Page 12 - NorthAmOil Week 47 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM leases in the Illinois Basin. (PPHTD) in southeast Louisiana.
Through a combination of workovers “Integrity and respect are core Tallgrass
Acquisition of 100% of and drilling new low-cost conventional oil values,” said Tallgrass CEO William R. (Bill)
wells, the Company believes these leases can,
Moler. “As part of our PLT permitting process,
Kentucky exploration in time, make a meaningful contribution to our cultural survey work identified a cemetery
AXP’s growing oil production base.
and potential artifacts consistent with what
leases “The Kentucky Exploration leases are proven history of the site. Since then, we reduced our
AXP’s chief executive officer Tim Hart said: community members shared about the
AXP Energy is pleased to confirm that it has oil producing fields and we have identified development footprint to protect those areas,
agreed terms with Australian private company some compelling low-cost conventional and engaged with the Ironton community and
Newtak to acquire Newtak’s 50% membership targets. As well, a number of the wells are other local stakeholders on an appropriate
interest in Kentucky Exploration, resulting candidates for more extensive workovers to path toward memorializing them.”
in AXP owning these leases outright and enhance production and work is underway. When PLT and PPHTD entered a lease
retaining sole operatorship. This low-cost, opportunistic acquisition of agreement in 2018 to develop the site,
AXP formed a joint venture with Newtak an asset we know well is further evidence of both parties agreed to place a conservation
in 2010 to acquire and operate the leases our ability to identify quality conventional easement on 50 acres adjacent to the historic
with revenue being equally shared after costs oil and gas assets and add value quickly. We community of Ironton. This easement remains
and royalty payments. Under the terms of look forward to providing an update on the in place and permanently protects the area
this agreement, AXP will acquire Newtak’s workovers and the early production gains.” from any future industrial or commercial
50% membership interest for total cash AXP ENERGY, November 19, 2021 development by Tallgrass or others.
consideration of $50,000 with the transaction “We will be withdrawing the current air
scheduled to close by end November 2021. permit application and Memorandum of
Kentucky Exploration holds extensive MIDSTREAM Understanding with the Coastal Protection
acreage in the Illinois Basin covering and Restoration Authority (CPRA), as they
a portfolio of 44 conventional oil wells Tallgrass updates will not reflect the new uses of the site,” Moler
which currently deliver only modest daily added. “Tallgrass will continue to work with
production, as they have not been a focus development plan for CPRA to ensure that any future development
for AXP. A workover program developed on the site is consistent with the State’s Coastal
by the operations team in Lexington is now terminal in Plaquemines Master Plan.
underway and production is already returning “Commercial activity at the site can
to some wells that have not produced for a Parish, Louisiana spur job growth and broader economic
number of years. Workovers are continuing. opportunity for the local communities in
As well, the Dacy Lease (part of Kentucky Tallgrass today announced it has begun Plaquemines Parish, and we have heard
Exploration) has been earmarked as a priority a comprehensive reappraisal of plans for support directly from local community
target for drilling new low-cost vertical wells commercial development of the proposed members for that sort of development,” said
to be undertaken by AXP’s recently formed Plaquemines Liquids Terminal (PLT), a joint Moler. “We will evaluate a wide range of
drilling division. As reported on 4 November, development project with Drexel Hamilton opportunities other than an oil terminal that
the company will shortly commence a 4 + 4 Infrastructure Partners in concert with the can operate within a reduced development
well back-to-back drill programme across 4 Plaquemines Port & Harbor Terminal District footprint at the site. We value the continued
support of Governor John Bel Edwards,
Plaquemines Parish President Lepine,
members of the Parish Council, and the Port.
Louisiana has a strong economic development
culture, and we look forward to being a part
of it.”
TALLGRASS, November 19, 2021

MOVES

Lime Rock announces

closing of Lime Rock
Partners VI AF acquisition

fund

Lime Rock Partners, private equity investors
of growth capital in E&P and oilfield service
companies, announces the successful closing
of a $203mn acquisition fund, Lime Rock

P12 www. NEWSBASE .com Week 47 25•November•2021