Mozambican coal producer Beacon Hill Resources has signed a strategic marketing partnership with Vitol Group, the world's largest energy trading company. Vitol will act as agent to market export coal produced by Beacon Hill's Minas Moatize mine.
Trap Oil, the independent North Sea oil & gas exploration & appraisal company, has agreed to acquire a 15% working interest in the Athena Oil Field from Dyas UK for a total cash consideration of around £34.5m. Trapoil's management currently estimates the net acquisition cost to the company will be around £26.9m, payable in three stages. Management estimate gross unaudited recoverable reserves from the core Athena development area to be around 14.3m barrels of oil, with upside in the core area and further to the north.
Magnolia Petroleum, the US-focused oil & gas exploration & production company has also had its cheque book out, acquiring a 12.5% working interest in a lease in Oklahoma covering 640 acres (80 net mineral acres) within the boundaries of the proven Mississippi formation. The company will have a 9.375% net revenue interest in the lease.
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Italian oil giant Eni has told Cadogan Petroleum, operator of the Pokroskvoe 1 and Pokroskvoe 2a wells in the Ukraine, that it will not be taking up its option to acquire a further 30% of the share capital of Pokroskvoe Petroleum BV, a subsidiary of Cadogan. The UK company ran into problems drilling the Pokroskvoe 2a well on withdrawal, when the running string became stuck and could not be recovered.
