Page 12 - NorthAmOil Week 07

NorthAmOil
NEWS IN BRIEF
NorthAmOil
successfully and the three wells are now using both in eld ow lines (Rex-2 & 3 combined in one line and Rex-1 in the other) to deliver all the uids (oil, gas and water) to the Wizard Lake processing plant for separation and sale. e plant is now producing high quality oil from the cascade system resulting in oil with between 0.5-1.3% water being delivered to various sales points. Once fully optimised,
we expect all loads to be less than 0.5% water thereby maximising the value of the oil.
is optimisation work has been completed in cold and trying conditions and underlines the robustness of the process being used to treat the eld production. As it is still early in the life of these wells, we expect the well performance to continue to improve before plateauing.
e eld facilities are presently handling approximately 2,100 barrels of uid per
day (1,220 bpd and 880 bwpd) and over 3.5 mmcfd of gas. Oil and water are trucked to sales points and disposal sites respectively and the gas is exported to the nearby Petrus gas processing plant through the newly installed pipeline connection.
Whitebark Energy managing director David Messina said: “A er a short delay, it is very rewarding to have all the wells online and producing to our new facilities at solid rates. We are looking forward to the next few weeks as we continue to optimise the eld and progress plans for the next well.”
WHITEBARK ENERGY, February 17, 2020
Talos Energy announces
full-year 2020 operating
and financial guidance
Talos Energy Inc. today announced full year 2020 operating and nancial guidance. e
company also announced that it expects to close the previously announced acquisition of a liates of ILX Holdings, among other entities, on February 28, 2020.
e company expects to generate signi cant free cash ow in 2020, despite the recent commodity pullback. Talos expects
its 2020 capital programme, inclusive of
the acquired assets, to be similar in size,
or smaller, than the 2019 Talos stand-
alone capital programme, while bene ting from production contributions from the acquired assets and new wells commencing production throughout the year. e 2020 capital programme will continue to focus on infrastructure-led, short-cycle projects, while allocating a portion of the programme to high-impact exploration catalysts.
TALOS ENERGY, February 18, 2020
Lilis Energy announces
extension of expiration date
for take private offer from
major shareholder
Lilis Energy, an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, today announced that Värde Partners, on behalf of certain of its a liated private funds and investment vehicles, has extended the expiration date for its previously announced non-binding o er proposing to acquire all of the outstanding shares of common stock of the Company not owned by Värde for $0.25 per common share from February 17, 2020 to February 27, 2020.
e special committee of the board of directors of the company will further evaluate the Värde o er as the special committee
continues its process of evaluating the potential for other strategic alternatives with the assistance of its nancial advisor, Barclays Capital.
e special committee of the board of directors cautions the company’s shareholders and others trading in its securities that it has only received a preliminary o er proposal that does not constitute a binding commitment. ere can be no assurance that a de nitive agreement will be executed or that the transaction contemplated in the Värde o er or any other transaction will be consummated. e company does not anticipate making further public statements about this matter
or the activities of the special committee unless it determines to enter into a de nitive agreement for a transaction or the board of directors determines that no such transaction will be e ected.
LILIS ENERGY, February 17, 2020
DOWNSTREAM
LOC awarded multi-year
contract for LNG Canada
project
LOC Group recently signed a multi-year contract with LNG Canada to provide marine warranty surveyor services and vessel quality assurance on the project.
LOC will oversee the transportation of more than 200 modules being shipped to the construction site, from fabrication facilities in Asia.
e project includes the design, construction and operation of a natural
gas liquefaction plant, utilities, storage facilities, as well as port construction with marine o -loading facilities and shipping. When completed the LNG Canada Project will become the rst Canadian terminal to export LNG overseas. e project is located at Kitimat, a coastal community in northern British Columbia, approximately 650 kilometres northwest of Vancouver.
Ewan Browell, LOC Canada Managing Director, commented: “We are very pleased to be working on the LNG Canada Project. LOC has a strong track record of working
on projects of this scale and considerable expertise with marine operations for onshore construction projects. We continue to be at the forefront of the global MWS industry and we look forward to achieving further success in 2020.”
LOC GROUP, February 17, 2020
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Week 07 19•February•2020