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agreement

Oil & Gas

EMGS wins Malaysia contract worth $4.2million

Norwegian offshore survey vessel operator Electromagnetic Geoservices (EMGS) has been awarded a contract from an oil company in Malaysia worth $4.2million. The company said the deal is with a repeat customer and is for a two-year period with an additional option for a second phase survey in 2016.

Other News

Iran’s parliament to review text of nuclear deal

Iran’s parliament is set to review the landmark nuclear deal reached with world powers last week. Foreign Minister Mohammad Javad Zarif, who headed the Iranian negotiating team during the talks in Vienna, sent the text of the agreement to the house, state media reported. Under Iran’s constitution, parliament has a right to reject any deal - even one negotiated by the foreign ministry. However, it is not clear whether politicians will vote on the deal or whether they will simply discuss it and possibly express concerns about it.

Markets

Arawak ends Gulfsands agreement

Gulfsands Petroleum said Arawak Energy has terminated its Strategic Cooperation Agreement with the company. The move comes after discussions between the two regarding potential business opportunities in the Middle East and North Africa and a $20million convertible loan facility. A spokesman for Gulfsands Petroleum said the company was advised by Arawak that following statements made by certain shareholders of the company and non-executive directors, the company said it would be terminating the agreement.

Markets

Wentworth Resources secures loan agreement

Wentworth Resources Limited has secured $26million in loan agreements from the Tanzanian Bank for the development of a well and loan repayments. The company said it had also signed a long-term gas sales and purchase agreement to supply discovered natural gas at a price of $3 per mmbtu (million metric British thermal units) for its Mnazi Bay concession. In its third quarter results the company said its working capital was down to $24million compared with $38.4million for the same time last year.