US-based Exxon Mobil Corporation has revealed plans to sell 19% of its working interest in the Terra Nova offshore oil project.
Located 350km south-east off the coast of Newfoundland and Labrador in Canada, the offshore project consists of production wells, water injection wells and gas injection wells.
The existing partners in the project are Suncor Energy (37.675%, operator), ExxonMobil (19%), Statoil ASA (15%), Husky Energy Inc (13%), Murphy Oil Corp (10.475%), Mosbacher Operating (3.85%), and Chevron Canada Ltd (1%).
Located in the North Sea, UK, the P2235 License contains the Wick Prospect.
Baron will earn the interest after paying 20% of the well cost representing £840,000 ($1.19m), in addition to paying £0.0065m ($0.0091m) in back costs.
Both Baron Oil and Corfe Energy Limited are oil and gas exploration companies based in the UK.
The deal is expected to strengthen Baron Oil’s oil and gas assets base in the UK North Sea.
The A2 and A5 blocks cover an area of 2,682km² and lie approximately 30km offshore Gambia in water depths between 164ft and 4,921ft. The blocks are in the Mauritania-Senegal-Guinea-Bissau Basin adjacent to FAR’s 2014 SNE-1 oilfield discovery.
The current owners of the blocks include FAR (80%, operator) and Erin Energy Corporation (20%), which will change to FAR (40%), Petronas (40%), and Erin Energy (20%), upon completion of the deal.
FAR and Petronas are oil and gas companies based in Australia and Malaysia respectively.
The deal is expected to strengthen Petronas’s oil and gas portfolio in Gambia.
UK-based oil and gas exploration company Chariot Oil & Gas plans to raise £10.74m ($15m) through the private placement of 82 million shares priced at £0.13 ($0.18) a share.
Proceeds from the transaction will be used for the drilling of Prospect S in Namibia.
The company concurrently plans to raise £4.4m ($6.1m) by issuing 33 million shares priced at £0.13 ($0.18) a share in an open offer.
Proceeds from the offering are planned to be used for working capital purposes and ongoing work programmes.