Northern announces that as anticipated by Shell France on June 23rd, The Stena Drillmax ICE drillship commenced operations on the GM-ES-2, the second well on the Guyane Maritime permit on Friday 6th July. GM-ES-2 follows up on the Zaedyus oil discovery in late 2011, which encountered 72 metres of net oil pay in two turbidite sand systems successfully proving that the Jubilee play is mirrored across the Atlantic from West Africa.
The potential of this well was indicated by the Chief Executive of Shell France, Patrick Romeo who stated that, “drilling should last three months and Shell hopes to discover a reserve of at least 300 million barrels of oil” as reported by Dow Jones Newswires. Also, Tullow’s Exploration Director, Angus McCoss was quoted in the New York Times as having said the field could be larger than Jubilee, with 1 billion barrels or more of recoverable oil.
The partner interests in offshore Guyane are:
Shell 45.0% and operator
Northpet Investment 2.5% (Northern owns a 50% equity interest in Northpet Investments)
Derek Musgrove, Managing Director of Northern stated:
“We are pleased to be following up on the highly successful Zaedyus discovery so quickly. Through this project shareholders may benefit from this potentially very high impact event without any great cost exposures. I look forward to updating shareholders on progress.”
In accordance with the AIM Rules – Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Exploration and Technical Director of Northern, Mr. Graham Heard CGeol.
FGS, who has over 35 years experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard.
Cal Dive International, Inc. announced that it has been awarded a contract by Pemex Exploración y Producción for the installation of a 20 inch subsea pipeline located in the Abkatun Pol Chuc Field in 73 meters of water.
The contract is expected to generate total revenue of approximately $46 million and will utilize two of the Company’s key assets. The offshore construction is expected to commence in the second quarter 2012.
Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, “We are pleased to announce our second contract win in Mexico for 2012. Mexico is shaping up to be a very active market in 2012 as expected. So far we have been awarded contracts in Mexico with aggregate expected revenue in 2012 of approximately $70 million compared to revenues generated from Mexico projects in 2011 of approximately $30 million.”
Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides an integrated offshore construction solution to its customers, including manned diving, pipelay and pipe burial, platform installation and platform salvage services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, the Middle East and the Mediterranean, with a fleet of 29 vessels, including 19 surface and saturation diving support vessels and 10 construction barges.