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Thanks Searcher. Further from Daily Messenger:
"Industry insiders think Petrobangla currently cannot provide an adequate amount of gas to the national grid as gas production has depleted and importing liquefied natural gas (LNG) has also got expensive. So, the coal-based power plants are playing a key role in managing load-shedding and meeting the demand".
See earlier post by GPback.
"This is when these kind of mega financing projects get signed off with the ceremonial handshake.
However, they get formally agreed in advance."
"A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government."
Has anyone an ideas on how long "shortly be presented" is, regarding the infrastructure joint proposal?
I'm still fairly new to this board.
The mms letting this go now.
Rig 111
Make & model: Global GSR Double
Rig type: Carrier mounted, workover/drilling rig
Depth rating: Drilling 7,000’ +/-, workover 18,000’ +/-
Status: Active, located on the North Slope, Alaska
Rig Capacity: Hoist 220, rotary 200, setback 200
Power swivel: Venturetech 150 ton, 12,000 lb-ft torque
CEO and Chairman appointments
Mr. Mullholland's technical expertise was instrumental in understanding the long-term value of the Barron Flats Unit miscible flood and acquiring it for such a relatively low cost. Through further geological study, he and his team have revealed a vast area of bypassed oil pay in the Cole Creek area, adjacent to the BFU. The prospective horizons are currently under Joint Venture negotiation with a respected industry leader. The BFU and the potential joint venture requires the singular focus of Mr. Millholland and the technical team. As President of COPLA, he will be well positioned to continue to add value and success to COPL, where his strengths in upstream hydrocarbon exploration and development will focus on completing the Joint Venture discussions.
"One thing that hasn’t been noted much is that the new discovery is more than one mile deep, and therefore falls under Federal Government ownership. This reduces royalty payments due from the standard 22% to private landowners to just 12.5%."
So whats holding it back?
"A dream field is in play, smack bang in the middle of the continental United States just as rare political bipartisanship turns to drilling.
However, there needs to be a joint venture. COPL does not have the financial firepower to develop this new Wyoming asset properly. Chevron, BP, ExxonMobil, Occidental Petroleum, EOG Resources, Hess, Devon Energy, Ultra Petroleum, Cimarex Energy, and QEP all operate in the state — arguably any would be happy to sign a deal."
Given the scale of our assets, at least $50m should be achievable (See below Longboat's JV on monday)
The joint venture will be renamed Longboat JAPEX Norge AS ("Longboat JAPEX" or the "Joint Venture"), with a goal of building a leading Norwegian-focussed independent.
Transaction highlights
Cash investment of up to US$50 million for 49.9% of Longboat JAPEX comprised of:
cash investment on completion of US$16 million;
a contingent consideration of US$4 million, payable on successful completion of a production acquisition currently under review; and
a further tranche of up to US$30 million, payable on a sliding scale following a successful discovery on the Velocette exploration well due to spud in Q3 2023.
JAPEX to provide the Joint Venture with a US$100 million Acquisition Financing Facility:
five-year facility to finance acquisitions and associated development costs in pursuit of the Joint Venture's strategy; and
JAPEX, founded in 1955, is a public company listed on the Tokyo Stock Exchange (m/cap ~US$1.8 billion) with proved reserves of 159 mmboe (2022/3) and production of 58,500 boepd (FY22). JAPEX's largest shareholder is the Japanese government (35%) via the Minister of Economy, Trade and Industry of Japan.
"JAPEX is very pleased that we have formed the partnership with Longboat for a Norwegian E&P business. We see a very strong alignment in the business expansion strategy in Norway and beli
This is what rns says about Longboat's change of name. Could we be seeing something very similar.
"The joint venture will be renamed Longboat JAPEX Norge AS ("Longboat JAPEX" or the "Joint Venture"), with a goal of building a leading Norwegian-focussed independent".