Alkane Energy farms out interest in two UK CBM blocks

Alkane Energy Plc has signed a partnership agreement with Aberdeen Drilling Management Ltd (ADM) to explore 2 of Alkane’s Petroleum Exploration and Development Licences (PEDL 191 and 90) with coal bed methane (CBM) potential in Nottinghamshire and in East Midlands, UK. Envoi is acting as an advisor to Alkane for this transaction. Continue reading here..

Dart Energy builds up UK CBM portfolio

Dart started its acquisition of UK CBM assets in Sep-2010 by acquiring Composite Energy. It paid $54 million to obtain interests in interests in 15 CBM blocks in the UK and 2 CBM blocks in Poland. Continue reading here..

Australia Unconventional Boom – CBM and now Shale

The majors entered Australian unconventional assets, notably, starting 2008. British major BG made the first acquisition in QGC, on the same date exactly 4 years ago when it acquired 9.9% stake in QGC and 20% stake in its CSG assets. This deal was followed by Petronas acquiring 40% interest in Queensland LNG project from Santos for $2.5 billion. Supermajor ConocoPhillips joined the CBM party by acquiring 50% interest in Origin Energy’s CBM assets in Queensland for $8 billion-the largest and the most expensive deal in Australia CBM. Continue reading here..

Essar Oil doubles gas reserves at Raniganj block; Share price increases by 13%

Essar Oil, the largest acreage holder of CBM blocks in India, has reported that the proven and probable reserves and best estimate 2C contingent gas resources at its Raniganj CBM block in West Bengal have been significantly increased. The total proven and probable reserves at Raniganj, evaluated as at 1 September 2011, are 113 bcf gross, while best estimate contingent resources are 445 bcf gross.

Consequently, Essar’s share price on Jan 23 was GBX 135.6, up by 13.1%.

Also, gas is in short supply in India but will be an increasingly important fuel and through this revised estimation of reserves Essar is well placed to capitalise on that.

Click this to browse through Essar’s reports and presentations-

http://docsearch.derrickpetroleum.com/search/company/754/document/4/

BP acquires interest in four new CBM PSCs in the Barito Basin, South Kalimantan

BP has acquired 44% interest in Tanjung IV CBM PSC along with Pertamina holding the remaining 56% and 45% in the Kapuas I, II and III CBM PSCs Sugico holding the remaining 55%. Together, the four PSCs cover an area of approx. 4,800 sq kms. These awards mark BP's first CBM access in Indonesia outside its joint venture with ENI, VICO, which in late 2009 was awarded the Sanga Sanga CBM PSC near the Bontang LNG plant in East Kalimantan.

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BP's future exploration focus

BP's current exploration projects

Source: Derrick Petroleum Planned Exploration Wells Database