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Power Metallic Acquires 167Km² From Li-Ft Power, Expanding Nisk – Lion Polymetallic Project Area By Over 300%
NS Energy
Power Metallic Acquires 167Km² From Li-Ft Power, Expanding Nisk – Lion Polymetallic Project Area By Over 300%Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce it has executed a definitive agreement dated June 9, 2025 to acquire a 100 % interest in 313 mineral claims totalling 167 km² from Li-FT Power Ltd.  (“Li-FT”) (TSXV: LIFT) (OTCQX: LIFFF) (FRA: WS0). The claims adjoin the Company’s 45.86 km² Nisk property, where exploration is expanding the high–grade Lion Cu–PGE discovery and the Nisk Ni–Cu–Co deposit. On closing, Power Metallic’s land position will grow more than 300% to ~212.86 km², securing approximately 20 km of strike on the northern basin margin and 30 km on the southern margin that envelope the Nisk, Lion, and Tiger discoveries. Nisk Project Area The Nisk-Lion-Tiger discoveries have established a new polymetallic district with considerable potential for additional deposits. These deposit types are globally rare but form clusters at district and camp scale (Noril’sk and Talnakh, Kevitsa and Sakatti, as relevant examples). Currently discovered polymetallic mineralization on the Nisk property has been confined to a major translithospheric structure along the sedimentary basin margin defining the locations of the Nisk, Lion, and Tiger discoveries. Work by Power Metallic and Li-FT has identified a larger region proximal to the Nisk property that has additional potential for polymetallic deposits. Significantly Power Metallic sees potential in the wider basin where exploration to date suggest conditions similar to those at the Nisk-Lion-Tiger discoveries. The land purchased from Li-FT covers a further 20 km of strike length along the northern margin of the basin that contains Nisk-Lion-Tiger, and the most prospective 30 km of strike length along the southern basin margin, which has been identified by Power Metallic through regional geophysics as prospective, and corroborated by extension soil and till elemental anomalies from surveys carried out by Li-FT. The control of the most readily accessible prospective geology proximal to the known mineralizing system (Nisk-Lion-Tiger) gives Power Metallic the opportunity to control the discovery of multiple polymetallic deposits within the identified regional system across both its 80% owned properties and its 100% owned properties. Steve Beresford, Director and Special Advisor, stated: “Polymetallic deposits have unique primary and secondary geochemical footprints (that contrast with Nickel dominant sulfide deposits like Voisey’s Bay) that enable us to recognize early the tip of the iceberg i.e. extensions of Lion or mimics that represent new camp to district scale opportunities. We know a lot about how these deposits spatially cluster that’s different to lode Au or VMS, and now is the time to own the whole opportunity”. Purchase Agreement Terms The purchase of the 100% interest in the claims (exclusive exploration rights) requires a $700,000 cash payment to Li-FT and the issuance of 6,000,000 common shares of the Company (the ” Shares”). All the Shares will have a statutory hold period of four months and a day from issuance in accordance with Canadian securities laws. 3,000,000 of the 6,000,000 Shares will also bear a 12 month hold and restriction from transfer. Additionally, Li-FT will retain a 0.5% NSR on all acquired claims. The share–weighted consideration preserves cash for drilling while giving both Power Metallic and Li–FT exposure to the exploration upside in the basin. The issuance of the Shares is subject to the Company’s receipt of approval from the TSX Venture Exchange. Fully Funded 100,000–Metre Drill Program Through 2026 The drilling rig has been collared on the first hole of the summer program. We are resuming work along the Nisk–Lion–Tiger trend while integrating its newly acquired LIFT claims—an expansion that increases the Company’s land position more than 300%. Field crews will mobilize in successive waves beginning the last week of May, with camp upgrades—including grid–power wiring for new core–logging facilities—well underway. Drilling will initially recommence in the Nisk-Lion-Tiger area to expand current zones. It is anticipated that by early fall of 2025 the core facility capacity will be ramped up to six drills enabling quicker exploration target turnaround and flexibility to follow exploration successes on the expanded Nisk Project Area. Key elements of the work program District–scale data integration. Historical technical data from the LIFT claims are being compiled alongside existing datasets to refine regional targeting. Airborne & ground geophysics. A large–scale airborne EM survey—followed by targeted ground EM—will seek near–surface conductors. Systematic mapping and prospecting. Field teams will focus on areas highlighted by Li–FT’s previous geochemical anomalies, moving from regional reconnaissance to detailed mapping and sampling as anomalies are confirmed. Follow–up drilling. Once preliminary geophysics and mapping results are interpreted, priority targets, primarily confirmed by EM, will be drilled through late 2025 and into the 2026 winter season. Terry Lynch, CEO, stated: “Consolidating the LIFT ground lets us apply the geological insights from Nisk across a district–scale footprint. With over 100,000 metres of fully funded drilling in front of us, we can systematically approach new sulphide occurrences while continuing to grow our established resources.” JC Evensen, Strategic Advisor, added: “The opportunity to consolidate control of this emerging polymetallic mineral district will allow Power Metallic to fully explore and understand its potential before determining the value maximizing development pathway for all stakeholders involved. The discovery of Lion transformed how this area was understood geologically, and now, with the counsel of Steve Beresford on the board, Joe Campbell, Adam Findlay and the entire exploration team have an opportunity to see if there is something better than Lion to be discovered.” A more detailed summer exploration plan—updated to reflect the expanded acreage—will be released within the next 2–4 weeks. Give your business an edge with our leading industry insights.
water
Jun 10, 2025
Perenti Jv Wins $710M Underground Mining Contract In Burkina Faso
NS Energy
Perenti Jv Wins $710M Underground Mining Contract In Burkina FasoPerenti’s joint venture subsidiary, Underground Mining Services Burkina Faso (UMS), has secured an A$1.1bn ($710m) underground mining services contract at the Mana gold mine complex. The five-year contract was awarded by SEMAFO Burkina Faso, a subsidiary of Endeavour Mining. The Mana complex, situated in Burkina Faso’s Houndé Greenstone Belt, includes the Siou and Wona underground mining sites. The area is known for their high-grade gold deposits. Since 2018, African Underground Mining Services Burkina Faso has been providing underground mining and support services at Mana. UMS will now manage the expansion of operations along with JV partner Dynamic Mining Supply from Burkina Faso. The contract, effective from this June, encompasses underground development, production, and related mining services. Perenti managing director and CEO Mark Norwell said: “It is very pleasing and positive to announce the expansion of the Mana contract with Endeavour. This contract is consistent with our guidance for FY25 and will contribute strongly in FY26 and beyond. “Our team continually delivers exceptional value for our clients, and this is clearly demonstrated by thislong-term contract for expanded operations at the Mana complex.” Perenti Contract Mining president Gabrielle Iwanow said: “This contract, with expanded scope demonstrates the enduring nature of our relationship with Endeavour. We reiterate our commitment to delivering for our clients and creating enduring social and economic value in the communities in which we operate. “We are proud to be working alongside our local JV partner Dynamic Mining Supply to take further steps to support development of local procurement, capability and employment in Burkina Faso.” Earlier this month, another Perenti subsidiary secured a A$1.02bn ($660m) contract extension for AngloGold Ashanti’s Obuasi Gold Mine in Ghana. Give your business an edge with our leading industry insights.
water
Jun 02, 2025
Shell To Expand Bonga Oil Field Stake In $510M Deal With Totalenergies
NS Energy
Shell To Expand Bonga Oil Field Stake In $510M Deal With TotalenergiesShell Nigeria Exploration and Production (SNEPCo), a unit of Shell, has agreed to purchase a 12.5% stake in the OML 118 Production Sharing Contract (OML 118 PSC) from TotalEnergies EP Nigeria for $510m. This transaction will increase Shell’s holding in the offshore Nigerian oil lease, which includes the Bonga field, from 55% to 67.5%. Currently, SNEPCo operates the Bonga field using the Bonga floating production storage and offloading (FPSO) vessel. The company in December 2024 took a final investment decision for the development of the nearby Bonga North field. According to Shell, the Bonga North field, which will be linked to the Bonga FPSO, is projected to yield over 300 million barrels of oil equivalent and peak at 110,000 barrels per day by decade’s end. Shell upstream president Peter Costello said: “Following our final investment decision on Bonga North last year, this acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio.” The other partners in the OML 118 venture include Esso Exploration and Production Nigeria with a 20% stake and Nigerian Agip Exploration, which holds a 12.5% interest. The OML 118 PSC is situated approximately 120km south of the Niger Delta in deep offshore waters. The Bonga field began production in 2005. This investment supports Shell’s goal to augment its integrated gas and upstream production by 1% annually up to 2030, sustaining a level of 1.4 million barrels of daily liquids production. Bonga is situated in over 1,000m of water. It has a production capacity of 225,000 barrels per day and reached its one-billionth barrel milestone in 2023. The completion of this transaction remains subject to regulatory clearance and other customary conditions expected to be fulfilled within this year. TotalEnergies exploration and production president Nicolas Terraz said: “TotalEnergies continues to actively high-grade its Upstream portfolio, to focus on assets with low technical costs and low emissions, and to lower its cash breakeven. “In Nigeria, the company is focusing on its operated gas and offshore oil assets and is currently progressing the development of Ubeta project, designed to sustain gas supply to Nigeria LNG.” Give your business an edge with our leading industry insights.
water
May 29, 2025
G Mining Ventures Sets $972M Capex For Guyana’S Oko West Project
NS Energy
G Mining Ventures Sets $972M Capex For Guyana’S Oko West ProjectG Mining Ventures (GMIN) has announced an initial capital expenditure (Capex) of $972m for the development of its Oko West Gold Project in Guyana, following the release of its feasibility study (FS). The expenditure plan includes $69m in pre-production credits and a 9% contingency of $85m. The construction period is estimated to span 34 months, with commissioning anticipated by the end of 2027. The company’s FS reveals strong economic potential for a large-scale mining operation combining both open pit and underground methods. The project forecasts total gold production of 4.3 million ounces over a 12.3-year lifespan, with annual production averaging 350,000 ounces at an all-in sustaining cost of $1,123 per ounce. Based on a gold price of $2,500 per ounce, the project’s after-tax net present value stands at $2.2bn, with an internal rate of return at 27%. G Mining Ventures president and CEO Louis-Pierre Gignac said: “The Oko West Feasibility Study marks a major milestone in realising the value of what we consider one of the world’s most exciting undeveloped gold projects. It confirms a long-life, high-margin operation with strong economics, supported by a proven resource and solid infrastructure. “With Tocantinzinho nearing nameplate capacity and generating meaningful free cash flow, GMIN is well positioned to advance Oko West using the same experienced team and disciplined execution that delivered our first mine ahead of schedule and on budget.” Environmental permits are expected by Q2 2025, with a construction decision anticipated in H2 2025. Located in Region 7, the project aims to benefit from current favourable macroeconomic conditions such as strong gold prices and Guyana’s developing economy. Situated roughly 120km southwest of Georgetown and about 50km west of Bartica, Oko West offers multiple access routes. Indicated mineral resources amount to 80.3 million tonnes at an average gold grade of 2.1gm per tonne, equivalent to 5.4 million contained ounces of gold. Inferred resources account for an additional 5.1 million tonnes at an average grade of 2.36gm per tonne for a further 0.4 million ounces. The mining plan relies on probable reserves of 76.6 million tonnes at an average gold grade of 1.89 grams per tonne, translating to 4.64 million ounces. Initial production will focus on open pit mining for the first three years before integrating underground operations from the fourth year onwards. Open pit operations are centred around Block 4 and a smaller sub-pit will extract approximately 426.2 million tonnes of combined waste and overburden material with a strip ratio of 6.8. Underground mining will employ long hole open stoping across two zones accessible via a decline ramp from a surface mine portal. Processing facilities are designed to treat six million tonnes annually using comminution, gravity concentration and cyanide leaching techniques to produce doré bars. Give your business an edge with our leading industry insights.
water
Apr 29, 2025
Western Copper And Gold Strengthens Strategic Partnership With Mitsubishi Materials
NS Energy
Western Copper And Gold Strengthens Strategic Partnership With Mitsubishi MaterialsWestern Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN) (NYSE American: WRN) is pleased to announce that it has strengthened its relationship with Mitsubishi Materials Corporation (“Mitsubishi Materials”). Western has entered into an amended and restated investor rights agreement (the “Agreement”) with Mitsubishi Materials, most notably extending the rights and obligations thereunder until May 30, 2026, subject to Mitsubishi Materials acquiring 2 million common shares of the Company through open market purchases. These purchases will be non-dilutive to existing shareholders, as no new shares will be issued by the Company. Upon completion, Mitsubishi Materials’ equity ownership in Western is expected to return to approximately 5%. “Mitsubishi Materials have been a supportive partner, and we are pleased to see them grow their ownership in Western,” said Sandeep Singh, President and CEO. “Their continued support through this proposed new investment, made through non-dilutive, open market purchases, is another vote of confidence in the team and the Casino Project. The corresponding extension of rights reflects the productive and aligned relationship we’ve built, and we look forward to continuing to collaborate as we advance one of Canada’s most important critical minerals projects.” Give your business an edge with our leading industry insights.
water
Apr 16, 2025
Totalenergies Will Supply 400,000 Tons Of Lng Per Year For 15 Years In Dominican Republic
NS Energy
Totalenergies Will Supply 400,000 Tons Of Lng Per Year For 15 Years In Dominican RepublicTotalEnergies has signed an agreement (HoA) with Energia Natural Dominicana (ENADOM), the Joint Venture between AES Dominicana and Energas in the Dominican Republic, for the delivery of 400,000 tons of LNG per year. Subject to the finalization of the SPAs, this agreement is set to start in mid-2027, for 15 years, with the price indexed to Henry Hub. This agreement will enable ENADOM to supply natural gas to the 470 MW combined-cycle power plant, currently under construction, which will increase the country’s electricity generation capacity. This project contributes to the energy transition of the Dominican Republic by reducing its dependence on coal and fuel oil through the use of a less carbon-intensive energy source, natural gas. “We are pleased to have signed this agreement to answer, alongside AES and its partners, the energy needs of the Dominican Republic. This new contract underscores TotalEnergies’ leadership in the LNG sector and our commitment to supporting the island’s energy transition. It will be a natural outlet for our US LNG supply which will progressively increase”, said Gregory Joffroy, Senior Vice President LNG at TotalEnergies. “This agreement with TotalEnergies, is the result of the confidence placed in the Dominican Republic’s energy sector and, specifically, in ENADOM and AES. This partnership, alongside ENADOM’s has demonstrated investment capabilities in providing natural gas to the Dominican electricity market by ensuring a reliable, competitive, and environmentally responsible energy supply. ENADOM is proud to play a pivotal role in the expansion and strengthening of the nation’s energy matrix in the Dominican Republic”, said Edwin De los Santos, Chief Executive Officer at ENADOM. Give your business an edge with our leading industry insights.
water
Apr 16, 2025
Ec Approves €400M Spanish State Aid Scheme To Support Renewable Hydrogen Production
NS Energy
Ec Approves €400M Spanish State Aid Scheme To Support Renewable Hydrogen ProductionThe European Commission (EC) has approved, under EU State aid rules, a €400 million Spanish State aid scheme to support the production of renewable hydrogen through the European Hydrogen Bank’s “Auctions-as-a-Service” tool for the auction closing in 2025. The scheme will contribute to the objectives of the Clean Industrial Deal to accelerate the decarbonisation of EU industry while strengthening its competitiveness, of the REPowerEU Plan to reduce dependence on Russian fossil fuels and accelerate the green transition, as well as the EU Hydrogen Strategy. Spain notified the Commission of its intention to introduce a scheme to support the production of renewable hydrogen through the “Auctions-as-a-Service” tool within the European Hydrogen Bank. The approved scheme will support construction of up to 345 megawatts of installed electrolyser capacity, and the production of up to 221,000 tonnes of renewable hydrogen in Spain. This is estimated to result in the avoidance of the equivalent of up to one million tonnes of CO2. The scheme will help Spain achieve its national objective to install 12 gigawatts of electrolyser capacity by 2030, as well as the targets for the share of renewable fuels of non-biological origin (RFNBOs) consumed in transport and in industry that are set in the Renewable Energy Directive. The aid will be awarded through a competitive bidding process that concluded in the first quarter of 2025. The bidding process will be supervised by the European Climate, Infrastructure, and Environment Executive Agency (CINEA) which will receive, assess, and rank bids for projects in all Member States. The support provided under the schemes will be open to companies planning to construct new electrolysers in Spain. Under the scheme, the aid will take the form of a direct grant per kilogram of renewable hydrogen produced. The aid will be granted for a maximum duration of ten years. Beneficiaries will have to prove compliance with EU criteria for the production of renewable fuels of non-biological origin (RFNBOs). This includes contributing to the deployment or financing of the additional renewable electricity which is needed to produce the hydrogen supported under the scheme. The Commission’s assessment The Commission assessed the scheme under EU State aid rules, in particular Article 107(3)(c) of the Treaty on the Functioning of the European Union, which enables Member States to support the development of certain economic activities under certain conditions, and the 2022 Guidelines on State aid for climate, environmental protection and energy (‘CEEAG’). In particular, the Commission found that: The scheme is necessary and appropriate to facilitate the production of renewable hydrogen and thus the decarbonisation of the industrial, transport and/or energy sectors. The scheme has an incentive effect, as the beneficiaries would not carry out the relevant investments without the public support. Spain put in place sufficient safeguards to ensure that the scheme has a limited impact on competition and trade within the EU. In particular, the beneficiaries will be selected following an open, transparent and non-discriminatory bidding process and the aid will be kept to the minimum necessary to undertake the projects. The aid will bring about positive effects, in particular on the environment, in line with the European Green Deal, that outweigh any possible negative effects in terms of distortions to competition. On this basis, the Commission approved the Spanish scheme under EU State aid rules. Background On 18 November 2024, Spain announced its participation in the European Hydrogen Bank “Auctions-as-a-Service” scheme for the second 2024/2025 auction. The European Hydrogen Bank is an initiative to facilitate EU-domestic production and imports of renewable hydrogen in and to Europe. Its objective is to close the investment gap and connect the future renewable hydrogen supply to consumers to meet the intended target of 20 million tonnes by 2030, contributing to the REPowerEU objectives and the transition to climate neutrality. Run by the Innovation Fund, the hydrogen auctions implement the EU-domestic leg of the European Hydrogen Bank and are financed through the EU Emissions Trading System revenues. Under the concept of Auctions-as-a-Service, Member States may choose to use the EU-wide auction mechanism under the Innovation Fund to also allocate a pre-defined amount of national funding to renewable hydrogen production projects on their territory. These projects will be assessed and ranked in the competitive auction procedure under the auction and can become eligible for national funding if the Innovation Fund budget is insufficient to cover those projects. Auctions-as-a-Service are aimed at harmonising, and tying together national and European support schemes, increasing the comparability of subsidy levels, and saving on the administrative costs to Member States and project developers of developing and understanding different hydrogen support schemes. The scheme follows a previous German scheme approved by the Commission in April 2024, to support investments in the production of renewable hydrogen through Auctions-as-a-Service under the European Hydrogen Bank’s pilot auction, as well as Austrian and Lithuanian schemes approved by the Commission on 10 March 2025. The Commission’s 2022 CEEAG provide guidance on how the Commission assesses the compatibility of environmental protection, including climate protection, and energy aid measures which are subject to the notification requirement under Article 107(3)(c) TFEU. The Renewable Energy Directive of 2018 set out stringent criteria for RFNBOs, such as renewable hydrogen, to ensure that their environmental impact is minimal and that they contribute to the deployment of renewable energy. Amongst others, emission savings of the end product must be at least 70% across the entire value chain. Amendments to the Renewable Energy Directive in 2023 increased the EU target for the share of renewable energy in the EU’s gross energy consumption to a minimum of 42.5% by 2030, with the aim of reaching 45%; and introduced a target that 42% of the hydrogen used in industry should be renewable by 2030, increasing to 60% by 2035. Give your business an edge with our leading industry insights.
water
Apr 16, 2025
Evolution Mining To Extend Cowal Gold Project To 2042 With $273.4M Investment
NS Energy
Evolution Mining To Extend Cowal Gold Project To 2042 With $273.4M InvestmentEvolution Mining has secured board approval for a project that will extend the operational life of its Cowal gold mine in New South Wales, Australia by a decade. The Open Pit Continuation project will involve an estimated capital investment of A$430m ($273.4m), with open pit production now expected to continue through to 2042. The decision follows regulatory approvals from the Australian federal government and the New South Wales Department of Planning, Housing and Infrastructure. The expansion includes further development of the existing E42 pit and three new satellite pits, E46, GR, and E41, which are located adjacent to the current site. According to Evolution Mining, the Cowal extension project is projected to deliver 1.94 million ounces of gold and is expected to yield an internal rate of return of 34% under a base case scenario using a gold price of A$3,300 per ounce. At current spot prices, the projected return increases to 71%, with the payback period dropping from 4.5 years to 1.5 years. The underground component of the Cowal operation is expected to reach a production rate of 2.4 million tonnes annually by FY2026, contributing about 30% of the mine’s feed and half of the total gold output. The capital investment will be deployed over seven years, in line with previous estimates. As part of the strategy to reduce upfront costs, Evolution Mining has secured 11 low-hour second-hand haul trucks, which the company states have delivered cost savings of approximately A$35m ($22.26m) compared to new equipment. Major capital expenditure for FY2025 is now forecast between A$65m ($41.3m) and A$70m ($44.5m), covering fleet acquisition and infrastructure establishment. An additional A$5m ($3.2m) will be allocated to mine development activities necessary to commence full operations in July 2025. Since its acquisition in 2015, Cowal has contributed more than A$1.62bn ($1.03bn) in net cash flow to Evolution Mining, with the site generating A$479m ($304.6m) in the first nine months of FY2025 alone. The mine is expected to remain a significant cash flow contributor during the project’s execution period. Evolution Mining managing director and CEO Lawrie Conway said: “Cowal is undoubtedly a world class asset and a key asset in the Evolution portfolio. The operation has fully repaid the acquisition cost and subsequent investment with a 17 year mine life remaining. “Today, the Board has approved the project which has compelling returns of 71% at current spot gold price and a short payback period. It will contribute to the goal of sustaining Cowal’s current production rate, while at the same time delivering significant economic benefits for all stakeholders.” Evolution Mining noted that exploration is ongoing at Cowal, with focus on identifying mineralisation that could support further underground mining. The open pit expansion is seen as enabling full-scale development of these underground opportunities, particularly targeting higher-grade ore bodies. The Cowal extension marks a strategic milestone for Evolution Mining as it seeks to maintain stable production across its six operating sites. These include wholly owned operations at Cowal, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Canada, along with an 80% stake in Northparkes in New South Wales. For FY2025, Evolution Mining has maintained its production guidance of 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper, with an all-in sustaining cost ranging between A$1,475 ($937.94) and A$1,575 ($1,001.53) per ounce. Give your business an edge with our leading industry insights.
water
Apr 15, 2025
Acen Australia Secures Financing To Support Growth Of Australian Clean Energy Portfolio
NS Energy
Acen Australia Secures Financing To Support Growth Of Australian Clean Energy PortfolioACEN Australia has completed the AUD 750 million portfolio debt financing of its operating renewables assets and financing for new projects in Australia, cementing the company’s position as a long-term investor in Australia’s clean economy. The transaction supports the financing of ACEN Australia’s near-complete 400MW Stubbo Solar project in NSW, and follows first generation from Stage 1 of the company’s New England Solar project (400MW) in 2023. The transaction was supported by a group of 11 leading Australian and international lenders, broadening ACEN Australia’s financial partnerships and underscoring strong market confidence in the company’s track record and growth strategy. ACEN Australia Managing Director David Pollington said the financing establishes a robust funding base for the company’s diverse portfolio of wind, solar, pumped hydro and battery storage projects, which includes more than 1,000MW of renewable capacity in operation and under construction, and a further 13GW in development across the National Electricity Market. “Our ability to attract top-tier financial partners reinforces our position as a trusted, long-term developer, owner and operator of assets, and reflects growing investor appetite for high-quality, renewable infrastructure in Australia,” Mr Pollington said. ACEN Australia Chief Financial and Investments Officer Phillip Mak said the transaction demonstrates the company’s ability to independently access and structure competitive capital solutions as a key portfolio business of its PSE listed parent, ACEN Corporation (PSE: ACEN). “This transaction strengthens our funding platform, accelerates our delivery pipeline, and positions us as a capable partner backed by a stable and diverse capital base,” Mr Mak said. Financial institutions involved in the transaction are: Macquarie Capital and Morgan Stanley were joint financial advisors to the transaction. Allens was the legal adviser for ACEN Australia and Hebert Smith Freehills legal adviser for the lenders. Give your business an edge with our leading industry insights.
water
Apr 15, 2025
Bp Confirms Deepwater Oil Discovery At Far South Prospect In Gulf Of America
NS Energy
Bp Confirms Deepwater Oil Discovery At Far South Prospect In Gulf Of AmericaBP has confirmed an oil discovery at the Far South prospect located in the western Green Canyon area of the Gulf of America. The exploration well, drilled in approximately 4,092ft of water on Green Canyon Block 584, reached a total depth of 23,830ft. Far South is jointly owned by BP, which operates the asset with a 57.5% stake, and Chevron U.S.A., which holds the remaining 42.5%. Both the initial well and a sidetrack well encountered oil in Miocene-age reservoirs. Preliminary analysis of the data suggests that the volume of hydrocarbons discovered may be commercially viable. The Far South discovery is situated about 6.4km north of the Constellation field, which is also located in the Gulf of America. BP said that it is aiming to expand its global upstream production to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030, with scope to increase this capacity through to 2035. Of this total, approximately one million barrels per day are targeted from US operations across both offshore and onshore assets. The oil and gas major stated that the Far South prospect aligns with its plans to develop new sources of hydrocarbons to support its long-term production targets. The company has reported making more than 40 discoveries worldwide in the past decade, including recent findings in Egypt, Trinidad, and the Gulf of America. As part of its current exploration programme, BP is planning to drill around 40 wells over the next three years. Between 10 and 15 of those wells are scheduled for drilling this year. The Far South announcement follows the recent start of production from the Cypre gas project operated by bp Trinidad and Tobago (bpTT), a subsidiary jointly owned by bp (70%) and Repsol (30%). Cypre is located 78km off the southeast coast of Trinidad in the East Mayaro Block, in waters approximately 80m deep. The project is among 10 new developments expected to contribute a combined peak production of 250,000 barrels of oil equivalent per day. Give your business an edge with our leading industry insights.
water
Apr 15, 2025