Dana bumps up profits, but Egypt receivables cast a shadow
Receivables in Egypt had fallen in 2021 but began climbing once more in 2022.
Egypt
Capricorn board out, Palliser nominees roll in
The vote appoints Hesham Mekawi, Christopher Cox, Maria Gordon, Craig van der Laan, Richard Herbert and Tom Pitts to the board with immediate effect. They all received 99.2% approval at the vote.
Capricorn, NewMed merger chances “significantly decreased”
Capricorn chair Nicoletta Giadrossi is stepping down immediately from the board. So too is CEO Simon Thomson, in addition to Peter Kallos, Alison Wood and Luis Araujo.
Proxy advisor firm calls out Capricorn, backs Palliser
“Despite billions in investments and divestments over a decade, we do not find evidence that Capricorn created any meaningful value for shareholders.”
Energean sees Israel tripling company production in 2023
Total production for 2022 reached 41,000 barrels of oil equivalent per day, of which 75% was gas. For 2023, Energean forecasts this will increase to 131,000-158,000 boepd. Virtually all of the increase will come from Israel.
NewMed defends Capricorn deal, but considers options
However, the company said in closing, it would “continue to consider its alternative strategic options, with the objective of maximising value for its unitholders”.
Chevron scores major gas find in East Med
The East Mediterranean “has abundant energy resources, and their development is driving strategic collaboration in the region”.
Wintershall Dea scores gas find near Disouq
Wintershall Dea has found gas onshore in Egypt’s Nile Delta and is considering a tie-back to nearby infrastructure at Disouq.
Pharos faces squeeze as Egyptian pound tumbles
The company warned that it would keep watch on its receivables. This, it said, may “impact the capital available for development”.
Exxon wins two concessions in the Nile Delta
ExxonMobil has won two blocks offshore Egypt, in the Nile Delta, covering more than 11,000 square km.
Shelf Drilling extends Petrobel work in Egypt
Shelf Drilling has secured a one-year contract extension for the Trident 16 jack-up rig.
Apex buys into Eni’s Western Desert operations
“We look forward to commencing Apex’s first gas production in 2023 and becoming part of the exciting Egyptian natural gas success story,” he continued.
Capricorn makes Palliser nominees an offer ahead of vote
Smith noted the opposition from shareholders to the Tullow merger. “The message from shareholders was that there was a preference for cash returns over long-term delivery. We listened to that and [the NewMed deal] offers a lot of cashback, while also being energy transition led.”
Capricorn preps for Palliser vote, “genuine risk” of board removal
Capricorn Energy has conceded that it expects to hold an EGM on February 1 but has warned shareholders against rejecting its proposed combination with NewMed Energy.
United abandons Egypt well, moves rig to ASH field
Kuwait Energy Egypt will plug and abandon the most recent well on Egypt’s Abu Sennan licence, United Oil & Gas has said.
Egypt launches bid round
Minister El-Molla said Egypt had doubled its efforts to attract new investments in the hydrocarbon sector in 2022.
Palliser adds more support to topple Capricorn board
Palliser Capital reports more Capricorn Energy shareholders have backed its plans to remove the board and scrap proposed merger plans with NewMed Energy.
Capricorn faces EGM vote amid Palliser’s merger opposition
Capricorn noted that it had been working on “strategic alternatives” for more than a year. However, there have been no better options, it reported, and a sale is necessary to “maximise shareholder value and the full potential of Capricorn’s assets”.
Vaalco struggles to reach goals at Gabon well
Vaalco Energy has seen some disappointing results from a recent well offshore Gabon, but is looking for solutions.
Chevron greenlights Tamar expansion
Chevron (NYSE:CVX) has taken a final investment decision (FID) to expand the Tamar field, offshore Israel.
BP strikes green hydrogen MoU with Egypt
BP has signed a memorandum of understanding (MoU) with Egypt to explore green hydrogen options.
Report: Chevron strikes gas off Egypt
Chevron has found gas off Egypt at its Nargis block, according to Welligence Energy Analytics.
SDX CEO exits, as Bhattacherjee goes executive
SDX Energy has appointed Jay Bhattacherjee as interim executive chairman, while CEO Mark Reid is leaving immediately.
AMEA reaches financial close to double capacity in Egypt
AMEA Power has reached financial close on its plan to build 1 GW of renewable energy projects in Egypt, with a $1.1 billion investment.
BP wins two more blocks off Egypt
Egypt has awarded two exploration blocks in the Mediterranean Sea to BP, close to its existing assets.