Gabon commits to Assala deal, Maurel calls it quits
Gabon Oil Co. (GOC) has sealed the acquisition of Assala Energy, with Maurel et Prom acknowledging defeat.
Maurel et Prom
Maurel et Prom denied as a result of Gabon pre-emption
Nguema said the purchase of Assala was intended to increase the state’s share of revenues. The move, he said, would allow Gabon to “demonstrate its sovereignty in the oil sector, which is the heart of the economy”.
Maurel to sell Tanzania stake in Mnazi Bay to close slow-moving deal
Maurel CEO Olivier de Langavant welcomed the “partnership with TPDC that will reinforce the basis for the mutual benefit of the next phase of development at Mnazi Bay”.
Gabon’s oil union threatens December strikes
“If nothing is done … ONEP will use all legal means, including a strike”, officials said.
Maurel buys Assala in “step change” for Gabon plans
The transaction will increase Maurel’s production to 67,800 boepd, it reported, of which 56,500 bpd will be in Gabon. The deal will also see Maurel take over a midstream network and the Gamba oil terminal.
Maurel pins 2023 hopes on Gabon
This year, the company aims to focus its spending in Gabon. It will spend $100mn on development, of which $85mn will be in Gabon.
Wentworth sale to Maurel squeaks past shareholders
Wentworth held its vote yesterday, with 75.26% of shares voted in favour of the scheme. The deal required 75% approval.
Wentworth deal on the rocks with Fidelity’s “no”
Wentworth has said cashflows in 2023 will be much reduced - making now an ideal time to sell out to partner Maurel.
Maurel pays down debt, progresses Wentworth deal
Operations had returned to normal in the third quarter in Gabon, Maurel said. The company began a well stimulation campaign in the fourth quarter of 2022, with the field now capable of producing more than 21,000 bpd.
Maurel makes all-cash offer to acquire Wentworth
Maurel et Prom has made an offer to acquire Wentworth Resources, its partner at a Tanzanian gas project.
Nigeria’s Seplat spent $450mn with firms tied to founders
One of Nigeria’s largest independent oil and gas producers spent more than $450 million on goods and services provided by companies linked to its two founders over 12 years, most of it after the firm publicly listed in London and Lagos in 2014.
Maurel refreshes debt, potentially opening the door for M&A
Maurel et Prom has secured a new bank loan under “very favourable terms” and is scaling up its dividend plans.
Wentworth sets net zero plan as production rises
Wentworth Resources has posted another strong set of results with revenues up 26% on higher production.
Gabon oil workers strike over vaccine mandates, PCR testing
Oil workers, and others, have gone on strike in Gabon in protest at COVID-19 measures.
Higher oil prices pay off for Maurel
Maurel et Prom has reported production slipping 5% in the first nine months of the year, even while revenues increased 42%.
Maurel plans 2021 production boost
Maurel et Prom intends to restart drilling in Gabon, on its Ezanga permit, this summer in a bid to recover production losses.
Wentworth ups dividend, seeks new opportunities
AIM-listed Wentworth Resources’ production dipped in 2020, but revenue was largely flat and the company has upped its dividend.
Gabon production cuts hit Maurel
Maurel et Prom’s production fell in the first nine months of 2020, although its acquisition of Angolan assets helped avoid too great a reduction.
Gas sales keep Wentworth on plan for dividend
Demand for Wentworth Resources’ gas in Tanzania will stay flat this year, with heavy rains driving hydropower generation, but things should pick up towards the end of 2020.
Maurel halts Ezanga drilling
Maurel et Prom intends to hold its production roughly stable in 2020 as the company focuses on riding out the current storm.
Higher production drives Maurel’s income
Maurel et Prom’s income increased in 2019 as a result of increased production, while the sales price fell marginally.
Making progress with Progressive TSL
Working in different locations presents various logistical problems for companies – a problem Progressive TSL aims to tackle.
On the up in Tanzania for Wentworth and Orca
Tanzania has struggled to pay its debts to local gas producers but there are signs this is changing, with Wentworth Resources and Orca Exploration posting strong quarterly results on improved collections and higher gas demand.