New Age seeking farm-out partner for South Africa block

first_imgOil and gas operator New Age Energy is seeking a farm-out partner for its Algoa-Gamtoos license offshore South Africa.New Age is the operator of the block with a 50 percent ownership, with Rift Petroleum – a subsidiary of Tower Resources – owning the remaining 50 percent.Tower Resources on Friday said New Age Energy had engaged Envoi Limited to conduct a farm-out process on behalf of both New Age and Rift to seek a partner for a material share of the license working interest, in return for funding a further 3D seismic survey over a portion of the Licence area.The new 3D seismic survey would focus on the Gamtoos basin and/or the South Outeniqua basin, the latter being part of the slope margin play being targeted by Total, Exxon and Equinor in adjacent acreage.Any prospects identified and high-graded during the processing and interpretation of the new 3D dataset could ultimately lead to a well being drilled in the 3rd Renewal Period, presently due to end in December 2023.According to Envoi, hired to carry out the farm-out process, the 9,369 km2 acreage straddles the Algoa and Gamtoos Basins, positioned at the eastern end of a series of en-echelon petroleum basins on the southern shelf margin of South Africa, which developed during the Jurassic break-up and separation of southern Africa from the Falkland Plateau of South America.Envoi said: “Recent geological reviews have shown that the true hydrocarbon prospectivity of the area has been largely unexplored by the drill bit, as historical wells were located using old 2D data and did not intersect valid closure or encountered only modestly developed reservoir sands at the fringes of the main depocentres.“Many of these old wells drilled in both the Algoa and Gamtoos Basins, however, either had shows, residual hydrocarbons and/or penetrated and confirmed three mature, wet gas to oil-prone shale source sequences of up to 4% TOC. Two of these source units lie within the Jurassic Early Syn-Rift fill and one within the subsequent Cretaceous Rift-Drift succession. Independent modelling confirms they are mature in both central basin play areas.”Envoi has said that modern 3D seismic led exploration is now required to accurately map and unlock the newly defined leads offshore.Per Envoi, the five primary leads alone are estimated capable of containing a combined ‘mean’ potential of 1.4+ billion bbls STOIIP (an upside of over 2 Billion STOIIP) and several hundred million barrels of recoverable resources in the three undrilled plays to be refined by new data.“The NewAge operated Group would now like to find a partner(s) interested in earning up to 50% of their combined 100% interest by contributing to past costs and funding a new 3D seismic survey before the current 1st Renewable Period of the Licence expires in August 2019 (estimated likely to cost US$ 7 million gross). The new partner will also have the option to earn additional interest by further contributions to an exploration well in the subsequent Licence Period,” Envoi has said.Offshore Energy Today Stafflast_img read more

UW opens inagural B1G hockey conference with border battle at Minnesota

first_imgBig Ten hockey has arrived, at least Minnesota has, as the Wisconsin men’s hockey team travels to take on the No. 1 Gophers in a border battle that will inaugurate the new conference for both teams.With the new conference and facing off against the top team in the nation setting the stage, the stakes heading into the Friday-Saturday series could not be higher for the Badgers (4-3-1, 0-0 Big Ten).Yet for University of Wisconsin, they are simply happy to be getting back on the ice.“We’re excited to get back playing. The fact that we’re going into Minnesota and they’re ranked where they are, our kids will be excited,” head coach Mike Eaves said in a press conference Monday. “It’s an opportunity to bang the drum a little bit and make some noise by going in there and playing well, see what we can do.”The Badgers will enter Mariucci Arena coming off a bye week, the team’s third week off in the last five weeks, having played just eight games to Minnesota’s 12 games played so far this season.It is a challenge to keep the veteran squad focused and working hard despite having such little game-time minutes, Eaves said the team has found ways to make practice interesting, incorporating new drills and new techniques, as well as simulating game-like scenarios.“It is a challenge. It’s been kind of a fun one. I think, what it does, it gets us outside of our normal box. We’ve been creative,” Eaves said. “I think we’ve learned some new techniques and training things and drills that have kept our guys’ interest piqued, but at the same time, trying to keep them as close to game ready as we can.”While the Badgers will be coming in well-rested, the Gophers head into the series after splitting a pair of games last weekend with Minnesota-Duluth. Following a decisive 6-1 victory in game one over the Bulldogs, the Gophers went on to drop the second game 6-2, crushing the team’s 10-game unbeaten streak at home after giving up three UMD goals in the opening period.Boasting the second-best offense in the nation, averaging more than four goal-per-game, Minnesota will be a challenge to contain for the Badger defense and goaltending pair of juniors Joel Rumpel and Landon Peterson. Junior Gopher forward Sam Warning leads the way on the attack with a team-high 19 points off five goals and 14 assists, putting him in third on the nation’s assists scoreboard. With goal scoring split across the lines for UM, Wisconsin will need to be firing on all cylinders to contain the explosive offense.Yet the meeting will be no easy task for Minnesota, as the rivalry never sees a dull match, as the Badgers boast a team full of depth and experience. While forward Nic Kerdiles saw his 18-game point streak dating back to last season snapped against Miami two weeks ago, the sophomore continues to be one of the most consistent Badgers on the ice with four goals and four assists on the year. Kerdiles sits tied with three other Badgers with eight points on the year, only to be topped by senior forward Michael Mersch with nine points.The last time the two teams faced off was at the Hockey City Classic hosted at Soldier Field in Chicago last season. After a 3-2 victory for Minnesota in game one at the Kohl Center, the Badgers scored three goals in three minutes and 19 seconds in the second period in the frigid outdoors to lead the team to a 3-2 win over a then-ranked No. 2 Gopher squad.last_img read more