Deal Report Feb 14 Apr 14

Table of Contents.
Click a region to jump to it.
The numbers next to each entry indicate the number of deals that took place that region.
For North America domestic deals were excluded from this count.
East Africa (10)
North Africa (7)
West Africa (14)
South & East Asia (22)
Middle East (14)
North America (8)
South America (22)
Europe (23)
Former Soviet Union (10)
Australasia (15)
China (1)
Financing

East Africa

30 Apr 2014
o OMV AG reported it will acquire 35% participating interest in Madagascar
onshore Blocks 3109 and 3111 from Tullow Oil PLC, which will retain 65%
and continue as operator. The transaction is subject to approval from
Madagascars government.
9 Apr 2014
o Tower Resources has farmed-in to 15% of Block 2B Kenya, agreed with
Taipan Resources, for 15% working interest (Taipan currently 45%). Farm-in
terms are US$4.5 million cash, 9 million Tower shares in two tranches and
US$1.0 million contingent payment on spud of a second well.
21 Mar 2014
o Jersey-registered Safari Petroleum and partner Western Energy were
awarded on 20 Mar 14 a 17,697-sq km licence over deepwater blocks D, E &
F, now redesignated blocks 38, 39 & 40 (Comoros). The PSC was agreed
upon between Safari and the ministry last December, and ratification had
been pending since. Safari (op) 25%, Western Energy 75%.
o Bahari (op) 40% and Discover Exploration. were awarded 60% of blocks A, B
and C, total 18,000 sq km in deepwaters and now redesignated blocks 35, 36
& 37 (Comoro Islands). The initial contract was signed a year ago but then
invalidated in October after a govt reshuffle mid-year. 2D infill seismic is
planned shortly.
10 Mar 2014
o Swala Energy has announced the signing of a binding farm-out agreement
for a 25% working interest in Block 12B (Kenya) with an international
integrated oil and gas company, that will see Swala free carried through two
exploration wells. The principal terms of the farm-out agreement are that the
Farmee will pay Swalas past costs with regards to exploration and any work
programme agreed to by a majority vote under the Production Sharing
Agreement in excess of the work commitment under the PSA. Completion of
the farm-out is subject to certain conditions including the consent of the
Kenyan Government and the Competition Authority of Kenya, until which
point the Farmee has requested confidentiality. Upon completion of the
transaction Swala will retain a 25% net working interest in Block 12B, the
Farmee will own a 25% net working interest and Tullow Oil will hold a 50%
net working interest and continue to act as the Operator.

4 Mar 2014
o Africa Oil Corp has announced that it has received Ethiopian government
approval in respect of two farmout agreements:
Marathon Oil Corp, through its wholly-owned subsidiary Marathon
Ethiopia, will acquire a 50% interest in the Rift Basin Area. Under the
terms of the Marathon Oil farmout agreement, Marathon Oil will
acquire a 50% interest in the Rift Basin Area in Ethiopia. Africa Oil
will maintain operatorship of the block, but Marathon Oil has the right
to assume operatorship if a commercial discovery is made. In
consideration for the assignment of this interest, Marathon Oil will
pay Africa Oil an entry payment of $3 million in respect of past costs,
and has agreed to fund $15 million of Africa Oil's working interest
share of joint venture expenditures in the Rift Basin Area.
New Age Ethiopia acquire a 40% interest in the Adigala Block. Under
the terms of the New Age farmout agreement, New Age will acquire
an additional 40% working interest in the Adigala Block, in Ethiopia.
Following completion, Africa Oil's interest will be reduced to 10%. In
consideration of the assignment New Age will carry Africa Oil's
working interest share of a planned 1,000 km 2D seismic work
program in the Adigala Block. Completion of this transaction is
anticipated in March 2014.
o WHL Energy has signed a farm-in agreement with Ophir Energy under which
Ophir will farm-in to earn a 75% interest in WHL Energys exploration
interests offshore the Seychelles. Under the terms of the farm-in, Ophir will
fully fund the acquisition of 1,500km2 of 3D seismic (Initial Seismic), up to a
total amount of US$17 million. On meeting the conditions of the farm-in
agreement, including formal regulatory approval by the Government of the
Seychelles, Ophir will pay WHL Energy US$4 million in cash for partial
recovery of back costs.
5 Feb 2014
o Hitherto-unreported, PetroSeychelles granted Jogmec an offshore licence in
Oct 13, location west of the islands and active acreage. This was defined as
a Study Area under an agreement signed between the Seychelles and
Japan in mid-2013. 3D seismic is planned shortly.
4 Feb 2014
o FAR Ltd has completed the first farm in deal on its highly prospective
onshore and offshore Kenya exploration permit, Block L6, located in the
Lamu basin. Under the terms of the farm-in with Milio E&P Limited and Milio
International, FAR will be fully funded through $30 million (FAR estimate) of
drilling and testing of a high impact onshore exploration well in Block L6
expected to spud in H1 2015. FAR will also be fully funded through the
acquisition, processing and interpretation of a regional onshore 1,000 km 2D
seismic survey. This is expected to confirm a number of prospects in L6 as
drill targets. This seismic program is expected to commence in April 2014.

North Africa

30 Apr 2014
o Fastnet Oil & Gas has announced the formal completion of its farm-out of a
9.375% interest in the Foum Assaka Licence, offshore Morocco, to SK
Innovation. Following the completion of the Transaction, SK Innovation is due
to pay Fastnet accumulated back costs of US$20.4 million. Fastnet is also
carried through its share of the drilling costs for the FA-1 well, which is
currently ongoing, up to a gross well cost of $100m as well as either an
appraisal well or, at SK Innovation's discretion, a further exploration well (also
capped at USD$100m gross). Fastnet holds its interest in the Foum Assaka
licence area through its wholly owned subsidiary Pathfinder Hydrocarbon
Ventures Limited. Following completion of the transaction, Fastnet will hold a
9.375% interest in the Foum Assaka Licence, with Kosmos Energy
Deepwater Morocco, a subsidiary of Kosmos Energy Ltd. holding 29.925%,
BP Plc 26.325%, SK Innovation 9.375% and ONHYM the remaining 25%.
21 Mar 2014
o The Government of the Saharawi Arab Democratic Republic (SADR) has
awarded the Bir Lahlou Block to the UK-based Red Rio Petroleum, effective
from 18 March 2014. The award is under the Production Sharing Contract
terms previously promulgated by the SADR.
18 Mar 2014
o Chariot Oil & Gas has announced that its wholly owned subsidiary, Chariot
Oil & Gas Investments (Morocco), has been awarded a 75% interest and
operatorship of the Mohammedia Reconnaissance Licence offshore Morocco
in partnership with the Office National des Hydrocarbures et des Mines
('ONHYM') which holds a 25% carried interest. This licence area is adjacent
to the Company's Loukos and Rabat Deep licences and sits in the near
shore. It covers an area of approx. 4,600km2 with water depths less than
500m. The award remains subject to final approval from the relevant
authorities.
20 Feb 2014
o Pursuant to an application in October 2013, Sonatrach was reportedly
granted the 28,720-sq km Guelma prospecting permit in the Sud-Tellian Atlas
(Algeria). The permit includes grid blocks 141, 142, 122, 125 and 127. The
area is also referred to as Ain Regada.
o Dutch-registered Mazarine Energy has obtained a 90% stake from Medex in
the 5,168-sq km Zafrane block in the Kbili governorate, onshore
Ghadames Basin (Tunisia). Medex retains a 10% participating interest, and
ETAP 50% carried. The deal calls for US$50 MM expenditures in the block,
which also encompasses the Sabria field. Mazarine meanwhile completed 3D
seismic (DA 18 Feb 14) over an extension of Sabria and the Algeuia
prospect. Up to 2 wells are planned, of which an appraisal, starting Sep 14.
18 Feb 2014
o Dana Gas has signed an agreement for the North El Arish (Block 6)
Concession Area, offshore the eastern Nile Delta. The 2,980 sq km block
was awarded in April 2013 as part of a competitive bidding process. This is
the Companys first offshore block in Egypt, covering water depths from 20
up to a 1000 m. Multiple play types have already been identified within the
acreage and plans for the first exploration phase of four years, which has
now commenced, includes seismic acquisition and the drilling of one
exploration well.
13 Feb 2014
o Petroceltic International has announced the agreed sale of an 18.375%
interest in the Isarene Production Sharing Contract, which includes the world
class Ain Tsila gas condensate discovery, onshore Algeria, to Sonatrach, the
Algerian National Company for Hydrocarbons. The assignment has been
effected by way of a sale and purchase agreement, under which Sonatrach
will acquire an 18.375% interest in the Isarene PSC covering Blocks 228 and

229a. The amendment to the Isarene PSC (or Avenant) required to give
effect to the transfer was signed by Sonatrach, Petroceltic and Enel at a
ceremony in Algiers on 12 February 2014. The terms of the agreement with
Sonatrach provide for a consideration of up to a maximum amount of US
$180 million. The consideration comprises US $20 million payment on
completion of the transaction, a further US $140 million payment of
Petroceltics share of Isarene project development cost from the effective
date of 4 July 2013 and contingent payments of up to US $20 million based
on the achievement of certain project related milestones.

West Africa

30 Apr 2014
o Energy Investments Global has reached agreement with the Independent
Directors of Heritage Oil on the terms of a recommended cash offer of
approx. 924 million for the entire issued and to be issued ordinary share
capital of Heritage. Heritage has E&P assets in Nigeria, Malta, Libya,
Tanzania, Russia, Pakistan and Papua New Guinea.
14 Apr 2014
o Glencore Xstrata and Caracal Energy have reached a definitive agreement
for a wholly owned subsidiary of Glencore to acquire Caracal for an all cash
consideration of 5.50 per common share by way of Plan of Arrangement.
Caracal holds assets in Chad.
As a result of the Arrangement, Caracal is also announcing that it
has terminated a prior agreement under which it proposed to merge
with Calgary-based TransGlobe Energy Corp. Termination is on the
basis that the unsolicited proposal from Glencore constitutes a
Superior Proposal. Caracal has paid to TransGlobe a termination fee
of US$9.25 million as required under the terms of the Proposed
TransGlobe Merger.
11 Apr 2014
o Cepsa has acquired a 30% stake in a block offshore Liberia through a farmout agreement. This is the companys first asset in West Africa and fits into its
planned expansion into emerging markets. The block, LB-10, is operated by
Anadarko Petroleum Corp. The company did not say how much it intends to
spend on acquiring the stake. Under the farm-out agreement Cepsa will
participate in the drilling of two exploratory wells before August 2016.
3 Apr 2014
o OMV and Murphy Oil have farmed into Namibia offshore blocks in deal with
Cowan Petroleum. The transaction involves the acquisition of a 65% interest
in two exploration blocks by Murphy Luderitz Oil Co (Murphy) and OMV from
the Brazilian company Cowan Petroleum. OMV will take 25% while Murphy
will be the operator of the joint venture, with an interest of 40%. Cowan will
retain 20% equity, with the remaining 15% held by the Namibian national oil
company NAMCOR. The joint venture partners will conduct an extensive 3D
seismic program starting in Q2 2014.
o Genel Energy has announced that, together with White Rose Energy
Ventures, it has agreed to acquire 15% working interests in Blocks 38 and 39
offshore Angola. Blocks 38 and 39 are situated in the Kwanza Basin and
cover an area of c.14,000km2 in water depths of 1,500-2,500m. The interests
will be acquired through two separate transactions. In each transaction, a
15% working interest will be acquired by a 50/50 Genel/White Rose joint
venture company.
In Block 38, the 15% working interest will be acquired from China
Sonangol for an upfront payment of US$59m (US$30m net to Genel),
representing a pro rata share of past costs.
In Block 39, the 15% working interest will be acquired from the
operator, Statoil Angola Block 39 AS (a wholly-owned subsidiary of
Statoil), for a consideration comprising a pro rata share of past costs
and a partial carry of Statoils share of the first exploration well, for a
total consideration value of US$222m (US$111m net to Genel). All
consideration will be paid by carrying Statoils share of expenses on
the block, with the carry on the first exploration well capped at
US$123m (US$61m net to Genel) and the remaining US$99m carry
(US$50m net to Genel) paid in the event that Genel/White Rose
elects to participate in additional activity on the Block.
25 Mar 2014
o The Shallow Water Tano block, 971 sq km in the Tano/Cte dIvoire Basin
(Ghana), was awarded to Camac following ratification on 22 Mar 14. The
block was formerly Tullows (less the Ebony discovery area retained by

InterOil), will run 7 years exploration and has commitments to US$30 MM

expenditures. Partners Camac (op), Base Energy, GNPC and GNPC E&P.
o The Central Tano block, 450 sq km in deepwaters of the Tano/Cte dIvoire
Basin (Ghana), was allocated to Nigerian Amni International on 24 Mar 14
following parliamentary ratification. Partners Amni & GNPC.
14 Mar 2014
o Canadian-registered SOAR Energy was awarded reconnaissance rights to
blocks 2418, 2518 + 2519 totalling ~37,000 sq km onshore in the Nama
Basin (Namibia) and adjacent to the Eastern border with South Africa. The
area is known to hold CBM potential, wells having been drilled, including a
blowout, in the past. Target coal seams in the Prince Albert formation.
20 Feb 2014
o Cap Energy has acquired an indirect interest in the oil and gas exploration
licence on the Block Djiffere, offshore Senegal. The Djiffere Licence area
covers approx. 4,459 km in shallow waters in the Senegal Basin off the West
African coast and is adjacent to the Block Rufisque Offshore area operated
by Cairn Energy.
18 Feb 2014
o Shell has acquired a 90% stake and operatorship from Signet Petroleum in
blocks 2913A and 2914B, total 12,299 sq km in the deepwater Orange Basin
(Namibia). Namcor retains a 10% carried interest. Signet meanwhile is still
looking to sell its interests in Benin, Burundi, Sierra Leone and Tanzania.
13 Feb 2014
o Impact Oil & Gas, the Africa focused specialist upstream explorer, has
acquired 100% of the share capital of Black Star Petroleum (a UK Registered
company) for a combination of cash and Impact shares. This significant
transaction gives Impact two new offshore assets off the west coast of Africa,
in addition to its four existing licences offshore South Africa.
In Guinea Bissau, Impact has acquired a 90% interest in Block 4B
(the remaining 10% is held by Petrogin, the national oil company of
Guinea Bissau). In Namibia, Impact has acquired an 80% interest in
Block 2913B, which remains subject to the approval of the
Government of Namibia; the remaining 20% is held by NAMCOR
(The National Petroleum Corporation of Namibia (Pty) Ltd) and
Southern Oil and Gas Explorers (Pty) Ltd, each holding 10%
respectively. Whilst Block 2913B was a separately negotiated
transaction, the opportunity initially arose through Black Star.
4 Feb 2014
o Total has announced the sale of its 15% participating interest in the offshore
Angola Block 15/06 to Sonangol E&P. The transaction is valued at US$750
million and remains subject to customary approvals. The block is operated by
Eni (35%) with partners Total (15%), Sonangol (15%), SSI (a joint affiliate of
Sinopec and Sonangol, 25%), Statoil (5%) and Falcon Oil Angola
Investimentos (5%).

South & East Asia

23 Apr 2014
o PTT Exploration and Production (PTTEP) has signed Share Purchase
Agreements to acquire 100% equity stakes of the subsidiaries of Hess Corp
in Thailand, namely Hess Thailand Holdings II Limited (HTH) and Hess
Exploration Thailand Company Limited (HETCL). The details of HTH and
HETCL are as follows:
Own 15% interest in block B12/27 (mainly in Pailin , Morakot and
Ubon fields) and block G7/50 of Contract 4 Project
Own 35% interest in Block EU-1 and Block E5 North of Sinphuhorm
Project
o The total consideration of transaction is approx. USD 1,000 million which will
be funded by PTTEPs cash. The transaction of HTH closes on April 22, 2014
while the transaction of HETCL is expected to be closed within May 2014 as
prescribed in the SPA.
15 Apr 2014
o Eni Vietnam, the operator of Block 105 and Block 120 (Vietnam), issued
default notices on 7 March 2014 to Neon Energy in respect of Neon Energys
outstanding due and unpaid cash calls amounting to US$22.1 million,
including default interest up to 7 March 2014. KrisEnergy holds a 25%
working interest in each of Block 105 and Block 120, with the remaining 50%
of each contract area held by Eni and 25% by Neon Energy. As required
under the joint operating agreements for Block 105 and Block 120, Eni and
KrisEnergy, the other partners in the contract areas, assumed the costs of
the Default Amount pro rata, which amounted to US$7.4 million for
KrisEnergys working interest share. KrisEnergys pro rata assumption of the
Default Amount has no material effect on its financial condition or business
operations. Neon Energys 25% working interest will accordingly be
transferred to Eni and KrisEnergy proportionately, resulting in Eni and
KrisEnergy holding 66.66% and 33.33% working interests in both contract
areas, respectively. The increase in working interest will result in a similar pro
rata increase in the share of any unrecovered cost pools.
14 Mar 2014
o The Filipino authorities has approved the reassignment of BHPs former 60%
equity in SC-55 to Otto, taking its interest to 93.18%. Work commitment
timing will accordingly be revised, the sub-phase 4 well commitment to be
deferred to late 2014 as a result of the suspension on force majeure in 2013.
12 Mar 2014
o SapuraKencana Petroleum has completed the acquisition of Newfield
International Holding's interest in Newfield Malaysia Holdings for US$895.9
million. Newfield International had invited international bids for its interest in
Newfield Malaysia and SapuraKencana was selected as the winning bidder
after a two-stage bidding process.
1 Apr 2014
o Roc Oil Company has announced the farm in to a Production Sharing
Contract (PSC) which includes three fields D35, D21 and J4 (Fields), located
offshore Malaysia in water depths of approx. 50 metres. The Fields are
currently 100% owned and operated by PETRONAS Carigali and ROC has
farmed into a 50% participating interest. The Fields are in production with a
combined daily oil rate of approx. 10,000 bopd and gas sales of approx. 17
mmscf/d gross working interest. ROCs economic interest (50%) of the 2P
reserves from the Fields is 8.7 mmboe. ROC will pay US$25 million plus a
carry with a 50% participating interest of US$80 million for the project spread
over Phases 1 and 2.
27 Mar 2014
o Ophir Energy has announced that it is has been provisionally awarded a
block in the Myanmar offshore licensing round. Separately, drilling operations

have now commenced on both the Affanga Deep-1 well on the Gnondo
Block, offshore Gabon and the Taachui well on Block 1, offshore Tanzania.
o Chevron has announced that its Myanmar subsidiary, Unocal Myanmar
Offshore Co., has been granted exploration rights in a block located offshore
Myanmar, in the Rakhine basin. Block A5, which spans more than 2.6 million
acres (10,600 sq km), is located approx. 125 miles (200 km) northwest of
Yangon. Unocal Myanmar Offshore Co., will be the operator of the block with
a 99 percent interest. Royal Marine Engineering (RME), a Myanmar-based
company, will hold the remaining interest in the block.
o Roc Oil Company has advised that it has been notified by the Myanmar
Ministry of Energy (MOE) of the successful award of a Production Sharing
Contract (PSC) for shallow water Block M07 in the Moattama basin, offshore
Myanmar. The PSC award is subject to finalisation of terms with the MOE;
and ROC will hold a 59.375% interest and operate the licence on behalf of
the Joint Venture (JV) Participants. The block award includes a provision for
the JV to undertake an 18 month Environmental Impact Assessment and
Study Period, following which it has an option to proceed into a three year
exploration work programme.
o Together with partner ConocoPhillips, Statoil has been awarded a deepwater exploration block in the Myanmar waters of Bay of Bengal. Block AD10 cover more than 9,000 km2, and is located 200 km from the coast in water
depths of approx. 2,000 meters. The license has been awarded to Statoil and
ConocoPhillips, each with a 50% equity share and with Statoil as the
operator.
26 Mar 2014
o BG Group has been awarded new exploration acreage offshore Myanmar.
BG Group will operate two blocks, A4 and AD2 (45% and 55% equity
respectively). The company also secured non-operated acreage in Blocks A7
and AD5 (45% equity in each). These are located in the Rakhine Basin, in the
western offshore area of Myanmar and were awarded as part of the
government's 2013 Offshore Bid Round.
20 Mar 2014
o KrisEnergy has been awarded 100% working interest and operatorship of the
production sharing contract for Block 115/09 offshore Vietnam. The block
was awarded following negotiations between Vietnam Oil and Gas Group
('Petrovietnam') and KrisEnergy (Asia), a wholly owned subsidiary of the
KrisEnergy group of companies.
13 Mar 2014
o KrisEnergy has been awarded a 45% non-operating working interest in the
production sharing contract (PSC) for the shallow sea Block SS-11 offshore
Bangladesh. The block was awarded to Santos Sangu Field Ltd, which is the
operator of the PSC with 45%, KrisEnergy (Asia) Ltd, a wholly owned
subsidiary of the KrisEnergy group of companies, and Bangladesh Petroleum
Exploration & Production Company Limited (BAPEX), which holds 10%.
5 Mar 2014
o Talisman has agreed to farmout its 7.5% interest in the 5,851-sq km Offshore
Southeast Sumatra (Indonesia) block to Pertamina. The deal is subject to
government approval. Following completion partners will be CNOOC
(operator) 65.54%, Pertamina 20.567, Saka Energi 8.91%, Talisman 7.48%,
Risco Egy 5%.
3 Mar 2014
o Carnarvon has agreed to sell half of its 40% interest in its Thai assets to Loyz
Energy for US$65 million with US$33 million to be paid on completion and up
to US$32 million to be paid annually at the rate of 12% of the buyers future
revenue, to a limit of US$10 million per annum. The above amounts include
working capital adjustments.
28 Feb 2014
o KrisEnergy has been awarded the operatorship and a 95% working interest in
the Sakti Production Sharing Contract, offshore East Java in Indonesia,

where the Company is actively developing gas aggregation opportunities.

The other participant is Golden Heaven Jaya with a 5% working interest.
27 Feb 2014
o The Cepu C and Cepu D sub-blocks, onshore East Java Basin (Indonesia),
were granted to Pertamina on 26 Feb 14. They were previously included in
Exxons Cepu PSC until the middle of last year, and contain the Alas Dara
and Kemuning fields (12.5 MMbo + 25 BCF gas recoverable). Committed
investments US$15 MM, signature bonus $1 MM.
26 Feb 2014
o Nido Petroleum has advised that, in accordance with the terms and
conditions of the farm-in agreement with Lundin Baronang, the Company has
exercised its option to increase its participating interest in the Baronang
Production Sharing Contract (Indonesia) from a 10% participating interest to
a 15% participating interest.
o Talisman has obtained a 90% stake in the Sakakemang block, 2,683 sq km
in South Sumatra (Indonesia), from Sakakemang Petroleum., a subsidiary of
Cakra Nusa Darma. It was awarded in My 2010 under the 2nd round 2009,
Direct Offer mechanism.
25 Feb 2014
o Nido has exercised an option to acquire a further 5% interest in the Lundinoperated Baronang block, 2,837 sq km offshore West Natuna Basin
(Indonesia). Partnership to become Lundin (op) 85%, Nido 15%. Nido had
the right to acquired additional stakes up to max. 20%, prior to the spudding
of Balqis 1 nfw on 17 Feb 14.
20 Feb 2014
o PSC rights to block DW-2E offshore Sarawak (Malaysia) have been granted
to Total. The 2,900 sq km block lies in deepwaters (1,000-2,300m) of the
Baram Delta, NW Sabah Trough & Platform. Phase 1 commitments (4 yrs)
call for 1,500 sq km of 3D seismic + 3 wells, aggr. depth 5,400m. Interests
are Total (op) 85%, Petronas 15%.

Middle East

8 Apr 2014
o Edison and Dana Gas have signed up to farmin, with 30% each, to DNOs
884-sq km Ras Al Khaimah Onshore block (UAE). The licence contains the
Al Hamra prospect in the SW of the area. Plans include 150 sq km of 3D
seismic over the prospect. Upon conclusion of the JOA, partners will be DNO
(op) 40%, Edison 30%, Dana Gas 30%.
28 Mar 2014
o Petsec Energy has executed an agreement with a wholly-owned subsidiary of
AWE Limited to acquire its 21.25% Participating Interest in the Block 7, Al
Barqa Permit, in the Republic of Yemen. The terms of the transaction include
a cash consideration of US$1 million; the replacement of AWEs existing
Letter of Credit with the Arab Bank; and working capital adjustments on
completion. Completion of the transaction is subject to customary approvals
from the Joint Venture Partners and the state owned Yemen Oil and Gas
Company.
4 Mar 2014
o The Pakistani government has announced additional awards:
Al-Haj Enterprises: Baska North 3169-4 block, 2,487 sq km in the
Sulaiman Fold Belt, Khyber Pakhtunkhwa province;
Al-Haj Enterprises: Potwar South 3271-6 block, 2,412 sq km in the
Potwar Basin, Punjab;
OGDC : Hetu 3170-7 block, 2,432 sq km in the Indus Basin, Punjab;
OGDC: Orakzai 3369-1 block, 1,708 sq km in the Potwar Basin,
Khyber Pakhtunkhwa province;
OGDC: Zorgarh 2868-7 block, 2,402 sq km in the Indus Basin,
Punjab and Balochistan;
OMV: Kuhan 2867-5 block, 2,498 sq km in the Kirthar Fold Belt,
Balochistan, PPL partner;
PPL: Margand 2866-4 block, 2,484 sq km in the Kirthar Fold Belt,
Balochistan;
PPL: Khipro East 2569-5 block, 2,377 sq km in the Lower Indus
Basin, Sindh.
26 Feb 2014
o A number of Pakistan 2012 round contracts were signed up on 21 Feb 14.
Upon deadline last March, 66 bids had been received for 50 blocks. The
latest awards are:
Mari Petroleum.: Peshawar East 3371-16 block, 1,840 sq km
undrilled in the Peshawar Basin (Swabi, Mardan and Nowshera
districts in Khyber Pakhtunkhwa and Attock district in Punjab);
OGDC: Pezu 3070-16 block, 2,431 sq km undrilled straddling the
Upper Indus Basin / Potwar Basin / Sulaiman Fold Belt (Tank, Lakki
Marwat, Dera Ismail Khan, and Dera Ghazi Khan districts in the
NWFP and Punjab);
OGDC: Alipur 2970-6 block, 2,425 sq km in the Indus Basin (Multan,
Bahawalpur, Rahimyar Khan and Muzaffargarh districts in Punjab);
OGDC: Khanpur 2870-7 block, 2,495 sq km in the Indus Basin,
Rahimyar Khan district of Punjab);
OGDC: Palantak 2764-3 block, 2,457 sq km in the Makran Range,
Balochistan;
OGDC: Parkini Block-A 2564-2, 1,892 sq km in the Makran Coastal
Trough, Balochistan;
PPL: Khipro East 2569-5 block, 2,377 sq km in the Indus Basin,
Sindh;
PPL: Shah Bandar 2467-16 block, 2,083 sq km in the Indus Basin,
Sindh.
20 Feb 2014

TransAtlantic and partner Selsinan Petroleum have signed to farmout a 50%

stake in block 4642 (Idil, Turkey) to Norways Onshore Petroleum Co., who
will fund up to US$3.5 MM of TransAtlantics exploration costs and 50%
beyond. An exploration well is planned targeting the Mardin fm, spudding 2Q
14. Block 4642 covers 499 sq km in the Zagros Fold Belt, SE Turkey. So far
the interests held are TransAtlantic (op) 50%, Selsinan Petr. 50%.
o Developmentt & production rights for the Gopang-1 gas-cond discovery in the
Hyderabad district, Sindh (Pakistan) have been awarded to ONGC, effective
27 Jan 14. OGDC are the operator with a 77.5% interest, the government
retaining 22.5%.
12 Feb 2014
o The Pakistan authorities have signed 12 awards. Of those, 7 went to
OGDCL and 5 to Pakistan Petroleum Ltd.
The agreements with OGDCL include Ladhana 2970-7 EL, Fatehpur
3071-4 EL, Ranipur 2768-11 EL, Armala 2469-9 EL, Baratai 3371-17
EL, Rasmalan 2564-4 EL and Parkini Block-B 2564-3 EL.
PPL has been awarded Nausherwani 2864-2 EL, Bela West 2566-6
EL, Karsal 3272-18 EL, Hisal 3372-23 EL and Sadiqabad 2870-5 EL
blocks.
7 Feb 2014
o Noble and Woodside signed a non-binding MoU over the sale of a 25%
interest in the offshore Leviathan Rachel and Amit licences (Israel) to
Woodside. Leviathan partners Noble, Delek, Avner and Ratio are
participating as sellers. Noble will continue as upstream operator but
following completion of the deal, Woodside will operate any LNG
development. The deal carries a US$525 MM cash value for Noble, plus
$502 MM in shared future revenues. An additional payment of $19 MM net to
Noble will be made should ultimate recoverable Leviathan resources exceed
20 Tcf gross gas, and after cum. field production reaches 4 Tcf. Leviathan
has a current estimated 19 Tcf discovered gas. Resulting interests: Noble
(op) 30%, Woodside 25%, Delek 16.94%, Avner 16.94%, Ratio 11.12%.

North America

22 Apr 2014
o BP has agreed to sell interests in four BP-operated oilfields on the North
Slope of Alaska to Hilcorp. The sale agreement includes all of BPs interests
in the Endicott and Northstar oilfields and a 50 percent interest in each of the
Liberty and the Milne Point fields. The sale also includes BPs interests in the
oil and gas pipelines associated with these fields. The agreement does not
affect BPs position as operator and co-owner of the Prudhoe Bay oilfield nor
its other interests in Alaska. BP also expects to submit a development plan
for Liberty by the end of 2014. As a result of the sale and subject to approval,
Hilcorp is expected to become the operator of the Endicott, Northstar and
Milne Point oilfields and their associated pipelines and infrastructure.
16 Apr 2014
o Pioneer Natural Resources Company has announced that it has closed its
previously announced sale of its Alaska subsidiary to Caelus Energy Alaska
for cash proceeds of $300 million, subject to normal closing adjustments, plus
other consideration. The Company expects to recognize a non-cash loss of
approx. $30 million associated with the sale when it reports earnings for the
first quarter of 2014.
10 Apr 2014
o Neon Energy has executed a binding Purchase & Sale Agreement with a
major Californian exploration and production company for the sale of the
Neon's Californian assets with a purchase price of US$26,950,000. The
buyer, a subsidiary of a publicly listed company, wishes to remain
anonymous for commercial reasons. The agreement has an effective date of
1 January 2014 and is conditional upon receiving consent from various
lessors to assign the oil and gas leases to the buyer. Closing of the
agreement is anticipated to be completed within the next few weeks.
6 Apr 2014
o MENA Hydrocarbons has completed the sale of its Montana (USA) non-core
oil and gas leases to an arm's length third party for USD$625,000. The
proceeds from the sale are being used to reduce the Company's
indebtedness and to fund ongoing operations.
21 Mar 2014
o ConocoPhillips secured 16 tracts in Alaska (USA) totalling 207 sq km from
the NPRA-2013 and the NS2013W lease sales.
17 Mar 2014
o UKs Rose has reportedly obtained shale acreage in the USA, namely a 75%
interest in some 1,050 sq km in the Mancos and Cane Creek shale plays in
Grand and Emergy counties, Utah, bought from Rockies Standard Oil for $2
MM. Rockies retains a non-operating 25% interest.
14 Feb 2014
o Petrolia and partners (including Maurel & Prom) have been awarded an
exploration licence on Quebecs Anticosti Island covering 6,195 sq km
(Canada). An exploration program is scheduled to start in summer 2014 with
15 18 stratigraphic wells + 3 explo wells, focusing on the potential for
condensate in the Ordovician Macasty fm. The permit is expected to be
finalized 1Q 14. Petrolia (op) 21.7%, Ressources Quebec (M&P) 35%, M&P
21.7%, Corridor Resources 21.7%.
7 Feb 2014
o Canadian Baytex Energy and Aurora Oil & Gas have entered into an
agreement whereby Baytex will acquire, through a scheme of arrangement
under Australian law, 100% of the shares of Aurora, on a fully diluted basis,
for AU$4.10 cash per share. The total consideration to be paid by Baytex is
approx. $1.8 billion, plus assumed debt of approx. $744 million for a total
transaction value of approx. $2.6 billion. All amounts are in Canadian dollars
unless otherwise noted. Aurora has operations in the USA.

South America

29 Apr 2014
o Petroamerica Oil Corp has entered into an arrangement agreement with
Suroco Energy whereby Petroamerica has agreed to acquire all of the issued
and outstanding common shares of Suroco by way of a statutory plan of
arrangement under the Business Corporations Act (Alberta).Based on
Petroamericas most recent closing price of CDN$0.325 per share on April
25, 2014, the Exchange Ratio reflects a value of CDN$0.573 per Suroco
Share, representing a 36.4% premium over Surocos closing price on April
22, 2014 of CDN$0.42 and a 66.6% premium over Suroco's 10-day volume
weighted average trading price. The Arrangement is expected to close on or
around June 30, 2014, provided all required Suroco Shareholder, court, stock
exchange and regulatory approvals are obtained. Suroco holds assets in
Columbia.
4 Apr 2014
o PTTEP has signed a farm-in agreement with BG E&P Brasil (BG Group) for 4
predominantly deep water blocks in Brazil with 25% participation interest.
This is PTTEPs first step in expanding investment in petroleum exploration in
South America. The 4 petroleum exploration blocks; namely BAR-M-215,
BAR-M-217, BAR-M-252 and BAR-M-254; cover an area of approx. 3,077 sq
kms in the Northeastern deep water of Barreirinhas basin, Atlantic Ocean,
Brazil. Upon approval from the Brazil's National Agency of Petroleum, Natural
Gas and Biofuels (ANP), PTTEP will hold 25% interest while BG Brasil, the
operator will hold 75% participation interest in such blocks.
31 Mar 2014
o Niko Resources has executed a definitive sale and purchase agreement for
the sale of its 25% interest in Block 5(c) in Trinidad and Tobago to a
subsidiary of the BG Group, 75% interest owner and operator of the block, for
gross proceeds of $62 million. Under the terms of the agreement, a deposit
for a portion of the sales price will be paid to Niko in early April. Closing of the
transaction is subject to the Government of Trinidad and Tobago.
28 Mar 2014
o ANP has approved the transfer of Cheim Transportes 100% stake in the 43sq km Rio Ipiranga lease (Brazil) to IPI Oil E&P after an 8-year tenure. Block
production averaged 14.92 bopd in 2013 from the 1-CAN-003-ES (1-BRSA057-ES) well.
o The ANH has cleared Statoils takeover of Vales 25% stake in BM-ES-022A,
offshore Esprito Santo Basin and containing the So Bernardo oil discovery
(Brazil). The 34-36 API find is currently being appraised by the Montanhs
well and 3D seismic is planned in 2Q. BM-ES-22A comprises blocks ES-M468 and ES-M-527, Petrobras (op) 75%, Statoil 25%.
25 Mar 2014
o Petronas obtained a 50% interest from Murphy in offshore block 48 on 6 Feb
14, now held 50:50. The block covers 3,215 sq km in the Guyana Basin
(Suriname).
24 Mar 2014
o Rosneft has announced that its subsidiary Rosneft Brazil has signed final
agreements with HRT subsidiary HRT O&G to acquire an additional 6% in
the Solimoes project. This will lead to Rosneft Brazil receiving 51% control
and taking over the operatorship in the joint venture in the Solimoes basin.
The companies agreed that Rosneft and HRT will continue exploration
activities with respect to the Solimoes project and also agreed the sale of four
heli-transportable rigs to Rosneft. The relevant transaction amounts to $96
mln. The completion of the sale and purchase transaction between the
companies shall be subject to the fulfillment of certain conditions, including
the approval by the Brazilian National Petroleum, Natural Gas and Biofuels
Agency (ANP). Rosneft will also provide to HRT a loan facility up to $40 mln
to finance HRT investments on Solimes for a period of 12 months from the
closing date.
18 Mar 2014

OGX Petroleo e Gas was cleared for the transfer of a 35% interest in the
768-sq km POT-M-475 block, offshore Potiguar Basin (Brazil), to ExxonMobil.
OGX was granted a final award for the block only on 17 Sep 13; OGX will be
reimbursed its 35% share of the US$3.3 MM signature bonus. ExxonMobil
(op) 35%, Oleo e Gas Participacoes 65%.
12 Mar 2014
o Apache Corp and its subsidiaries have announced an agreement to sell all of
its operations in Argentina to YPF Sociedad Anonima for cash payment of
$800 million plus the assumption of $52 million of bank debt as of June 30,
2013. YPF paid a $50 million deposit on the transaction, which is expected to
be completed in the next 30 days. The transaction is subject to customary
post-closing adjustments.
10 Mar 2014
o Global Energy Development has signed a farm-out agreement with respect to
its Bolivar association contract area, in the Middle Magdalena Basin
(Colombia), with Everest. Under the terms of the Agreement, Everest will
acquire a 50 per cent. interest in the Contract Area, including any and all
rights, obligations and duties in respect of the Contract Area in exchange for
payment of the work commitments stipulated in the Agreement and the cash
payment of $5 million. The Agreement is subject to certain conditions,
including Ecopetrol approval. Under the Agreement, Everest commits to
undertake the funding of a work program with respect to the Contract Area,
including an obligation to pay all future costs and expenses incurred with
respect to the currently proposed operations.
o Hitherto-unrepoted, what is assumed to be a prospection permit was
awarded during September 2013 to Ancap over the Carbon block, 273 sq km
in the Chaco-Parana Basin (Uruguay).
6 Mar 2014
o Petroamerica Oil Corp has announced a farm out of a 50% interest in its El
Porton Block (Colombia) to Parex Resources Colombia. To earn its 50%
working interest and operatorship on the Exploration Area Parex has agreed
to pay 80% of the dry-hole cost for Crypto-1, the next exploration well to be
drilled on the block. Parex is expected to operate the well, which is
anticipated to spud sometime during the second quarter, under a service
agreement with the current operator.
4 Mar 2014
o Quattro has been awarded block 4-98, 710 sq km in the Peten Basin, along
the border in NW Guatemala. US$27 million in expenditures are planned over
3 years.
2 Mar 2014
o PetroNova has announced that its indirect wholly owned subsidiary,
PetroNova Colombia, has entered into a farm-out agreement with a wholly
owned subsidiary of Pacific Rubiales Energy for the exploration and potential
development of PetroNova's operated Tinigua exploration and production
contract awarded by the Agencia Nacional de Hidrocarburos of Colombia
(ANH). PetroNova currently owns 90% of the rights to the Tinigua Contract
indirectly through PetroNova Colombia. Pursuant to the terms of the FOA,
Pacific Rubiales will pay PetroNova Colombia a cash consideration of
U.S.$12.5 million for back-costs associated with the Tinigua Contract, and
will carry the cost of drilling, completing, and testing of up to four wells for up
to U.S.$33 million to earn a 50% participating interest in the Tinigua Contract.
20 Feb 2014
o Pursuant to the sale of Apaches Argentine assets to YPF, YPF has sold on
some 1,240 sq km of Neuquen Basin acreage for US$217 MM to Pluspetrol,
details yet unannounced. YPF also wishes to launch a pilot project with
Pluspetrol in the ex-Apache La Calera block, 230 sq km in the Neuquen,
focusing on the Vaca Muerta.
11 Feb 2014
o Brownstone Energy has entered into an agreement to assign all of its 34.25%
oil and gas participation interest in the Llanos 27 Project located in the Llanos

Basin of Central Colombia to Santa Maria Petroleum Inc. Sucursal Colombia,

the Colombian branch of Global Oil & Gas Services and a current participant
in the project. The assignment will be effected for no consideration but will
result in the release of a $1.85 million letter of guarantee provided on behalf
of Brownstone to the Agencia Nacional de Hidrocarburos, the Colombian
government oil and gas agency.

5 Feb 2014
o BG has agreed to acquire a 30% stake in the TEA governing Guajira offshore
block 3, Guajira Basin (Colombia) from Shell. 3D seismic is planned in 2014.
The deal is subject to ANH approval.
4 Feb 2014
o Range Resources has been successful with its bid for the St. Marys block in
Trinidad following the submission in the Trinidad Onshore Bid Round 2013.
The successful bid was formally announced by the Ministry of Energy of
Trinidad at the Trinidad and Tobago Energy Conference. The St. Marys
block comprises 44,731 acres spread over 4 sub-blocks contiguous to
Range's existing Morne Diablo license and the Guayaguayare license (see
Niko Resources farm-in announcement on 17 December 2013). The main
reservoir targets identified in St Marys block are Pliocene Deltaic sands,
Miocene Herrera sands, Cretaceous sands and the source rock itself.
o Argentine state-controlled oil company YPF said it acquired the stake it did
not already own in a block in Argentina's western region from Brazilian
energy giant Petrobras. After purchasing Petrobras' 38.45 percent interest for
$40.7 million, YPF said in a statement it now has a 100 percent stake in the
Puesto Hernandez block, which straddles the provinces of Neuquen and
Mendoza.
3 Feb 2014
o Touchstone Exploration has announced that the Ministry of Energy and
Energy Affairs has informed Touchstone that its application, made through
the Company's wholly owned Trinidad subsidiary Primera Oil and Gas, in the
2013 Trinidad and Tobago Onshore Bid Round was successful. The
Company will now, subject to the terms of the Model Licence and the
Company's bid proposal, hold discussions with the MEEA in order to finalize
the Exploration and Production License for the Ortoire Block. These
discussions are expected to conclude within the next month.
2 Feb 2014
o Canacol Energy has announced that its subsidiary, Canacol Energy
Colombia, has acquired a right to an 80% interest in each of the COR 4 and
COR 12 Exploration and Production ('E&P') contracts located in the Upper
Magdalena Basin of Colombia. The new contracts are located adjacent to the
Corporations existing COR 39 and COR 11 E&P contracts and are
prospective for both shallow conventional oil exploration targets within the
Guadalupe sandstone reservoirs, and deeper non-conventional oil
exploration targets within the thick Cretaceous Villeta - La Luna shale.
o The Peruvian authorities have approved the transfer of Reliances 30% in the
12,417-sq km block 108, Ucayali Basin, to Pluspetrol and Woodside. The
contract is now run by Pluspetrol 65%, partner Woodside 35%.

Europe

30 Apr 2014
o Faroe Petroleum has announced the conditional acquisition of a 60%
operated interest in the Ketch Field and a 53.1% operated interest in the
Schooner Field in the UK Southern North Sea gas basin from Tullow Oil for
an initial consideration of 35m. Faroe will hold a 60% operated interests in
both fields via this acquisition.
29 Apr 2014
o With reference to stock exchange notice issued January 2nd 2014 regarding
a farm-in option agreement with Rocksource for the PL528 licence in the
Norwegian Sea, Atlantic Petroleum has announced that the Group has
decided to acquire 15% of the participating interest in PL528/PL528B
(Norway). Centrica is operator of the licence with an equity interest of 40%.
Other licence partners are Statoil 35% and Rocksource 10% (post-deal).
22 Apr 2014
o Spike Exploration has signed an agreement with Tullow Oil Norge to swap a
15% interest in licence PL494/B/C for a 15% interest in PL722 (Norway).
After the completion of the agreement, the PL722 group of partners will
consist of GDF Suez E&P Norge (30%, operator), Spike Exploration Holding
(15%), Rocksource Exploration Norway (20%), North Energy (20%) and
Tullow Oil Norge (15%) while the PL49/B/C partners will be Det norske
oljeselskap (30%, operator), Dana Petroleum Norway (24%), Fortis
Petroleum Norway (16%), Spike Exploration Holding / Bridge Energy Norge
(15%) and Tullow Oil Norge (15%).
8 Apr 2014
o Park Place Energy Corp has signed the License Agreement for the Vranino
Block 1-11 with the Ministry of Economy and Energy on behalf of the
Republic of Bulgaria on April 1, 2014. The Vranino exploration permit covers
98,205 acres (397.42 sq km) in northeast Bulgaria. The permit is for a term of
5 years with up to an additional 5 years in extensions possible. Upon
demonstration of a commercial discovery, the permit can be converted to an
exploitation license of up to 35 years in length.
7 Apr 2014
o Antrim Energys shareholders have approved the sale of Antrim's Causeway,
Kerloch, and Cormorant East assets (UK), structured as a sale of Antrim's
subsidiary, Antrim Resources (N.I.) Limited, to First Oil Expro. First Oil Expro
will pay $53 million in cash, plus the assumption of certain liabilities and
adjusted working capital, from which Antrim will settle on closing all
outstanding obligations under its Payment and Oil Swap agreements with
Credit Suisse AG and Credit Suisse International.
o Sound has been awarded the 4.9-sq km San Lorenzo production lease in
Italy. It contains the Casa Tiberi gas discovery in Marche, which tested 1.3
MMcf/d dry gas.
3 Apr 2014
o VNG has acquired a 10% stake from Tullow in PL 550 (blocks 31/1 + 2) west
of Trol (Norway)l. Drilling is expected this month on the Gotama prospect.
Interests are Tullow (op) 80%, Det norske 10%, VNG 10%.
1 Apr 2014
o Further to a recent farm-down to Explora, Statoil has further reduced its stake
in the 111-sq km PL 230 (part-blocks 7227/8, 9 + 10), 30% going to Spike
Exploration, its 1st holding in the Barents Sea (Norway). In addition, Spike
has agreed to purchase 10% in PL 248C from Statoil, which contains the
Astero, Grosbeak and Fram H North discoveries. Resulting interests would
be (PL 230) Statoil (op) 35%, Spike 30%, Explora 20%, GdF Suez 15% (PL
248C: Statoil (op) 50%, Petoro 40%, Spike 10%).
26 Mar 2014
o North Energy has entered into a sale and purchase contract with Tullow Oil
Norge, under which North Energy acquires a 10 per cent interest in
production licences 591 and 591 B on the Norwegian continental shelf. After

the agreement has been implemented, the licensees will comprise Tullow as
operator with 90 per cent and North Energy with 10 per cent. North Energy
also has an option to acquire a further 10 per cent interest in the licences.
The contract is conditional on government approval, and its effective date has
been set as 1 January 2014.
25 Mar 2014
o Eden has entered into a conditional Heads of Terms with its existing UK gas
and petroleum Joint Venture partners to merge their respective interests.
Eden will transfer its wholly owned UK subsidiary, Adamo Energy (UK), to UK
Onshore Gas Limited ('UKOG') (the parent company of the two UK Joint
Venture partners of Adamo UK). Eden will receive 1million in cash together
with 33.33% of the aggregate issued share capital of UKOG before it
undertakes any capital raising. UKOG will hold 100% of all the merged UK
gas and petroleum licences.
o Wintershall has closed the transaction with the Hungarian MOL Group.
Through Wintershalls divestment of shares in selected assets on the UK
Continental Shelf, MOL Group acquires 14 licenses in the North Sea,
including non-operated equity stakes in the Broom field (29%) as well as the
Catcher (20%), Cladhan (33.5%) and Scolty/Crathes (50%) developments. In
addition, Wintershalls equity share in existing infrastructure on the Sullom
Voe Terminal and the Brent Pipeline System are also part of the deal. The
purchase price for the assets is 375 million US Dollar.
24 Mar 2014
o The 4-sq km Ormenykut I exploration and development concession (mining
plot) was granted to MOL on the 5th of Feb; it lies in the Nagykunsag subbasin (Pannonian Basin, Hunguary).
20 Mar 2014
o Explora has agreed to acquire 30% of VNGs 60% in PL 757, blocks 6506/1
and 6506/4 west of Skarv (Norway), subject to government approval.
Resulting interests will be VNG (op) 30%, Centrica 40%, Explora 30%.
19 Mar 2014
o OMV is expanding its position in the UK core area. Agreement has been
reached with Hess to acquire four licenses in West of Shetland, UK, including
the field Cambo and the Blackrock Prospect. The acquired interests are;
Licenses P.1028 and P.1189 (including the field Cambo): Increase
share from 15.0% to 47.5%
License P.1830 (including Blackrock prospect): Increase share from
25.0% to 75.0%
License P.1831: Acquire 75.0%
18 Mar 2014
o E.ON is buying a 20% stake from Eni in ex-Statoil PL 226, 226B, aka the
Aurelia licence, in Norway. Eni retains 80% + operatorship. The blocks lie in
the deepwater Barents, north of the Caurus field (7222/11-1).
12 Mar 2014
o The 9-sq km Ketsoprony III production/development lease (mining plot) in the
Bekes sub-basin, SE Hungary, was granted to MOL on 11 Feb 14 for an
indefinite term. The unit covers the oil & gas zone of the Bekes gas pool.
11 Mar 2014
o Hellenic Hydrocarbons Management Committee successfully completed its
work regarding the evaluation of the bids for the exploration and exploitation
of hydrocarbons for the Katakolon Block. Katakolon was the third region in
Western Greece included in the Open Door bid round, launched by the Greek
Ministry of Energy, Environment and Climate Change on January 2nd, 2012.
According to the Committees recommendation to Minister Yiannis Maniatis,
the consortium of Energean Oil& Gas / Trajan Oil & Gas / Schlumberger is
awarded the offshore block of Katakolon.
o Linc has been granted the 134-sq km Kobir (Pnoc) CBM licence in the
Upper Silesian coal basin, SW Poland, adding to the company's Polanka
Wielkie Drogi block. Linc is focussed on coal and its gasification (UCG
process).

5 Mar 2014
o Independent Oil and Gas has entered into an agreement to acquire 100% of
the UK licence Block 48/22a from Swift Exploration for an initial consideration
of approx. 468,000. Block 48/22a contains a gas discovery which IOG
intends to rename Cronx. The Acquisition is subject to the satisfaction of
certain conditions on or before 30th April 2014 including the approval of the
Department of Energy and Climate Change.
4 Mar 2014
o Petrel Resources has announced the award, by the Department of
Communications, Energy and Natural Resources, of Frontier Exploration
Licences 3/14 and 4/14 in the Irish Atlantic's Porcupine Basin. The acreage
licensed collectively covers approx. 1,050km2 or 75% of the 1,400km2
previously held under Licensing Options 11/4 and 11/6. In August 2013,
Petrel farmed out 85% of its interest in, and operatorship of, the Licensing
Options to Woodside.
5 Feb 2014
o Solo Oil has entered into a Binding Heads of Agreement to buy a 10%
interest in Horse Hill Development Ltd (HHDL), a special purpose company,
which hold the rights to a 65% participating interest and operatorship, in
licence PEDL137 onshore in the UK Weald Basin. HHDL has an exclusive
farm-in agreement with Magellan Petroleum (UK), a subsidiary of NASDAQlisted Magellan Petroleum Corp, which currently own 100% of the 99.29 sq
kms (24,525 acre) Exploration and Development Licence No. 137 (PEDL
137). Under the agreement HHDL can earn a direct 65% participating interest
and operatorship in the licence, under certain contractual conditions, through
the drilling of the proposed 2,646 metres (8,680 feet) Horse Hill-1 exploration
well by the end of August 2014.
4 Feb 2014
o IGas has announced the completion of a farm-out agreement with Total E&P
UK Limited, a wholly owned subsidiary of Total SA, under which Total will
acquire a 40% interest in the UK Onshore Petroleum Exploration and
Development Licences PEDL139 and PEDL140 located in the Gainsborough
Trough in Lincolnshire (UK). Under the terms of the Agreement, Total will pay
$1.6 million in back costs to the partners and fund a fully carried work
programme of up to $46.5 million, with a minimum commitment of $19.5
million. At the end of the carried work programme Total will become operator
of the Licences.
2 Feb 2014
o Rose Petroleum has announced the grant of a new concession covering circa
657,000 acres (2,662.4 km2) in the Weiden Basin, located in the State of
Bavaria, south-east Germany, for hydrocarbon exploration. The Licence
commences on 1 February 2014 for an initial period of three years. The terms
of the Licence obligates Rose to carry out a programme of works over a three
year period to include 2D seismic and geophysical measurements designed
to create a geological model of the licence area at an estimated cost of
approx. 900,000.

Former Soviet Union

21 Apr 2014
o PetroNeft Resources, owner and operator of Licences 61 and 67, Tomsk
Oblast, Russian Federation, has entered into a binding agreement in respect
of a 50% interest in Licence 61 with Oil India Limited. Oil India will make a
total investment of up to US$ 85 million, consisting of a US$ 35 million
upfront cash payment, US$ 45 million of exploration and development
expenditure on Licence 61 and a US$ 5 million performance bonus.
PetroNeft will remain operator of Licence 61.
15 Apr 2014
o Lukoil has signed a purchase and sale agreement that allows the company to
sell its 50-percent stake in Caspian Investment Resources to Chinas
Sinopec. The total price of the shares for sale will be around USD 1.2 billion
and will be subject to a number of adjustments as of the closing date.
Caspian Investment Resources, through a number of joint ventures, owns
various stakes in four hydrocarbon-production projects in Kazakhstan.
Lukoils share in commercial hydrocarbon production as part of the above
projects equaled 10.2 million BOE in 2013.
10 Apr 2014
o Frontera Resources has announced that its wholly-owned subsidiary,
Frontera Resources Georgia Corp, has signed a farmout agreement with
Varang Exploration, a wholly owned subsidiary of a privately held
independent natural resources investment group, for the farmout of up to a
50% working interest in Fronteras Taribani Field and Taribani Field Complex,
situated within Block 12 in Georgia. Frontera will receive a carry on its future
expenditure on the Taribani Field and the greater Taribani Field Complex of
up to approx. US$36 million, for the costs associated with a seven well
drilling program over three phases. Frontera will continue to act as managing
Operator for all planned operations. The Company will retain 100% working
interest throughout the balance of its Block 12 holdings.
3 Apr 2014
o Total has secured the rights to explore three hard-to-recover oil blocks in
West Siberia. Total will join other majors, ExxonMobil, Statoil and Royal
Dutch Shell, to develop Russian shale oil, a key driver in Moscow's efforts to
at least maintain its oil output at more than 10 million barrels per day. Total
had received the licenses for the Vostochno-Kovensky, Tashinsky and
Lyaminsky-3 blocks in Khanty-Manssiisk district, Russia's main oil producing
region. Total has also signed a memorandum to develop shale oil in Russia
with Russia's No.2 oil producer Lukoil.
1 Apr 2014
o Gazprom Neft and Novatek have announced an agreement for 50/50
ownership of SeverEnergias shares. Following a series of transactions with
Novatek, Gazprom Neft will increase its effective ownership of the joint
owned company by 9.8% to 50%. SeverEnergia is a joint venture of Gazprom
Neft and Novatek. SeverEnergia is the 100% owner of Arcticgas which holds
licences for the Samburskiy license area (Russia) which includes the
Samburgskoye, Urengoyskoye, East-Urengoyskoye and North-Yesetinskoye
fields. Arcticgas also holds licenses for the Yaro-Yakhinskoye, YevoYakhinskoye and North-Chaselskoye license areas (also Russia).
27 Mar 2014
o Bashneft has taken over Burneftegaz, holder of assets in the KhantyMansiysk Okrug, W. Siberia (Russia). Involved are 4 operated licences
owned by subs Sorovskneft and Tortasinskneft.
20 Mar 2014
o Three Russian shale oil exploration licences were granted to KhantyMansiysk Neftegazovyy Soyuz (Shell-Gazprom JV) for 5 years. These
licenses are Yuilskaya-4 (KhMN02948NP), Yuilskaya-5 (KhMN02949NP) and

Lungorskaya Yuzhnaya-1 (KhMN02950NP). Commitments for each license

include 2D seismic and 1 well.
27 Feb 2014
o Shareholders of Norwegian Aladdin O&G have approved the sale of the
companys Orenburg assets in Russia as part of an $11.1 MM debt
settlement with Nouvos International. Involved are 4 licences operated by
subsidiary OOO Veselovskoye: ORB01952NR (Veselovskiy), ORB01950NE
(Voinskoye), ORB01953NE (Besedinskoye) and ORB14001NE
(Nikiforovskoye). Aladdin retains holdings in the Komi Republic under the
Geotechnologiya sub.
25 Feb 2014
o TPAO has an agreement with MOL to join the latter with 49% in its Baitex sub
operating the 7,000-bd Baytuganskoye production licence (ORB13173NE),
Orenburg Oblast, Volga-Ura (Russia)l. The new partners are also evaluating
further opportunities in the upstream sector. Baitex also runs adjacent
exploration/production license SMR01703NR (Yerilkinskiy) in the Samara
Oblast.
6 Feb 2014
o An auction was held 31 Jan 14 for the 159-sq km Passedskiy block in the
Nenets Okrug, Timan-Pechora Basin (Russia). Rosneft submitted the winning
bid for the 27-year E&P contract, which includes the Passedskoye oil
discovery. Commitments 100 sq km 3D seismic, 2 appraisals + 1 explo well.
Starting price was US$16 MM.

Australasia

9 Apr 2014
o AWE Limited has been awarded a new exploration permit offshore Western
Australia, WA-497-P (formerly release area W13-18), as part of the Australia
2013 Offshore Petroleum Exploration Acreage Release. AWE holds 100%
equity in WA-497-P, a six year exploration permit, and will be the Operator. In
the first year, AWE has committed to reprocess the existing permit-wide 3D
seismic data using the same state-of-the-art technology that was successfully
applied to upgrade the prospectivity in a number of AWE assets such as the
Ande Ande Lumut, La Bella and Tui fields.
7 Apr 2014
o Kea Petroleum has entered into a Farm-Out Agreement with MEO Australia
in respect of PEP 51153, including the Puka discovery (New Zealand). Under
the Agreement, MEO will earn a 30% interest in the Permit in return for
funding NZ$4m (80%) of a NZ$5m first phase work program. Upon
assessment of the results of Phase 1, MEO can elect within 6 months to earn
an additional 20% participating interest in the Permit by funding NZ$7.5m of a
NZ$9m second phase work program.
31 Mar 2014
o Roc Oil Company has signed a sale and purchase agreement to sell its entire
50% participating interest in the Basker Manta Gummy (BMG) field in
Australia to Cooper Energy. ROC receives an upfront cash consideration of
A$1 million (subject to working capital adjustments) and a A$5 million
contingent consideration, subject to first hydrocarbons from a commercial
development. The sale of the interest includes the transfer of all remaining
ROC BMG liabilities and operatorship to COE, resulting in a reversal of
ROCs full abandonment obligation, with a resulting profit of ~US$32 million
(subject to working capital adjustment, before and after tax). The sale is
effective 1 January 2014 and is subject to regulatory approval.
26 Mar 2014
o InterOil Corp and Total have closed a revised sales and purchase agreement
covering the Elk-Antelope gas field in Petroleum Retention Licence 15 in
Papua New Guinea. Under the revised agreement signed today, Total has
acquired through the purchase of all shares in a wholly-owned InterOil
subsidiary a gross 40.1% interest in PRL 15. InterOil retains 35.5% of the
licence and immediately receives US$401 million for closing the transaction,
and will receive US$73 million on a final investment decision for an ElkAntelope LNG project, and US$65 million on the first LNG cargo. InterOil will
also receive payments for certified gas volumes following appraisal of ElkAntelope. All fixed and variable payments that were agreed on December 6,
2013 continue to apply pro-rated according to the new equity split, including
those for exploration, appraisal and resource certification.
21 Mar 2014
o Real Energy has advised that it has received notice from the Queensland
Department of Natural Resources and Mines that the transfers of ATP927
and ATP917 to Real Energy have been approved. ATP 917P was granted on
25 June 2013 with a commencement date of 1 July 2013. Pursuant to the
Sale and Purchase Agreement between Drillsearch Energy and Real Energy,
the permit has now been transferred to Real Energy. ATP 927P was granted
on 24 September 2013 for commencement on 1 October 2013. The permit
has now been transferred to Real Energy in accordance with the terms of the
Sale and Purchase Agreement between Real Energy and Circumpacific
Energy (Australia) and Drillsearch Energy.
20 Mar 2014
o The former EP 5/07-8 (ex-2007 Fed offer) license, 5,058 sq km on the margin
of the Fitzroy Trough, Canning Basin, has been awarded to Backreef Oil &
Oil Basins for 6 years. Commitments are 2D seismic & 4 wells. Backreef Oil
(op) 50%, Oil Basins (50%).
27 Feb 2014

Oil Search has entered into an agreement to acquire the Pac LNG Group
Companies, which hold a 22.835% interest in Petroleum Retention Licence
15 (PRL 15), located in the eastern margin of the Papuan Basin in Papua
New Guinea. The present PRL 15 Joint Venture comprises InterOil Corp
(75.6114%), Pac LNG (22.8350%) and other interests (1.5536%). Under the
agreement, Oil Search will acquire the shares in Pac LNG for a consideration
of US$900 million, payable at completion, and contingent payments of
US$0.775/mcf for any certified 2C raw gas contingent resource within the
Elk/Antelope fields greater than 7 tcf, applied to Oil Searchs gross share
before Government back-in.
26 Feb 2014
o Warrego Energy has signed an AUD 40 million farmout agreement with E&P
businesses Dyas and Mazarine Energy for the appraisal and development of
the West Erregulla tight gas field in Western Australia. Following the
completion of the agreement and the receipt of all regulatory approvals, the
equity split will provide Warrego with 20%, Dyas 30% and Mazarine Energy
50% of the equity. 3D seismic surveying will commence in 2014 followed by
appraisal well drilling in 2015. Under the terms of the agreement Mazarine
Energy will take over operatorship from Warrego following the completion of
the appraisal program.
o Medco secured PPL 470, a 3-unit permit covering 324 sq km onshore
Papuan Fold Belt (Papua New Guinea), in early Feb 14 for a 6-year term.
The wholly-owned acreage lies adjacent to the Juha gas discovery. It is
Medcos 1st Papuan holding.
25 Feb 2014
o Central Petroleum reports the award of PL-6, production rights to the
Surprise oilfield within the Santos (70%) operated EP-115, Amadeus Basin,
and the 1st PL granted in the Northern Territories since the passing of the
Native Title Act 1993 (Australia). Facilities required for the long term
production of Surprise are hoped to be operational by the week of 10 March.
24 Feb 2014
o Senex Energy and Origin Energy have agreed to evaluate tight gas sands in
key areas of South Australias southern Cooper-Eromanga Basin involving a
work program of up to $252 million. Two farm-out agreements have been
signed, providing exposure to tight gas sand, shale and deep coal plays;
Area A (36% of total areas of PEL 516 and PEL 115 (Senex 100%) and Area
B (47% of total area of PEL 514, Deeps only (Senex 80% and operator,
Planet Gas 20%).Up to $252 million may be invested by the joint venture
partners in a two-stage work program involving the drilling of at least 15 wells
and substantial 2D and 3D seismic acquisition programs. Senex is freecarried for its share of the first $185 million of work program, with Senex,
Origin and Planet having the option to contribute a further $67 million on a
participating interest basis. Senex will retain operatorship of the permits
during the two-stage work program, with Origin having the option to become
operator following completion of Stage 2.
20 Feb 2014
o The 540-sq km Vic/P41 license, offshore Gippsland Basin (Australia), is
undergoing a revamp. Bass Strait Oil is farming out a 25.8% stake to Cooper
Energy, and partner Strategic Energy Resources selling 35.44% to Oil
Basins, the latter split between Oil Basins 17.94% and its new subsidiary
Shelf Oil 17.5%*. Vic/p41 contains the Moby gasfield and the Judith gas well.
Upon completion, partnership will be Bass Strait (operator) 38.765%, Oil
Basins 35.435%, Cooper 25.8%.
18 Feb 2014
o Magellan Petroleum Corp has entered into a definitive agreement to sell the
Palm Valley and Dingo gas fields (Australia) to Central Petroleum through the
sale of its wholly owned subsidiary Magellan Petroleum (N.T.) Pty. Ltd. In
exchange, Central will pay to Magellan a total of AUD $35.0 million in cash
and Central stock. In addition, Magellan will receive bonuses from Central in
the event that future gas sales revenues from Palm Valley exceed certain

levels. Of the AUD $35.0 million in consideration, AUD $20.0 million is

payable in cash and AUD $15.0 million is payable in Central stock upon
transaction completion.
13 Feb 2014
o Santos has agreed to acquire New Guinea Energys entire 50% stake in PPL
269 (Papua New Guinea) for a total consideration of USD 40 million.
ExxonMobil had previously been engaged to acquire the interest, but backed
out of the deal last year (DEA 28 Aug 13). Other interests held by Talisman
(op) 30%, Mitsubishi 20%.
4 Feb 2014
o Petratherm advises that its wholly owned subsidiary, PetraGas Pty. Ltd., has
been awarded a Petroleum Exploration Licence (EL3/2013) covering
approximately 3,900 square kilometres, north of Hobart in central Tasmania
to explore for conventional and unconventional oil and gas.

China

18 Feb 2014
o Anadarko Petroleum Corp has entered into a stock purchase agreement with
a wholly owned subsidiary of Brightoil Petroleum (Holdings) whereby
Anadarko will divest its Chinese subsidiary for $1.075 billion. The subsidiary
to be divested owns Anadarko's non-operating interest in the Bohai Bay field.
During 2013, Anadarko's net oil sales volumes from Bohai Bay averaged
approx. 11,000 barrels per day.

Financing

15 Apr 2014
o Seven Energy International Limited has announced that it has secured
US$255 million of new equity capital, enabling the Group to further develop
gas supply opportunities in Nigerias domestic energy market. Temasek, the
Singapore investment company, has committed US$150 million, the
International Finance Corporation , a member of the World Bank Group, has
committed US$75 million, and the IFC African, Latin American, and
Caribbean Fund has committed US$30 million. The investments will be in two
tranches, the timing of which is subject to the satisfaction of certain
conditions in the investment agreements.
10 Apr 2014
o Longreach Oil & Gas announced that it has closed a non-brokered private
placement of units with investors for aggregate gross proceeds to the
Company of $9,700,000. The subscription price per unit was $1,000 and
each unit consisted of one 10% secured convertible debenture of the
Company in the principal amount of $1,000 and 1,000 ordinary share
purchase warrants.
9 Apr 2014
o Tower Resources has announced a placing and subscription to raise 19.3
million (US$32.0 million) before expenses. As a result of the Placing, the
Company is now fully financed for the remaining firm well costs to drill the
Welwitschia-1 well offshore Namibia, maintaining its 30% interest in the
licence while minimising dilution of the overall interest to the shareholders.
21 Mar 2014
o Taipan Resources Inc. has announced that the Company is proceeding with
a non-brokered private placement to raise up to $6,000,000 through the
issuance of up to 16,666,667 units at a price of $0.36 per Unit. Each Unit will
consist of one common share of the Company and one transferable share
purchase warrant, with each warrant entitling the holder to purchase an
additional common share of the Company for a period of four years at an
exercise price of $0.50. All securities issued pursuant to the private
placement will be subject to a statutory hold period of four months and one
day.
11 Mar 2014
o Mosman Oil & Gas has announced that it has executed the equivalent of
A$2.5 million in pounds sterling by way of a capital raising and will start
trading on Londons AIM on March 20. This is line with what the groups
directors had in mind when they did the round of brokers and fund raisers in
London in February and the funds will be used to start the New Zealand
drilling programme this coming June.
3 Mar 2014
o Oando Energy Resources Inc. closed its previously announced private
placement of units for proceeds of $50 million. In addition, OER converted to
equity amounts outstanding under the $1.2 billion facility agreement dated
February 10 with Oando Plc.
26 Feb 2014
o Enegi Oil has announced that it has raised 2.005 million (after expenses)
through a placing of 24,845,105 new ordinary shares of 1 pence each with
new investors at an average price of 8.07 pence per Ordinary Share.
Expenses for the placing have been taken in shares and total 2,484,511
shares.
o Union Jack Oil have raised 650,000 (before expenses) through a placing of
288,888,889 new ordinary shares in the capital of the Company with new and
existing investors at 0.225 pence per share. The net proceeds of the placing
will be used to accelerate progress in relation to its investigation of the shale
oil and gas opportunities on its existing licence interests and additional

onshore UK licences in the forthcoming 14th Onshore Licensing Round,

which is expected during 2014.
o Cap Energy PLC has announce that the final USD 1,500,000 tranche of
the USD 3,500,000 subscription agreement announced on 3 October 2013
has now been received and 621,999 new ordinary shares of 5p each in the
Company have been issued in respect thereof.
23 Feb 2014
o CAMAC Energy has announced that it has received the first tranche of
funding from the Public Investment Corporation of South Africa in the amount
of $135 million in accordance with the terms of the definitive agreement. In
connection with the investment by the PIC, and in addition to its current listing
on the New York Stock Exchange, the Company will also begin trading on the
Johannesburg Stock Exchange on Monday, February 24, 2014.
17 Feb 2014
o Oilex has successfully raised approx. $6.8 million (gross) through the
placement of 94.75 million new shares to domestic and international
institutions and sophisticated/professional investors. The Placement was
undertaken by Joint Lead Managers DJ Carmichael Pty Limited, Patersons
Securities Limited, and RFC Ambrian Limited acting for the UK portion of the
capital raise.
11 Feb 2014
o Egdon Resources has raised approx. 3.0 million by way of a placing of
12,000,000 Placing Shares at 25 pence per share. These Placing Shares will
represent approx. 8.29 per cent of the enlarged issued share capital of the
Company.
6 Feb 2014
o President Energy is pleased to announce that a total of 87,628,500 new
ordinary shares have been placed in the Placing, with new and existing
institutional investors at a price of 35 pence per Placing Share, raising gross
proceeds of US$50 million (30.7 million). When issued, the Placing Shares
will represent approx. 28.6% of the issued ordinary share capital of the
Company prior to the Placing. RBC Capital Markets and Canaccord Genuity
acted as joint bookrunners to the Company in respect of the Placing.
3 Feb 2014
o Sound Oil has announced the result of its Open Offer to raise approx. 1.6
million (before expenses) through the issue of up to 38,349,139 Open Offer
Shares at 4.2 pence per New Ordinary Share. The Open Offer was
underwritten by Peel Hunt and Simon Davies. The Company is pleased to
announce that it has received valid acceptances and excess applications
from Eligible Shareholders significantly in excess of the maximum number of
Open Offer Shares available for issue under the Open Offer. Accordingly, a
total of 38,349,139 New Ordinary Shares will be issued in connection with the
Open Offer.

Bond Financing

9 Apr 2014
o Gulf Keystone Petroleum has raised $250 million in debt financing to fund its
planned expansion of the Shaikan oilfield onshore Iraqi Kurdistan.
o Oil India has raised $1 billion through an unsecured bond issue in the
international markets. The Indian company issued the RegS bonds in two
tranches of $500 million, each with a five and 10-year tenor. The 10-year
bonds were priced at the treasury bond rate plus 272.5 basis points bearing a
fixed coupon of 5.375% per annum, while the five-year bonds were priced at
the treasury bond rate plus 222.5 basis points bearing a fixed coupon of
3.875% per annum.
7 Apr 2014
o EnQuest PLC is pleased to announce that it has priced its offering of $650
million aggregate principal amount of 7.000% senior unsecured notes due

2022 at par. The size of the offering has been increased from $500 million,
indicated at launch on 26 March, to $650 million.
5 Feb 2014
o The Board of Ascent is pleased to announce that is has entered into an
agreement with Henderson Global Investors Limited and Henderson
Alternative Investment Advisor Limited for the subscription by funds managed
by Henderson of convertible loan notes of up to 5 million in principal
amount.