The asset had an average output of around 2,850 barrels of oil equivalent per day during the first quarter of 2015, of which around 75 percent was oil and the rest gas and condensates.
Under the agreement, the US independent will retain around 58 percent, or around 70 square kilometres of its undeveloped leasehold. Goodrich plans to develop this area in the future when market conditions are more favourable, according to the company president Robert Turnham.
The company is looking to net around $50 million-$60 million after closing, which is expected for September 1, 2015. Profits will go towards paying off Goodrich’s short-term credit line with the remainder being kept in cash. Capital expenditure for 2015 is pegged at around $100 million.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.