Cardinal Resources Plc, London, (AIM: CDL) has entered into an agreement with Hares Group Ltd. to acquire Ukraine-based Rudis Drilling Co. for US$14.8 million. Rudis' assets include three oil and gas licenses and a 50% working interest in a joint activity agreement with Ukrgazvydobuvannya, a subsidiary of Naftogaz Ukraine, where Rudis is operator. Rudis' properties are approximately 40 kilometers from Cardinal's existing wells in the Rudivsko-Chernovozavodske Field in eastern Ukraine. The company has current net average production of 500 barrels of oil equivalent per day and estimated reserves of 9.1 million barrels of oil equivalent. This transaction is expected to increase Cardinal's reserves to 27.5 million barrels of oil equivalent. Cardinal will fund the acquisition through the issuance of 21.9 million Cardinal shares and US$6 million in cash. The acquisition is expected to close by the end of November.
Recommended Reading
Darbonne: The Geologic, the Man-made and the Political of Uinta Basin Outcrops
2024-10-01 - The oily western Uinta features layers of sedimentary deposits on view for visitors, mostly uninterrupted by man-made features but having an unseen pall of federal interference.
Baseline Energy Opens New Uinta Basin Power Generator Facility
2024-09-24 - Baseline Energy Services’ facility in the Uinta Basin plans to support the region’s mobile power generator fleet with a range of maintenance and repair services.
Now, the Uinta: Drillers are Taking Utah’s Oily Stacked Pay Horizontal, at Last
2024-10-04 - Recently unconstrained by new rail capacity, operators are now putting laterals into the oily, western side of this long-producing basin that comes with little associated gas and little water, making it compete with the Permian Basin.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks
2024-10-11 - The oil and gas rig count rose by one to 586 in the week to Oct. 11. Baker Hughes said the total count was still down 36 rigs or 6% from this time last year.
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
2024-10-04 - The oil and gas rig count fell by two to 585 in the week to Oct. 4.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.