AWE Ltd – Debt refinancing facility
• AWE has closed a $A300 million, multi-currency loan facility to refinance its corporate debt facility
• The 3 year loan facility backed by ANZ, BOS International, Westpac for $A100 million each
Nexus (NXS) - Commercial discussions for Crux Field
expanded to include earlier development concepts
Nexus Energy refers to the non-binding Heads of Agreement with Shell and Osaka Gas Crux announced on 19 January 2012, and advises that documentation for the alignment and consolidation of interests in AC/L9 containing the Crux Field and the Auriga and Caelum prospects are well progressed.
The scope of the transaction and the associated documentation has been expanded beyond the previously advised Prelude backfill development option to include the following options:
• an earlier standalone FLNG development; and
• an Integrated Recycle Project followed by backfill to Prelude.
Accordingly, the timeline for completion of documentation has been extended for the expanded scope with target completion by end June 2012.
The regulatory authorities have been kept informed of the expanded scope and the potential for earlier development as a result of the extended range of development options being considered. The application process to convert the existing Production Licence (AC/L9) to a Retention Lease will commence once all parties have executed binding agreements.
Following completion, a new Joint Venture will be formed for AC/L9 that will result in participating interests being held by Nexus holding a 17% interest, Shell holding 80% (assuming operatorship) and Osaka Gas holding 3%. The terms of the HOA also provide for Shell to grant Nexus a12-month option to sell 2% of its participating interest in the new Joint Venture to Shell for A$75 million.
For clarificaton or interviews with Nexus CE0, Lucio Della Martina please contact Ian Howarth
Dart Energy Ltd (ASX:DTE) – International operations IPO deferred due to poor equity markets
• Dart has sufficient access to capital to enable it to meet its operating needs and business objectives over the coming 12 months.
• An alternative listing and longer term funding options to be considered.
• The company will review the allocation of resources to current assets to achieve production and revenue at key projects.
WASABI EXTENDS GLOBAL GEOTHERMAL REACH
- $11.5m option over Turkish operation
- Expansion to 80MWe proposed
- Implications for Australian geothermal
Melbourne-based Wasabi Energy (ASX: WAS) has moved to increase its geothermal power portfolio in Europe by taking an option for a 50 per cent stake in a Turkish plant.
Wasabi is already a technology provider and partner in three European geothermal projects, two in Germany and one in Iceland. The technology is also licensed in Asia.
The Turkish option is over an existing 7.5MWe plant at Cannakale, but there are plans to extend this to 80MWe, with a proposed initial extension of 14-17MWe.
Once again Wasabi would apply its Kalina Cycle technology to boost output and efficiency. This is already being applied at the two German projects and the Icelandic operation. It is estimated it could improved the efficacy of the Turkish operation by 20per cent.
The Kalina Cycle technology allows power to be generated at temperatures lower than those required by normal steam generators. Its current rapid take-up in Europe has implications for geothermal power generation in Australia where a shortage of high temperature geothermal water at suitable locations is a major inhibitor of development.
Full details, see ASX release.
Highlands Pacific (ASX:HIG) - Star Mountains exploration (20km NE of OK Tedi).
- Highest grade copper and gold assays to date.
- 12 of 14 holes at Olgal prospect have encountered copper-gold.
- Hole 14 (new assay) has almost 600 metres of 0.6% copper.
- And includes 294metres of 0.67 copper and 1.16 g/t gold.
- Drilling continues at Futik prospect.
For more details, contact Simon Jemison c/. Collins Street Media
FAR Ltd – ASX listed company set to benefit from massive takeover offer for Cove Energy
• PTTEP of Thailand trumps Shell takeover in all cash bid.
• Bidding for East African offshore acreage gets hotter
• Melbourne based FAR holds substantial acreage close to Cove Energy
Dart Energy International (ASX:DTE) - Shale Gas-in-Place Estimate – up to 143 TCF net to Dart International
• Independent assessment of the Original Gas-in-Place within its shale gas tenements of between 28.1 TCF (low case) to 143.0 TCF (high case).
• Best Estimate of 76.0 TCF net to Dart International.
• Dart International currently holds 17 licences prospective for shale gas.
• New option to participate in the Poland Szczawano licence, which shale gas potential
Emmerson Resources Ltd (ASX:ERM) - New Goanna drilling expands Tennant Creek project potential
New drilling on the Goanna copper/gold discovery at Emmerson Resources Tennant Creek project has
hit more, high-grade copper and provided a vital new clue in unlocking the region’s mining potential.
Drilling within the Southern shear zone (hole GODD0015) at the Goanna project has produced
intersections including:
• 24.1m at 4.12% copper and 0.19g/t gold (from 357.9m); including
• 1.25m at 12.5% copper, 0.18g/t gold and 29.8% iron (from 368.25m)
Target Energy Ltd (ASX:TEX) - Shepard’s Channel well complete – Testing due in two weeks.
• Re-entry operations at Shepard’s channel are complete.
• Testing program to start in two weeks
Target Energy Chairman Chris Rowe said, “We were extremely encouraged throughout this phase by the persistent influx of gas into the borehole, reinforcing our original assessment of the prospectivity at Shepard’s Channel which we believe may hold up to 200 billion cubic feet of recoverable gas and 12 million barrels of condensate. In addition to testing our primary target - the 28-metre thick channel sand - we also plan to evaluate at least two other, deeper ,potentially productive sands present in the borehole.”
