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
Shares of Bellatrix Exploration (TSE:BXE) were rising on Thursday after the oil and gas company said it more than doubled its proved and probable reserves at year-end 2013, benefiting from the largest capital program since it converted to a "growth-oriented" explorer and producer.
Drilling activity is ramping up in an aggressive form in the Vaca Muerta shale of Argentina, with YPF --- Argentina's largest shale oil producer --- just announcing two contracts valued at a total of $1.2 billon to lease another 15 drilling rigs to develop the formation, a boon to smaller companies like Madalena Energy (CVE:MVN) (OTC:MDLNF) that have properties in the region.
The Vancouver, British Columbia-based oil and gas company, which is in the midst of closing a deal to acquire Pennant Energy as part of its strategy to become a junior producer, is of the view that the only way to survive these constrained capital markets is to come “in front of a trend”, creating a first-mover advantage.
PetroNova (CVE:PNA) shares jumped over 15% Friday after the Colombia-focused oil and natural gas company signed a farm-out deal with Pacific Rubiales Energy (TSE:PRE) for the development of its Tinigua exploration and production contract.
Operationally, there hasn’t been a great deal of activity, but, in a few short months this will change as a potentially ‘company making’ drill programme gets underway offshore Liberia.
Shares of Madalena Energy (CVE:MVN) were rising on Wednesday, benefiting from two key news headlines that emerged late yesterday from Argentina, one of which entails state-backed YPF and Petronas signing a deal to develop the Vaca Muerta shale.
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