Graeme Sword

UK independent Serica Energy plc Energy has acquired more upstream assets in the #UK North Sea, agreeing to buy the entirety of British supermajor bp's stakes in the P111 and P2544 licences, despite the challenging tax regime in the country’s oil and gas sector. https://lnkd.in/dfgq5jrr

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BP says it has the “best portfolio” in the North Sea, but is holding back on major investment decisions until the UK government clarifies the future of the windfall tax. “And then I think once we get clarity on the fiscal situation, we will then make decisions," said bp EVP production and operations Gordon Birrell. Read more here: https://lnkd.in/e58YNvsy

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Pleased to report that Berenberg analyst James Carmichael has initiated research coverage on Jadestone Energy today with a Buy rating and a 68p price target, over 200% above the existing share price. #JSE #Jadestone #oilandgas

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#ASXNews Strategic Investment in Strike Energy Carnarvon Energy Ltd is pleased to announce it has entered a subscription agreement with Strike Energy Limited (ASX:STX) (Strike), whereby Carnarvon will be issued up to $89 million of fully paid ordinary shares in Strike, at an issue price of $0.12 per Strike share, for a shareholding in Strike of up to 19.9% (Strike Investment). Strategic Rationale The decision to undertake the Strike Investment comes after the Company considered other alternative opportunities as part of the Strategic Review. Following a period of extensive due diligence, the Board considers the Strike Investment a superior outcome due to the combination of: • Strike’s extensive and high-quality #gas portfolio of production, development and #exploration assets which requires access to capital to drive growth; • The $89 million of funds, coupled with Strike’s other funding arrangements, will enable Strike to unlock significant value from its portfolio; • The investment gives Carnarvon exposure to Western Australia’s domestic gas and electricity markets at a time when gas and energy demand is increasing; • $0.12 represents an attractive entry price for Carnarvon, being a 19.7% discount to Strike’s 10-day volume weighted average price up to close on 18 July of $0.149; and • Carnarvon will retain full exposure to its existing and complementary Bedout Sub-basin portfolio, along with sufficient funds to progress development and exploration. Use of Funds by Strike As a result of the funding provided by Carnarvon, coupled with other available funding sources, Strike will be fully-funded for: • Delivery of the South Erregulla 85 MW gas-fired peaking power station by October 2026; • The planned life extension of the Walyering domestic gas project; • Progressing toward FID on the West Erregulla gas project; and • Maturation of an attractive portfolio of Perth Basin development and exploration opportunities such as Ocean Hill. #CVN Chair, Rob Black, commented: “Carnarvon is excited to become the largest shareholder of Strike Energy. “Following the Bedout JV Operator’s recent decision to delay the Dorado Development, the Carnarvon Board has been assessing value accretive opportunities for shareholders. “The Carnarvon Board believes the Strike Investment represents an attractive opportunity for the Company to help Strike unlock the value in its high-quality portfolio of Perth Basin assets on attractive terms, whilst retaining full exposure to its own assets in the Bedout Sub-basin. “The Carnarvon team looks forward to working collaboratively with the Board and management team of Strike to deliver value for both sets of shareholders.” Read the announcement: https://loom.ly/UdE0MZs #CarnarvonEnergy #ASX

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Rystad Energy is proud to have served as advisors to Global Infrastructure Partners, part of BlackRock, in their acquisition of a 49.99% interest in Eni CCUS Holding (“Eni CCUS”). Eni CCUS currently encompasses the Liverpool Bay and Bacton projects in the UK, the L10 project in the Netherlands and has the option to participate in the Ravenna CCS project in Italy – cornerstone assets aimed at decarbonizing industrial clusters. The agreement also grants Eni CCUS the right to participate in potential future projects related to Eni’s depleted oil and gas fields once the relevant regulatory and market conditions allow. Over time, the Eni CCUS platform is expected to expand further, unlocking new business opportunities and reinforcing its contribution to decarbonization efforts. We look forward to see how this partnership will accelerate the development of these projects across different geographies, providing critical infrastructure to capture and permanently sequester CO2 emissions from hard-to-abate industries. • GIPs press release: https://lnkd.in/dfiP_TPv • Eni's press release: https://lnkd.in/dnNH5kvb • To learn more about how Rystad Energy delivers end-to-end transaction support: https://lnkd.in/d4pUyPaN • To learn more about how Rystad Energy provide data and analytics in CCUS: https://lnkd.in/dHBfa5uq

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As energy demand continues to grow globally and as energy independence becomes increasingly important, we believe that natural gas serves a critical role to keep grids resilient and advance the transition to a lower-carbon future. In partnership with Centrica, ECP is pleased to announce the acquisition of the Isle of Grain LNG terminal, the UK's largest LNG import facility, providing regasification, storage and system balancing capabilities critical to energy security. For more information, click here: https://lnkd.in/eVfTNKvq

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