EnQuest, Premier Oil and Eni – Possible Acquirers for Ithaca

Calgary-based Ithaca Energy Inc said that it has received a non-binding proposal to acquire all of the outstanding shares of the company. The Ithaca board says talks are at a preliminary stage and there is no certainty that the non-binding proposal will lead to an offer. As a result, shareholders are not required to take any action and Ithaca does not intend to comment further unless a definitive agreement is reached. The possible buyers could be Apache Corp, Premier Oil Plc, Total SA, Dana Petroleum Plc, EnQuest Plc and ENI. Continue reading here..

Can multiple bidders increase the premium on Rockhopper?

Recent media reports have been speculating on a possible takeover or majority acquisition in Rockhopper Exploration Plc by Anadarko Petroleum. According to Sunday Times, several other Texan oil firms, including Noble Energy, Hess Corp and Murphy Oil are interested, as are British oil firms Cairn Energy and Premier. Continue reading here..

Premier Oil 2011 AGM Presentation

- Grow near-term production to 75 kboepd from existing 2P reserves of 261 mmboe
- Deliver further growth by commercialising contingent resource base of 228 mmboe
- Add 200 mmboe through exploration by focusing on core geologies
- Make value-adding acquisitions in three core areas
- Maintain a conservative financing plan

http://docsearch.derrickpetroleum.com/files/12836/Premier%20Oil%202011%20AGM%20Presentation.pdf

Premier Oil reports 2010 annual results; Reserve Replacement Ratio up 138% over 2009; Plan to achieve 2012 production of 75 kboepd through developments in Asia, North Sea and Middle East-Pakistan

Premier oil’s 2010 average working interest production was 42.8 kboepd, down 3% over 2009. This was due to unplanned maintenance requirements on UK North Sea fields in the Balmoral, Scott and Wytch Farm areas and due to some flooding-related downtime at the Zamzama field in Pakistan. In 2010, Premier achieved 57% success rate in exploration and appraisal well activities.

- Premier revealed 2011 capital program of approximately US$ 850 million to achieve production in the range of 45-50 kboepd. The company plan to achieve production rate of 75 kboepd in 2012 from existing 2P reserves of 261 mmboe and through exploration by focusing on core geologies.

- In Indonesia, Premier plan to develop the full potential of Natuna Sea and  Block A Aceh gas positions.
- In Vietnam, the company is working on Dua and Cá Rồng Đỏ (CRD) accumulations as well as by undertaking new exploration activities.

- In North Sea and West Africa, Premier is pursuing actively  new assets that are capable of delivering near-term production

- In Middle East-Pakistan business unit, Premier continues to focus on enhancing the value of our Pakistan producing assets by maximising production through exploration and development within the existing fields.

- Exploration drilling in 2011.