Camber Energy to buy rival Texan oil and gas firm Viking Energy

first_imgCamber Energy, Viking Energy sign a non-binding LOI to implement a reverse triangular merger Camber Energy, Viking Energy sign LOI for potential merger. (Credit: Pixabay/skeeze) Camber Energy has proposed to acquire rival Texas-based oil and gas company Viking Energy Group in an all-stock arm’s length transaction.In this connection, the two US oil and gas companies have entered into a non-binding letter of intent (LOI).Viking Energy acquires and develops oil and natural gas assets in the US Gulf Coast and mid-continent region, covering the states of Texas, Mississippi, Louisiana, and Kansas.The company, through one of its subsidiaries called Ichor Energy, has a working interest in nearly 58 conventional, producing oil and gas wells in Texas and Louisiana. It also has a stake in more than 30 salt water disposal wells.Camber Energy is currently engaged in developing crude oil, natural gas and natural gas liquids in Texas.The proposed merger will see Camber Energy issuing its newly-issued shares to Viking Energy’s equity holders, who would hold an 85% interest in the post-closing entity. This will be in exchange for 100% of Viking Energy’s outstanding equity securities through a reverse triangular merger.Under the terms, a newly formed fully-owned subsidiary of Camber Energy will merge with Viking Energy, with the latter to be the surviving corporation. The resulting entity will become a fully-owned subsidiary of Camber Energy.Viking Energy comments on the proposed deal with Camber EnergyViking Energy president and CEO James Doris said: “Our company is excited about the proposed merger. We believe the transaction will help broaden our shareholder base, improve liquidity and provide increased visibility to the institutional investor community, which ultimately should contribute to increased shareholder value.”Pursuant to the terms of the LOI, the companies plan to negotiate and sign a definitive agreement regarding the merger as soon as practicable and on or before mid-February 2020.Camber Energy interim CEO Louis Schott said: “We are very pleased with this prospective merger. Viking has demonstrated an ability to transact and execute, in particular in a challenging environment.“Combining Viking’s business strategy and operational expertise with the Camber platform should create substantial value for Camber.”Apart from the signing of a definitive agreement, the transaction will be subject to various conditions, including approvals from shareholders of both the firms, regulatory approvals, and others.last_img read more

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McDermott Awarded FEED Contract for Ichthys Gas Field Development

first_imgThe award is for a booster compression module FEED with optional engineering, procurement and construction (EPC) for the project. McDermott Awarded FEED Contract for Ichthys Gas Field Development.(Credit: McDermott) McDermott International, Ltd today announced it has been awarded a contract to provide front end engineering and design (FEED) services for the INPEX-operated Ichthys Liquified Natural Gas Field Development.The award is for a booster compression module FEED with optional engineering, procurement and construction (EPC) for the project. The booster compression module will be added to the Ichthys LNG offshore central processing facility, located off the northwest coast of Western Australia.“This award illustrates McDermott’s continuing expertise in complex offshore EPCI,” said Ian Prescott, McDermott’s Senior Vice President, Asia Pacific. “Our work to date demonstrates our qualifications to deliver smart solutions in challenging environments—and to the highest safety and technical standards.”McDermott is also undertaking umbilicals, risers and flowlines (URF) as part of an expansion of the existing Ichthys LNG facilities.Engineering will be completed in McDermott’s Asia Pacific headquarters in Kuala Lumpur. The FEED will commence in October 2020. Source: Company Press Releaselast_img read more

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Decarbonisation key to future of upstream industry in Asia Pacific, says analyst

first_imgIndian NOCs taking different approaches to the energy transitionThe report highlights that in India, NOCs are taking different approaches. It predicts some will “aggressively pursue biodiesel as a green solution”, while others are “still undecided over which new energy investments to bring into portfolios”.Meanwhile, in Southeast Asia, PTTEP and PERTAMINA are also still testing the waters of the energy transition.“It would be interesting to see if these strategic re-thinks have an impact on upstream mergers and acquisitions (M&A) activity,” said Kapoor.“The landscape of buyers and sellers has never been less predictable. 2020 gave us meagre Asia Pacific deal data points to work with, making it near impossible to calculate what barrels are worth to investors in the region.“But that changes in the first half of 2021. We expect the logjam to break and long-anticipated deal announcements to emerge.”By the end of 2021, there should be signs of a refreshed corporate landscape, with fully vested players seeking to grow assets, extracting new value for themselves and other stakeholders, according to the report.But it added that there is a “less palatable alternative” – that the bids coming in are below the value expectations of the incumbents and asset owners choose not to sell.Kapoor said: “While we do expect this to be the case in some transactions, we also believe the Majors must make progress on regional divestments in 2021 to hit wider strategic targets. That should be a powerful deal driver.” GlobalData’s Daniel Rogers said a “strong start to 2021 has resulted in a number of project approvals across EMEA so far” (Credit: Wikimedia Commons/Floydrosebridge) Decarbonisation is “key” to the future of the upstream industry in the Asia Pacific region, according to a report.The analysis by Wood Mackenzie, titled Asia Pacific upstream 2021 outlook report, claims that the topic of carbon has been “rising quickly” to the top of corporate agendas in 2020.The energy researcher said that as decarbonisation and talks of a “green recovery” intensify, operators are “closely examining the carbon content of their assets”.It added that this is particularly important for Asia Pacific, where many sour gas and high carbon dioxide fields sit in portfolios – and on balance sheets – as potential commercial investments.Wood Mackenzie research associate Saloni Kapoor said: “Each company must now chart its course down the yellow brick road to carbon neutrality. It will be fraught with obstacles, particularly in Asia Pacific due to its ever-expanding energy requirements.” Carbon neutrality “hard journey to navigate” for NOCs in upstream industry in Asia PacificFor Asian national oil companies (NOCs), Wood Mackenzie believes this will be an “especially hard journey to navigate”.It added that NOCs must balance the provision of affordable energy for the country, which is their mandate, with generating much-needed revenue, focusing on domestic resource development, including carbon-mitigation schemes, while appeasing private and public stakeholders.As a result, the report notes that NOCs will push governments for incentives to facilitate an energy shift. China’s 14th five-year development plan, to be unveiled in early 2021, will potentially include a roadmap for the world’s largest emitter to achieve net-zero emissions by 2060.Kapoor said: “78% of oil and gas output in this region comes from countries that are more likely to implement some form of carbon policy. These include Australia, China, Indonesia, Malaysia, Philippines, and Vietnam.“While international oil companies’ (IOC) decarbonisation strategies were the talk of the town in the second half of 2020, look out for NOC energy transition plans to be presented through 2021. And, as with the Majors, we will see divergence here too.”PETRONAS and PetroChina are evaluating investment into hydrogen, renewables and carbon sequestration (CCUS) as they start journeys towards net-zero by 2050, according to Wood Mackenzie.It claims CCUS projects will be “crucial” for PETRONAS to continue developing high contaminant gas offshore Sarawak, while urgency has been added by Asian LNG buyers’ push in 2020 for greener LNG cargoes with greater emissions transparency.center_img The analysis by Wood Mackenzie claims that the topic of carbon has been “rising quickly” to the top of corporate agendas in 2020last_img read more

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Saudi Arabia in talks to sell 1% stake in Saudi Aramco for $19bn

first_imgPrince Salman during a TV interview said that the potential sale could be executed in the next two years Saudi Aramco headquarters in Dhahran city. (Credit: Eagleamn/Wikipedia.org) Saudi Arabia is in talks with an undisclosed global energy company for divesting a stake of 1% in Saudi Aramco potentially for $19bn, revealed the kingdom’s Crown Prince Mohammed Bin Salman.During an interview with Alarabiya News, a Saudi television channel, Prince Salman said that the transaction may be executed in the next two years.The potential sale of the stake in Saudi Aramco is part of the country’s efforts to transform and diversify its economy, said the Crown Prince.Prince Salman told the interviewer: “I don’t want to give any promises about deals finalising, but there are discussions happening right now about a 1 per cent acquisition by one of the leading energy companies in the world.“This deal could be very important in strengthening Aramco’s sales in the country where this company resides.”Through an initial public offering (IPO) launched in 2019 and expanded in early 2020, Saudi Aramco raised $29.4bn. The amount was transferred to the country’s sovereign wealth fund.The proceeds were intended to underpin investments to help the Saudi economy reduce its traditional dependence on oil.Following its IPO, Saudi Aramco had also taken up debt and commenced divesting certain non-core assets for raising capital to finance a dividend of $75bn, a bulk of which goes to the kingdom, reported Gulf News.Earlier this month, the company signed a deal to sell a 49% stake in a newly-formed entity called Aramco Oil Pipelines for nearly $12.4bn to a consortium led by EIG Global Energy Partners.The Saudi state-owned energy company reported a net income of $49bn in 2020, while producing 12.4 million barrels per day of oil equivalent on an average.last_img read more

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New law to tackle rogue agents and landlords in Wales

first_imgHome » News » New law to tackle rogue agents and landlords in Wales previous nextRegulation & LawNew law to tackle rogue agents and landlords in WalesThe new Rent Smart Wales scheme aims to raise standards in the private rented sector.The Negotiator27th August 201501,234 Views There are just a few weeks now remaining until it becomes compulsory for all landlords and agents in Wales to register with a central licensing authority and obtain a new type of licence, viathe Rent Smart Wales initiative.Under the new law, being introduced this autumn, with a view to improve letting and management standards for people who rent private accommodation in Wales, all landlords and agents will be required to take part in a new registration and licensing scheme, which forms a key part of The Housing (Wales) Act 2014.This new legislation will see Wales become the first country in the UK where managing landlords and agents are obliged toobtain a new type of licence as well as undertake training to ensure they are aware of their rights and responsibilities.The new Rent Smart Wales scheme will replace the existing voluntary Landlord Accreditation Wales initiative, which has been operated by Cardiff Council on behalf of all local authorities in Wales.The aim of the new legislation is ultimately to increase awareness among landlords, tenants and agents of their respective rights and responsibilities, as well as improve standards in the PRS.All private landlords who own a rental home in Wales must register themselves and the addresses of their properties in Wales and those who undertake defined letting or property management activities at a rental property in Wales must apply for a licence.If a landlord instructs an agent to do such work on their behalf, it is that agent who must become licensed and in order to get a licence a person must be adequately trained, and also declare themselves ‘fit and proper’.Agents and landlords can undertake licensing training through Rent Smart Wales or a Rent Smart Wales approved training course delivered by another body.Lesley Griffiths (right), the Welsh Minister with responsibility for housing, is now urging all agents and landlords to subscribe for news and information ahead of the new changes.She commented, “We know approximately 184,000 homes in Wales, around one in seven, are now privately rented. With so many people renting, a strong sector with good working practices is absolutely essential.”“The new legislation we are introducing will not only improve the situation for tenants, informing them of their rights and responsibilities, it will also help good landlords by improving the sector’s reputation,” she added.To register for updates and learn more visit: www.rentsmart.gov.walesCardiff Council, which currently operates the existing voluntary Landlord Accreditation Wales scheme, will be the licensing authority for the new statutory scheme, Rent Smart Wales, on behalf of all local authorities.Bob Derbyshire, Cardiff Council cabinet member for the environment, said, “The scheme demonstrates the value of training and the development of positive relationships with landlords based on a better understanding of responsibilities and the potential risks of getting things wrong.”He added, “Rent Smart Wales is the next step, building on this early success, and provides an exciting opportunity for Wales to lead the way in professionalising the private rented sector through focusing on supporting landlords to get things right first time.”new law management services lettings Rent Smart Wales Act 2014 Rent Smart Wales initiative rogue agents and landlords in Wales central licensing authority August 27, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021last_img read more

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Auction revenues rise despite sales slip

first_imgHome » News » Auction revenues rise despite sales slip previous nextProducts & ServicesAuction revenues rise despite sales slipOver £3.16 billion worth of residential property was sold under the hammer in 2015 – says EIG.t17th February 20160597 Views Increasing property prices helped to boost auction revenues across the UK in 2015 in spite of a decline in the volume of lots offered and sold, new market analysis has revealed.The Essential Information Group (EIG) has published its residential auction market review for 2015, which provides a detailed account of the trends witnessed in the market, and it shows a 3.4 per cent year-on-year rise in auction revenues last year, led by the South East, up 23 per cent, South West up 14 per cent and Scotland, up 34 per cent.“Since 2010, when the amount raised fell to a ten year low of £2.22 billion, revenues have been heading skywards and last year more than £3.16 billion worth of residential property was sold under the hammer,” said David Sandeman (left), Managing Director at EIG. “It is widely expected that house prices will continue to rise (in 2016) albeit at a slower rate than has been seen in recent years.”There was an increase in revenues despite a 4.5 per cent year-on-year fall in the number of lots sold last year.After recording four consecutive years of rising sales, figures show residential sales fell to 20,845 lots in 2015, down from 21,834 lots in 2015, reflecting a 5.8 per cent annual fall in the number of lots offered at auction to 26,866 lots.Notwithstanding the marginal decline in auction instructions, EIG report that there remains a very healthy appetite amongst buyers for keenly prices auction lots, as demonstrated by the 77.6 per cent sale rate achieved last year. This represents a 1.4 per cent rise on the 76.5 per cent achieved in 2014 and extends the run of rates in the mid-to-high seventies to five consecutive years.Mr Sandeman added. “Following several years of sustained growth which culminated in a record number of auction sales in 2014, it is clear that the industry has momentarily slowed down. Possible factors that might have affected the market include the uncertainty that surrounded the result of the General Election in the early half of last year, and a strengthening private treaty market.“In 2013 the auction market also experienced a slight decline in numbers, but bounced back strongly in the following year, so one hopes that the market responds in an equally impressive manner in 2016.”auction revenues auction revenues rise auctions residential property sales February 17, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021last_img read more

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Is the Purplebricks dream over? This famous investment website thinks so

first_imgOne or the UK’s most respected share tipping and investor websites has given Purplebricks a significant thumbs-down in a damming blog written by one of its experts.The Motley Fool has advised investors to ‘dump’ shares in Purplebricks after concluding that the long-running period of rising share values in the company might “finally have come to an end,” he says.Purplebricks shares have been sliding since early August, when they hit their all-time peak this year at £5.08p each, after which they have dropped to £3.64p, a reduction of 28%.Purplebricks modelThe website says that, because the company has yet to clear a profit and trades on a price-to-sales ratio of 21, the valuation of its shares are “still sky high” and that it is not confident that the Purplebricks business model is a good one.“Essentially, it is a website and the company cannot patent its processes. Its only discernible advantages are its size and first-mover status and I’m not all that sure they are sustainable,” says The Motley Fool’s Zach Coffell (pictured, left).He also thinks rival hybrid agents including Countrywide’s recent foray into online offerings will make it more difficult to turn a profit in the near future, and says he is “uneasy” that Purplebricks does not publish its sales completion figures.Zach also questions why so many Purplebricks customers leave so many often positive views on the company’s much-trumpeted Trust Pilot account.“Maybe I’m overreacting to speculation here, but these concerns, combined with the excessive valuations firmly put me off Purplebricks,” he concludes. Purplebricks The Motley Fool Zach Coffell September 28, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Is the Purplebricks dream over? This famous investment website thinks so previous nextIs the Purplebricks dream over? This famous investment website thinks soThe Motley Fool, which is one of the UK’s best-known and respected share-tipping websites, is not impressed by the hybrid agency.Nigel Lewis28th September 201702,051 Viewslast_img read more

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‘Stop landlords using no-fault evictions during first three years of tenancy’

first_imgHome » News » Housing Market » ‘Stop landlords using no-fault evictions during first three years of tenancy’ previous nextHousing Market‘Stop landlords using no-fault evictions during first three years of tenancy’Radical suggestion is one of several PRS recommendations made by influential think tank the Institute for Public Policy Research.Nigel Lewis29th January 20192 Comments1,140 Views Landlords should be stopped from selling their homes and evicting their tenants during the first three years of a tenancy, an influential think tank has recommended.The Institute for Public Policy Research (IPPR), which famously helped champion the idea of elected mayors, says the private rented sector is too insecure.To balance the market, it has recommended that the government performs radical surgery on the private rented market including banning ‘no fault’ evictions and banning letting agents from rejecting Universal Credit applicants as tenants.Its own research published alongside the report also reveals that 53% of those it polled said the sector was either ‘unfair’ or ‘very unfair’ to tenants.Landlord registerThe IPPR’s other recommendations include allowing tenants on benefits to pay the housing element of their Universal Credit direct to their landlord, setting up of a national landlord register and an annual compulsory ‘MOT’ for all privately rented homes.Landlords should also be forced to allow tenants to decorate their homes without losing their deposit, and that tenants should have a right to keep pets.Several of the IPPR report’s recommendations have already come to pass. This includes the introduction of a specialist housing court and an industry wide redress service for housing, both of which were announced last week.“We propose measures which will seek to offer a new deal for tenants and landlords, and which will offer relief to the hardships faced by many households, including those in poverty, through a reformed private renting sector that works well for all,” the report says.IPPR PRS Institute for Public Policy Research January 29, 2019Nigel Lewis2 commentsJulian Blackmore, BNE BNE 29th January 2019 at 10:15 amAnother totally stupid idea. What will mortgage companies say about that? what if a landlord becomes ill and needs to sell!, what if they need the money for any reason, university fees, who knows.Why is it right that the landlord’s family choices should be restricted for the sake of a tenant?This will take another 25% of PRS houses out of the market, all of mine included for more liquid investments. 3 years, what a joke.Log in to Replyjeremy clarke, Belvoir Christchurch Belvoir Christchurch 29th January 2019 at 10:05 amMy stock answer to all these surveys undertaken by or on behalf of the commies is – “try it yourselves, test your ideas for 5 years, let your directors and staff act as landlords using your ideas and then we can discuss” I suspect however that the trial would not last the 5 yearsLog in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

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Latest Your Move and Reeds Rains branch closures are in North East, reveals LSL

first_imgLSL’s latest branch closures programme for its Your Move and Reeds brands has been revealed, this time including six branches in the North East of England.Four of these have already closed and are covered with the signature door and window glass whitewash while a further two, and possibly more in Cumbria, are due to close.The branches affected so far include those in Gosforth (pictured), Heaton, Prudhoe, Alnwick, Stockton and Yarm.But LSL says that although the redundancies are to be kept to a minimum, it is not able yet to put an exact figure on how many roles will go in the North East.The company has also revealed the 11 ‘keystone’ branches in the region. These are to be in Carlisle, Crawcrook, Darlington, Durham City, Sunderland, Wallsend, Whickham, Whitehaven, Whitley Bay, Wigton and Winlaton.Larger teams“Whilst a number of branches in the North East have been merged or closed as part of the creation of our keystone branches, [these] will generally have larger teams of dedicated experts in residential sales, lettings and financial services roles than previous Your Move and Reeds Rains branches had in place,” a spokesperson told local media.“Our ambition for the keystone branches is to be centres of excellent customer service, great places to work and efficiently run and supported.”The latest closures are part of LSL’s £15 million restructure of its two leading estate agency brands revealed on 9th February which will see 43 branches closed across the UK as well as many sold off to franchisees or merged.LSL Reeds Rains north east Your Move February 27, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » Latest Your Move and Reeds Rains branch closures are in North East, reveals LSL previous nextAgencies & PeopleLatest Your Move and Reeds Rains branch closures are in North East, reveals LSLCompany says that although half a dozen branches are closing, 11 enlarged ‘keystone’ branches are to be established.Nigel Lewis27th February 201903,126 Viewslast_img read more

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London agency launches major advertising push to catch post-Xmas rush

first_imgLeading London estate agent James Pendleton has launched an advertising campaign to catch the post-Christmas home hunting rush.The campaign, which promotes the company as the ‘home of property experts’ is being rolled out across the company’s considerable media presence, including its recently-relaunched company website, the company’s ‘for sale’ and ‘to rent’ boards but also bus stops (see below) and other outdoor advertising spots.These include at leading supermarkets, London Underground and over several large roundabouts.Its fleet of company cars, including that of co-founder Lee James with his personal number plate (see above), have also been wrapped in the new campaign.James Pendleton is well known in London because, alongside competitor Marsh & Parsons, it runs quirky advertising campaigns across the capital including, recently, huge posters featuring founders Lee James and Lucy Pendleton.“As Noddy Holder would shout “IT’S CHRISTMAS!” and we certainly know it is as we are being bombarded from every angle because the festive period has become about an almighty marketing campaign to get us good folk out there spending,” says Lee (left).He says the campaign is designed to raise the profile of his company’s brand as the expected post-Xmas surge in valuations and instruction kicks in following the General Election and Christmas/New Year festivities.Read more about James Pendleton.  Lee James Lucy Pendleton james pendleton December 23, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » London agency launches major advertising push to catch post-Xmas rush previous nextAgencies & PeopleLondon agency launches major advertising push to catch post-Xmas rushNine-branch James Pendleton is rolling out the campaign across its car fleet, new website, poster advertising and via online ads.Nigel Lewis23rd December 20190977 Viewslast_img read more

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