exchange for funding a 30% share of the Tawhaki-1 well cost and the associated work program and budget. The estimated capital exposure is approximately $25 million net to Beach.The transaction is subject to New Zealand government and regulator approval…
Mitsui Looks to Sell BassGas Stake
Japan's Mitsui & Co has put its 40% stake in the BassGas project off southeastern Australia up for sale, the company said on Thursday.Mitsui's stake in the BassGas project, which includes the undeveloped Trefoil gas project, could be worth about A$360 million ($244 million), according to Credit Suisse. However, a person with knowledge of the asset estimated it at about A$140 million.Mitsui Australia's spokesman said Rothschild has been engaged to advise on the sale of the stake, which Mitsui acquired with its takeover of oil and gas producer AWE last year.
ExxonMobil Looks to Sell Australian Assets
Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait as part of a broader review of its global portfolio of assets.The sale could fetch up to $3 billion, however decommissioning costs for the ageing fields could dent the price tag, analysts and bankers said.The Gippsland Basin joint venture, off the state of Victoria, has long been the mainstay oil and gas supplier for southeastern Australia, but output is in decline."As…
Beach Energy to Boost Drilling Spend
Beach Energy, Australia's third-largest independent oil and gas producer, ended the 2019 financial year more cashed up than expected and plans to step up spending on drilling while keeping an eye out for acquisitions, its boss said on Wednesday.Beach paid off debt on its A$1.6 billion ($1.1 billion) acquisition of Lattice Energy within just 18 months, two years earlier than originally planned, with the help of an asset sale and strong cash flow from its expanded portfolio.The company ended the year to June 30 with net cash of A$172 million…
Santos Broadens Offshore Exploration in N.Australia
The oil and gas producer in the Asia-Pacific region Santos has struck a joint venture (JV) agreement with fellow-listed Beach Energy to partner over four exploration permits in the Bonaparte basin, offshore northern Australia.The two companies will each hold a 50% JV interest in the four permits, with Santos acting as operator.Santos’ position in the Bonaparte basin already includes an 11.5% interest in the Bayu-Undan gas-condensate field and the Darwin LNG plant, as well as a 25% interest in the Barossa field…
AEMO Warns of Gas Shortage for Victoria
The Victorian Gas Planning Report Update, released today by the Australian Energy Market Operator (AEMO), is the latest in a series of reports warning of the deteriorating situation for gas consumers in Victoria. “AEMO’s forecasts indicate that Victoria could face a gas supply-demand shortfall as early as 2022, said APPEA Chief Executive Dr Malcolm Roberts. “Victoria has benefitted from record production over the last two years from the offshore Gippsland Basin but, as offshore production falls back, the state will face tighter market conditions. “AEMO warns that, without new gas supply, Victoria could face shortfalls from 2022.
Richards Appointed CFO, Beach Energy
Australian oil and gas exploration and production company Beach Energy Limited has appointed Richard Richards the Chief Financial Officer of Seven Group Holdings Limited as a non‐executive director of Beach. Richards is a nominee of Seven Group Holdings Limited and related corporations who collectively have a relevant interest in 22.89 percent of the shares of Beach (Seven Group Holdings Limited). Usual protocols and other arrangements appropriate to the appointment of a director representing a large shareholder…
Beach Energy Rejigs Top Deck
Beach Energy Limited (ASX: BPT, “Beach”) announces the following changes to the composition and structure of its senior executive team. These changes are consistent with Beach’s growth strategy and follow recommendations from the recent organisational review. Mike Dodd, currently Group Executive Exploration and Development, has been appointed to the role of Chief Operating Officer, effective 3 January 2017. Mike joined Beach in 2007 and has been integral to the growth of our operated Western Flank oil and gas business. Prior to Beach, Mike held senior technical and leadership roles at BG, Santos and Anadarko.
Beach Energy Completes Egyptian Exit
Beach Energy Ltd completed the sale of Beach Petroleum (Egypt) Pty Ltd (“Beach Egypt”), whose core asset is a 22% interest in the Abu Sennan Concession, to Rockhopper Exploration plc. Transaction terms provide for cash consideration of up to US$20.5 million. An upfront payment of US$10.8 million was received on completion, and deferred consideration of approximately US$7.4 million is expected over the next 12 months subject to receipt of outstanding receivables. receivables of US$1.2 million. In addition to cash consideration payments…
Engelbrecht Appointed CFO, Beach Energy
Beach Energy Ltd has appointed Mr Morné Engelbrecht as its Chief Financial Officer, effective 29 August 2016. Mr Engelbrecht is a Chartered Accountant with experience in the oil, gas and resource sectors across various jurisdictions, including Australia, South Africa, the United Kingdom, Papua New Guinea and China. He currently holds the position of Chief Executive Officer of ASX‐listed Carbon Energy Limited, having served in this role since 2013. Prior to this he held various financial, commercial and advisory senior management positions at InterOil, Lihir Gold and PwC.
Beach Exit from BMG JV
Beach Energy Limited (ASX: BPT, “Beach”) and Cooper Energy Limited (ASX: COE, “Cooper Energy”) have accepted an offer from the National Offshore Petroleum Titles Administrator (“NOPTA”) to convert the Basker, Manta and Gummy gas field permits VIC/L 26, 27 and 28 (“BMG joint venture”) in the offshore Gippsland Basin into Retention Leases. Beach has also advised Cooper Energy of its intention to withdraw from the BMG joint venture, with effect from the end of the current permit year. The withdrawal will be undertaken in accordance with the joint operating agreement.
Beach Energy, Drillsearch Merger Complete
Beach Energy Limited has reported that all conditions relating to the scheme of arrangement (“Scheme”) to merge Beach and Drillsearch Energy Limited have been satisfied. As a result, the Scheme has been implemented and Drillsearch is now a wholly owned subsidiary of Beach. Issue of new Beach shares to Drillsearch shareholders will occur today, and trading of these shares will commence on Wednesday, 2 March 2016, on a normal settlement basis. Acting Chief Executive Officer, Neil Gibbins, said “This has been a well supported transaction given the complementary nature of Beach and Drillsearch’s asset portfolios…
Court Approves Drillsearch, Beach Merger
Drillsearch Energy Limited (ASX: DLS) announces that the Federal Court of Australia has approved the Scheme of Arrangement to implement Drillsearch’s all-scrip merger with Beach Energy Limited (Beach). The court approval follows overwhelming support for the merger by Drillsearch shareholders at the Scheme Meeting held on 27 January 2016. Drillsearch Chairman Jim McKerlie said, “On behalf of the Board, I’d like to thank Drillsearch shareholders for their support throughout the company’s journey from a junior explorer to one of Australia’s biggest onshore oil producers.
Beach Energy Update on Cooper, Eromanga Basins
Beach Energy has provided the following Update on the outcome of their efforts with regards exploration and Appraisal. A six‐well infill development drilling campaign was completed in the Moomba North Field, which aimed to develop booked reserves in the Toolachee, Daralingie and Patchawarra formations. A phased approach is being undertaken which may result in drilling up to 26 new wells in the area, six of which were drilled in 2014. campaign, including optimised well designs and improved well completions. During the month…
Beach Energy, Drillsearch Merger Approved
Beach Energy Limited informed that the shareholders of Drillsearch Energy Limited today approved the scheme of arrangement (“Scheme”) to implement the proposed merger of Beach and Drillsearch. Strong support for the merger was evident, with approximately 99% of votes cast in favour of the merger. Acting Chief Executive Officer, Neil Gibbins, said “The support shown today by Drillsearch shareholders is further evidence of the compelling nature of this transaction. As we have said before, by combining two complementary organisations we expect to create the leading ASX‐listed mid‐cap oil and gas explorer and producer.
Drillsearch Market Update
Against a backdrop of uncertainty in global commodity markets and the company’s proposed merger with Beach, Drillsearch continues to perform strongly at an operational level. Production during the first half of FY2016 was 1.63 mmboe, with the Western Flank Oil Fairway operations (Drillsearch 60%; Beach 40% and Operator) and the Western Wet Gas joint venture with Beach (Drillsearch 50%) both performing ahead of budget. Following the commencement of production at Cadenza-1 in their Wet Gas joint venture with Santos (Drillsearch 40%…
Kay Appointed CEO of Beach Energy
Beach Energy Ltd has appointed Matthew Kay as its new Chief Executive Officer, effective July 17, 2016 or such earlier date as is available and mutually agreed. Kay holds tertiary qualifications in economics and a Master of Business Administration. He has over 25 years’ experience, and extensive senior leadership experience in the oil and gas industry. He is presently Executive General Manager, Strategy and Commercial at Oil Search Limited. Kay joined Oil Search in 2014 after 12 years at Woodside Petroleum Limited and was before that at Santos Limited.
Drillsearch Production from Wet Gas JV Begins
Drillsearch Energy Limited (ASX: DLS) announces the start of production from the company’s Western Wet Gas joint venture with Santos Limited in the Cooper Basin (Drillsearch 40%, Santos 60% and Operator). The joint venture with Santos is Drillsearch’s second producing Wet Gas joint venture, after the Western Wet Gas joint venture with Beach Energy. The tie-in of Cadenza is part of an active program of Wet Gas connections underway in FY2016. The next two wells planned to be brought online by the joint venture…
Beach Acquires $ 530 Mln Financing Facility
Beach Energy Limited has entered into a $530 million senior secured syndicated corporate debt facility to replace existing lending arrangements. The new facility will initially be drawn to $170 million to refinance current borrowings and letters of credit, with remaining headroom available for capital expenditure programs, working capital requirements and potential growth opportunities. Two $15 million letter of credit facilities (non‐syndicated). The new facility will be provided by Beach’s existing lenders.
