Wednesday, January 1, 2025

Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Bidding Round raised over USD$2.4 billion – this sets a new record for Brazil’s auctions. According to the Brazilian National Petroleum Agency, the 15th round will generate investments of USD$361.6 million in the first/exploration phase of the concession contracts alone. Brazil said that 22 offshore blocks were acquired out of the 47 offered. However, there were no offers

Strategic Oil & Gas Ltd. Reports 2017 Results

Northern Alberta operator Strategic Oil & Gas Ltd. (ticker: SOG) has posted Q4 and full year 2017 results. The company had a net loss of $41.3 million, or $(0.89) per share in Q4 2017. For 2017, Strategic had a net loss of $89.5 million, or $(1.94) per share. Strategic said the loss was driven by an impairment charge of $58.8

Closed and Closed: WildHorse, WPX Divest Assets

WPX Energy (ticker: WPX) has closed the San Juan Basin oil play sale to Enduring Resources IV, LLC for $700 million. A significant portion of the proceeds are slated for debt reduction, WPX said, and the company now believes it can reduce its net debt/EBITDAX to a target level of 1.5x during 2019. The transaction completes WPX’s exit from operations