Pan Orient Energy has sold a 50% interest in its subsidiary which operates its L53/48 Thailand concession to Sea Oil for $42.5million including a working capital adjustments of $2.4million. The deal is expected to be closed by January, with a $4million break free payable by Sea Oil if shareholder approval is not obtained.
Atlantis Resources has signed a 10-year seabed sublease with the Fundy Ocean Research Centre (FORCE) in Nova Scotia. The sublease will provide Atlantis with a berth for tidal turbine deployment in the Bay of Fundy within the area allocated to FROCE under its head lease agreement.
Donnycreek Energy has entered into an arm’s length agreement with Contact Exploration to merge and create a new corporation. The two companies will become Kicking Horse Energy and the merger will consolidate the interests of Donnycreek in Alberta, Canada.
The European Union has abandoned a plan to label oil sands as highly polluting. A directive from the EU’s Fuel Quality Directive had planned to force energy suppliers to reduce the carbon intensity of their products.
Independent petroleum company Seven Generations Energy (7G) has struck a hydraulic fracturing deal with Schlumberger Canada.