REGISTER: Hear how PetroTal (PTAL) is increasing oil & gas production in Peru. Find out more at the focusIR Feb Investor Webinar. Sign up here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksEuropa Oil & Gas Share News (EOG)

Share Price Information for Europa Oil & Gas (EOG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.775
Bid: 0.70
Ask: 0.85
Change: 0.00 (0.00%)
Spread: 0.15 (21.429%)
Open: 0.775
High: 0.775
Low: 0.775
Prev. Close: 0.775
EOG Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Diamondback Energy seeks investors to develop Permian acreage -sources

Sat, 10th Mar 2018 01:12

By David French

HOUSTON, March 9 (Reuters) - U.S. oil and gas explorationand production company Diamondback Energy Inc isseeking investors, including buyout firms, to finance part ofits drilling operations in the Permian Basin, according to threepeople familiar with the matter.

Drilling joint ventures, referred to in the energy industryas "DrillCos," allow companies to raise cash from investors suchas private equity firms to develop acreage.

Such a structure could prove attractive to energy companiesat a time when shareholders are putting increasing pressure onthem to improve returns and efficiency, instead of spendingextra cash on new developments.

Diamondback has sent out a teaser to potential investors ina DrillCo arrangement, according to sources. UBS Group AGis advising the company on the process, two of thesources said. The amount of money raised by the DrillCo willdepend on investor demand, one of the sources added.

Diamondback did not immediately respond to a request forcomment. UBS declined to comment.

Given its position in the Permian Basin, a field whichstretches across Western Texas and Eastern New Mexico and hassome of the lowest production costs in the U.S. onshoreindustry, Diamondback is hoping to attract strong investorinterest.

Traditionally, DrillCos take control of drillable land andgenerally turn over 100 percent of the cash flow from oil andgas production to investors until they earn a 15 percent return.At that point, control reverts to the producer, with theinvestor's stake shrinking to about 10 percent of remainingproduction.

Other oil producers that have completed DrillCos in recentyears include EOG Resources and Alta Mesa Holdings. Jones Energy said in November it wasevaluating a number of strategic and financial options includinga possible DrillCo.(Additional reporting by Ernest Scheyder in HoustonEditing by Leslie Adler)

More News
3 Oct 2016 08:43

Europa Oil Operations Should Become Profitable Once Wressle Produces

Read more
27 Sep 2016 14:04

Europa Oil offloads North Lincolnshire shares to Union Jack

(ShareCast News) - Oil and gas exploration, development and production company Europa Oil & Gas announced on Tuesday that it has signed a sale and purchase agreement in relation to its 33.34% interest in the PEDL180 and PEDL182 licences in North Lincolnshire with Union Jack Oil. The AIM-traded firm

Read more
27 Sep 2016 09:19

Union Jack Oil Increases Stake In PEDL180, PEDL182 To 11.7%

Read more
22 Aug 2016 16:30

Europa Oil&Gas provides technical update on license option 16/22

(ShareCast News) - Europa Oil&Gas's recently awarded licensing option 16/22 had un-risked indicative resources in the range of between 300 to 600m barrels of oil equivalent, the company said in a technical update. The explorer had a 100% interest in the licence, which covered 992 square kilometres i

Read more
2 Aug 2016 08:31

Europa Oil Gets One-Year Extension To Two Licenses Offshore Ireland

Read more
1 Aug 2016 14:00

Europa Oil&Gas identifies several gas leads offshore Ireland

(ShareCast News) - Europa Oil&Gas announced the discovery of several gas leads spanning two of its licenses offshore Ireland. Company boss Hugh Mackay highlighted the fact that the leads were in the vicinity of a gas field that had come into production just recently, with substantial gas infrastruct

Read more
5 Jul 2016 15:18

DIRECTOR DEALINGS: Europa Oil and Gas Non-Exec Director Buys Shares

Read more
4 Jul 2016 08:37

Egdon, Union Jack Unveil UK Licence Changes By Oil & Gas Authority

Read more
27 Jun 2016 07:31

AIM Partnership Sees "One In Three Chance Of Success" At Holmwood

Read more
17 Jun 2016 11:21

DIRECTOR DEALINGS: Europa Oil & Gas CEO Buys Shares

Read more
13 Jun 2016 08:38

Union Jack, Egdon Align Interests In Wressle And Broughton North Sites

Read more
8 Jun 2016 08:35

Europa Oil & Gas Formally Accepts Irish Offshore Licence Awards

Read more
3 Jun 2016 13:54

Petrel Wins Two Licensing Options In Porcupine Basin, Offshore Ireland

Read more
3 Jun 2016 12:24

Europa Oil & Gas Offered Four New Irish Licensing Options

Read more
23 May 2016 06:47

Union Jack Oil Joins String Of AIM Companies On Holmwood Prospect

Read more

Track Your Investments

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.