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 company said that in addition to cost reductions, a new US$6 million loan and doubled gas production in Kazakhstan, it has reached a deal to restructure its Georgian project and remove its current funding obligations of about US$4 million under the farm-out signed in July 2013.
The Canadian company, with assets in southeastern Alberta, announced a financial update and highlighted its intent to maintain its dividend for 2015, supported by a strong hedging book, the "best-in-class decline rate" (10-12 percent) and clean balance sheet.
Hillcrest Resources (CVE:HRH) has received initial coverage from small-cap focused corporate markets firm SeeThruEquity, which gave the oil and gas explorer a 46 cent price target on the back of a major deal announced late last year.
The company, which has assembled a New Zealand-focused land package totaling 2.8 million acres over three basins, is now in the process of bringing additional production onstream at its Cheal-E field, while re-entry of the Cardiff deep gas prospect nearby is anticipated in several months.
New Zealand Energy (CVE:NZ) (OTCQX:NZERF) said that as part of its efforts to cut down on costs, it has moved the holding company for its New Zealand subsidiaries from Singapore to New Zealand, as it works to refinance the business amid the slump in oil prices.
"With the significant reduction of our financial commitments on the blocks over the short to medium term on the one hand, and with earning meaningful cash contribution on the other, we are perfectly positioned to further progress our offshore licenses in Namibia together with our partners Azinam and Tullow Oil, and explore additional opportunities."
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