LNG Energy is a Canadian exploration and development company focused on developing the extraordinary oil and gas reserves in Papua New Guinea, Poland and Bulgaria. In Papua New Guinea, LNG has assembled a strategic, world-class portfolio of acreage, holding a 68.5% interest in approximately 5.5 million acres and 100% interest in approximately 42,000 acres of prospective oil and gas properties.
Recent Sector News
The Alabama-headquartered oil producer, which claimed having 373 million barrels of oil equivalent (BOE) in proven reserves at the end of 2014, will use the funds to support increased drilling in the Midland Basin later this year.
Argentina has one of the most important non-conventional oil deposits in the world in the Vaca Muerta shale and has a huge opportunity to implement horizontal technology into already defined conventional (non-shale) resource plays
The new discovery suggests exploration activities are proceeding as planned as the company tries to move away from scandal and junk ratings.
Madalena increases production and revenues in Q1-2015, continuing its active Argentina drill program
The company said it has started operational planning related to the drilling of four strategic resource plays including additional follow-up horizontals in the Loma Montosa oil resource play.
IAS noted that Madalena’s Q1/15 average oil and gas production of 3,586 boe/d met expectations while current production has increased to approximately 4,000 boe/d
WesternZagros has a healthy balance sheet, ending the first three months of the year with US$158.6 million in cash and equivalents as well as an additional US$200 million from an undrawn credit facility.
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