Energy Company News

• Petronas Halts all Imports of Iranian Crude in South Africa

  To comply with US and EU economic sanctions against Iran, Engen, a unit of Petroliam Nasional Bhd (Petronas), and South Africa’s largest importer of Iranian crude, has announced its suspension of all oil imports from the Persian state.Engen operates the second biggest refinery in South Africa, processing 135,000 barrels a day, and normally buys 80 percent of its crude from Iran. A spokeswoman for the company, Tania Landsberg, said that contingency supplies have been put in place to cover the loss of Iranian crude. Although Shamsul Azhar Abbas, CEO of Petronas, said that whilst alternative supplies have been sought, none…

• Acquisition of Maari 3D Seismic Survey Commences

  Cue Energy Resources Limited (ASX: CUE; NZX: CUE) is pleased to announce that acquisition of the Maari 3D seismic survey has commenced in permits PMP 38160 and PEP 51313 in the offshore Taranaki Basin of New Zealand. The survey comprises 254 sq km of seismic data and is being recorded with the survey vessel Polarcus Alima. The survey will provide new data coverage over the Maari and Manaia fields and the Pike and Paua prospects to the south. The data will be used to mature drilling opportunities for the Maari appraisal campaign planned for the 2012/2013 summer period. The survey…

• Environmental Approval Extended for Tassie Shoal LNG Project

  Tassie Shoal LNG project environmental approval updatedKey Points:•    Tassie Shoal LNG project environmental approval updated & extended for at least 5 years•    Environmental approval terms consistent with recently sanctioned projectsMELBOURNE, AUSTRALIA (29th March, 2012)MEO Australia Limited (ASX: MEO; OTC: MEOAY) is pleased to advise that the FederalGovernment has updated the Timor Sea LNG Project environmental approval. Concurrent with this revision the Department confirmed that the approval will remain valid until at least 28th March 2017.The Federal Department of Sustainability, Environment, Water, Population and  communities reviewed the status of the environmental approval under the Environment Protection and Biodiversity Conservation Act 1999…

• Sol Systems Announces Success of its New Solar Financing Community

  Sol Systems, the largest SREC aggregator in the US, is proud to announce the success of its new solar financing website, SolMarket.SolMarket is the new solar financing website of Sol Systems, which provides investors and developers with the tools they need to efficiently originate, evaluate, finance, and construct renewable energy projects, in a way that is transforming how solar projects are financed.Launched less than six months ago, Sol Market already boasts committed funds of $1.9billion from its network of 18 investors, which include; energy suppliers, family funds, private equity, solar funds, and larger solar companies, all of whom have extensive…

• Cue Energy to Evaluate Results from Indonesian Well

  Naga Utara-1 Well, Mahakam Hilir PSC, IndonesiaCue Energy Resources Ltd (ASX: CUE; NZX: CUE) is pleased to provide the following update on the drilling status of Naga Utara-1as advised by the well operator is SPC Mahakam Hilir PTE Ltd (SPC). The well is located within the Mahakam Hilir PSC in the Kutei Basin, Indonesia.The well reached a total depth of 5066 ft MD. The 6 inch hole section was evaluated using wire-line tools and an open-hole DST (drill-stem test). A cased-hole DST was then conducted on a zone of interest in the 8-½ inch hole section.An MDT log recovered a…

• Challenger Encouraged by Thickness of Barnett Shale at Mercury Stetson

  Barnett Shale Log Results – Mercury Stetson • Barnett shale apparent thickness ~ 600ft• Mudlogs confirm the Barnett contains gas over the entire 600 feet• Excellent density porosity across the Barnett• Rig Drilling on to Woodford Shale• Funding secured to deepen the well and potentially expand the fracture stimulationProgram 20 March 2012: Challenger Energy Ltd (“Challenger”) is very pleased to announce that the results of the open hole logs over its well in the Mercury Stetson project have confirmed the presences of the Barnett Shale, with an apparent section thickness of approximately 600 ft. This is almost 200 ft more of the Barnett that was…

• Cue Releases Drilling Update on Indonesian Property

  Naga Utara-1 Well, Mahakam Hilir PSC, Indonesia(ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY) Cue Energy Resources Ltd is pleased to provide the following update on the drilling status of Naga Utara-1. The well is located within the Mahakam Hilir PSC in the onshore Kutei Basin, Indonesia. The well operator is SPC Mahakam Hilir PTE Ltd (SPC). As of the 16th March 2012 the sidetrack has reached total depth of 5066 feet MD. The open-hole section below 4645 feet (MD) has been logged using wire-line. A gas sample was successfully obtained using wire-line tools. The results are being evaluated. An…

• Sampang PSC, Indonesia Development Update

  Cue Energy Resources Limited (CUE) is pleased to provide an update on the Sampang PSC development project. As per the ASX release of 1st February the Wortel Field commenced gas production on 31st January 2012. Over the course of the last month the production rate from Wortel has been gradually increased up to the current stable rate of approximately 50 billion BTU per day (BBTU/D). The balance of the gas production is from the Oyong Field. Combined they are currently producing the daily contract quantity of 90 BBTU/D to the power station at Grati. Cue’s share of production is 13.5…

• El Paso Shareholders Approve $24 Billion Takeover of Morgan Kinder Inc.

  Shareholders of El Paso Corp. (EP) have approved a $24 billion takeover of Kinder Morgan Inc. in a deal that will form the biggest pipeline company in the US. EP is one of North Americas largest producers of natural gas and other energy related products, and also owns North Americas largest natural gas pipeline system which spans the whole country. Kinder Morgan is the leading pipeline transportation and energy storage company in North America. It owns nearly 26,000 miles of pipelines for the transport of natural gas, crude oil, and other petroleum products. It also owns 170 terminals for the…

• Cue Releases Drilling Update on its Naga Utara-1 Well

  Naga Utara-1 Well, Mahakam Hilir PSC, Indonesia Cue Energy Resources Ltd (ASX: CUE; NZX: CUE) is pleased to provide the following update on the drilling status of Naga Utara-1. The well is located within the Mahakam Hilir PSC in the onshore Kutei Basin, Indonesia. The well operator is SPC Mahakam Hilir PTE Ltd (SPC). As of the 9th March 2012 the sidetrack has been drilled in a 6 inch hole to 5066 feet measured depth (MD). The high pressure gas zone seen in the original hole was again encountered from 4825 feet MD to 4880 feet MD. An additional gas…