LONDON (SHARECAST) - A judge in Argentina has ordered the seizure of the assets of five oil companies operating in the Falklands Islands, including those owned by Premier Oil, Falkland Oil and Gas and Rockhopper Exploration. The order, which was made by Tierra del Fuego judge Lilian Herraez, also named Noble Energy and Edison International Spa. The assets, which include boats and other equipment, are worth $156m. The order accuses the companies of "illegal activities of exploration, search and eventual extraction of hydrocarbons in proximity to the Falkland Islands", saying they did not obtain permits issued by "the competent authority in Argentina". A statement released by the prosecutor's office said: "The foreign ministry will be notified of the court order so that by diplomatic means and in compliance with international treaties it can be carried out." None of the five companies are based in Argentina, which has claimed sovereignty of the islands, calling them the Malvinas Islands
22 Jun '15
From last RNS
Brad Nichol, President and CEO of Edge commented, "Despite the headwinds the industry is facing at the moment, our quarterly results were excellent. We generated significant cash from our operations and kept a very tight rein on costs and operational efficiencies. These downturns in our industry allow our team to demonstrate our specialty, which is running a tight, efficient business no matter how hard the wind is blowing in our faces. This quarter, the Company actually achieved production increases, without additional capital expenditure on drilling wells. Additionally, we are looking forward to reaping the savings from our new water disposal facility, which became fully operational in January." Nichol added, "With WTI prices hovering around US$50/bbl, we are unlikely to consume our existing inventory of drilling locations; however, we are keen to acquire production, reserves, land and additional drilling locations when the cost of those acquisitions are expected to be at their lowest in a generation. We expect the competition for assets to be less intense in the heavy and medium oil regimes, where operational expertise is a significant barrier to entry; thus, we intend to remain focused on our heavy and medium oil sandbox where we have already established a clear competitive operational advantage over other potential consolidators." It will be interesting to see how much 'production, reserves, land and additional drilling locations' have been acquired.
19 Jun '15
Still in the bunker....
....awaiting Brad's next sermon from the mount. This one has grown from a small acorn to a slightly larger acorn in no time at all.....
19 Jun '15
have a bit in here - even averaged down the other month. Brad has never been any different, although this current space between RNS is right up there. Looking forward to q4 and full year results. The new water facility has been operational for almost six months, so it will be interesting to see the effect this has had. This does move quite quickly and small buying pressure.
19 Jun '15
re. ask Brad
monkey-puzzle, tell me something which is not blindingly obvious to all shareholders and the very reason for posting. It's CHANGE that is required and weight of opinion, ie a united front presented by shareholders to hopefully make him re-think regular communication strategy. Silence never attracts fresh interest and new buyers and does zero for any momentum gained.
19 Jun '15
RE: Ask Brad
You should not be surprised or complaining re Brad's poor comms, he has always been like that and doubt he will change, he prefers to let the formal updates be the PR, not great I know but that's his way. Should see news next week. ps bid is up to 4.6p today on just 50k of buys fwiw
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