first_imgFurthermore,Shell will also pay 100 per cent of all studies and manpower costs through tothe well investment decision on the licences. “We will now focus on completing the licence assignments and transfer of operatorship to Shell and progressing the planned appraisal activity on the Resolution and Endeavour gas discoveries. The first part of this work programme will be the acquisition of a marine 3D seismic survey”. Namely, 400 square kilometres of 3D seismic must be acquired in P1929 and P2304 by 31 May 2021 or the operator will be forced to relinquish the licences. The carry onthe acquisition costs will be capped at $5 million gross, beyond which Egdonwould pay 30 per cent of the survey costs. The other condition was demonstrating that the licensees were on track to deliver a future program of 3D seismic data acquisition across both licences. Also, onewell in either P1929 or P2304 must be drilled to a depth of 1,700 metres true verticaldepth subsea (TVDss), or 75 metres below the Base Permian Unconformity by 30November 2022. With bothconditions now fulfilled, Egdon said on Monday that the initial term of the licencesshall be extended to 31 May 2024 with amended work obligations. Followingthis new extension, Egdon will progress the assignment of the licence interestsand operatorship of the licences to Shell. Oil major Shell farmed into the two licences in late January. Namely, it agreed to acquire 70 per cent stakes in both licences. Egdon’s UK subsidiary would retain the remaining 30 per cent interests. Shell will also be appointed as the licence operator.center_img Mark Abbott, managing director of Egdon Resources, said: “Working closely with our partner Shell, we are pleased to have reached an agreement with the OGA to extend the licences coupled with revised work obligations and timelines. OGA granted extensions for the P1929 and P2304 licences, which contain the Resolution and Endeavour gas discoveries respectively, to Egdon until 31 May 2020, subject to securing a farm-in agreement by 31 January – a condition fulfilled by the Shell farm-in. The UK’s Oil and Gas Authority (OGA) has granted extensions to Egdon Resources for P1929 and P2304 licences offshore the UK. It is worthnoting that a competent person’s report prepared by Schlumberger reported meancontingent gas resources of 231 bcf of gas, with a P90 to P10 range of 100 to389 bcf, attributable to the Resolution discovery. Under theterms of the farm-in, Shell will pay 85 per cent of the costs of theacquisition and processing of the 3D seismic survey covering both the Resolutionand Endeavour gas discoveries. Location of the licences; Source: Egdon Additionally,Egdon estimates that the Endeavour discovery contains mean contingent resourcesof 18 bcf, with a P90 to P10 range of 10 to 28 bcf.last_img read more

first_imgEverton manager Roberto Martinez says Gibson’s latest knee injury is not serious and he will return to training today.Ireland boss Martin O’Neill said yesterday he could be a worry for the qualifier against Scotland next month.The midfielder jarred his knee in training but Martinez has confirmed that the Derry man is fit and ready to return.last_img

first_img Paddy Power guarantees Hector’s Arsenal tree pledge June 24, 2020 StumbleUpon Submit Paddy Power: Maintaining brand identity with daring marketing campaigns July 27, 2020 Related Articles Share The English Football Association (FA) and the UK Gambling Commission (UKGC) are investigating Sutton United reserve goalkeeper Wayne Shaw for breaching football betting rules during yesterday’s FA Cup Fifth Round match against Arsenal FC.Before the match, which was broadcast on BBC1, new UK bookmaker Sun Bets had offered an 8/1 price on ‘Wayne Shaw to eat a pie live on air’. In the 86th minute of the game, Shaw obliged – being filmed eating a match pie.Shaw whose match day antics have now gone viral, may have landed himself, Sutton United and Sun Bets in hot water, as the FA does not allow registered players to bet “either directly or indirectly, on any football match or competition that takes place anywhere in the world.”The Sutton reserve goalkeeper has so far stated that neither himself or his teammates had placed the 8/1 pie wager with the bookmaker. The 23-stone goalkeeper states that his antics were simply ‘a bit of banter’.The episode is likely to cause embarrassment to Sun Bets marketing, who had secured a ‘one-off’ sponsorship of Sutton United and its football ground for the televised FA Cup game.This morning, UKGC Enforcement & Intelligence Director Richard Watson stated that the authority would not take the incident lightly. “Integrity in sport is not a joke and we have opened an investigation to establish exactly what happened.“As part of that we’ll be looking into any irregularity in the betting market and establishing whether the operator has met its licence requirement to conduct its business with integrity.”At present, Sun Bets management has made no official comment on the matter. However, the bookmaker made the following tweet referencing a ‘five-figure’ pay-out on Shaw’s munch.COST US A BELLY FULL: We’ve paid out a five-figure sum after @WayneShaw70 finishes his pie with glory! #YouBetcha #FACup— Sun Bets (@SunBets) February 20, 2017 FavBet’s Alex Hleb deal: “When contract is just a piece of paper” June 19, 2020 Sharelast_img read more