The Selat Panjang Production Sharing Contract (PSC) has a 20-year term and an initial five year commitment of $74m Image: Sonoro Energy has commenced operations of the Selat Panjang oil and gas concession. Photo: courtesy of drpepperscott230/Pixabay. Canada-based oil and gas company Sonoro Energy is set to assume full operations of the Selat Panjang oil and gas concession from SKKMIGAS in Indonesia.The oil and gas concession has been operated by SKKIMIGAS since the time the concession was terminated by the Indonesian Government from the former operator.The company said that along with its partner they are staffing the project with technical and operational expertise to make better use of the development plan in progress.Currently, Sonoro and its Indonesian co-venturers are involved in analysing all technical data on the oil and gas concession and are completing the proposed work program and budget for approval by the partners and submission to SKKMIGAS.According to the company, the Selat Panjang Production Sharing Contract (PSC) has a 20-year term and an initial five-year commitment of $74 m. The co-venturers intend to implement a drilling programme at the earliest to reactivate previous wells where feasible and to begin drilling on new prospective targets.Sonoro holds a 25% interest in the project with an option to own an additional 24%. The company will provide services as the operator of the project.Sonoro Energy had bagged Selat Panjang PSC block in May 2019In May, Sonoro Energy had secured the Selat Panjang PSC in the 2019 conventional bid round from SKKMIGAS and the Ministry of Energy in Indonesia.On 25 April 2019, Sonoro along with its Indonesian partner PT Menara Global Energi, an affiliate of a substantial Indonesian company, submitted a bid for the Selat Panjang PSC.The Selat Panjang PSC area is situated in Riau province, spanning over an area of 923km2, in central Sumatra and is approximately 925km from Jakarta and 110 km from Pekanbaru, the capital city of Riau Province.The block was producing oil and gas in the past and in 2014, the Indonesian Ministry of Energy approved a plan of development of the block for further production. In 2018, the block was terminated by the Ministry and the plan of development was left unimplemented.
Actual rig pictured. Currently stacked awaiting shipment to Israel. 1600 horsepower AC Top Drive equipped rig capable of 20,000ft depth. (Credit: Zion Oil & Gas) Zion Oil & Gas has closed a purchase and sale agreement to acquire drilling equipment for its operations in Israel for $5.6m.Under the deal, the firm has purchased drilling rig, drill pipe, and related equipment from an undisclosed seller.As per the terms of the deal, Zion Oil & Gas has paid $4.6m in the form of cash to the seller and the remaining $1.0m will be paid to an escrow agent.After the arrival of the rig in Israel and completion of acceptance testing the remaining amount will be paid by Zion Oil & Gas to the escrow agent.Zion chief operating officer Robert Dunn said: “This is a new era for Zion and a positive step forward for our 2020 exploration plans.“With our asset based in the State of Israel, our planning and flexibility will become more robust.”Details of rig purchased by Zion Oil & GasA 1600 horsepower AC Top Drive equipped rig with a twin 1600 horsepower mud pump system with a depth capability of 20,000ft will be supplied to Zion.The firm said that the rig will comprise almost 15,000ft of heavy 5″ drill pipe as well as the associated well control equipment and inventory.Zion president Bill Avery said: “We believe this is the right time for this to happen.“Having cash budgeted and available for the purchase of this rig shows the strong support of our shareholders and evidence of God’s faithfulness.”The rig, which went through a full CAT III & IV certification in late 2017, and the related equipment, will be imported into Israel from Romania, where the Drilling Rig is currently stored.In October last year, Zion announced the completion of data acquisition for its Megiddo-Jezreel 3-D seismic programme.The seismic acquisition covered over 72km2 within its Megiddo-Jezreel license, a large onshore area of approximately 99,000 acres in Israel. The firm has purchased drilling rig, drill pipe, and related equipment from an undisclosed seller
The new unit will be located at the Dongying Port Economic Development Zone in eastern Shandong province BP signs license agreement with Weilian Chemical for PTA technology. (Credit: bp p.l.c.) UK-based oil and gas company, BP has signed a license agreement with Weilian Chemical, a subsidiary of Dongying United Petrochemical, for the production of purified terephthalic acid (PTA) production technology.Weilian Chemical is planning to build a 2.5 million tonnes per annum PTA production unit, for which the firm has selected bp’s proprietary PTA production technology in a global bidding process that was initiated last year.The key features of the technology licensed to Weilian Chemical are said to have been proven at BP’s Zhuhai plant in southern China.BP Petrochemicals chief operating officer Rita Griffin said: “We are pleased to be able to provide bp’s most advanced PTA technology, bpPTAg5, to Weilian Chemical, helping our partners to grow their business to meet the demand for high quality products with a lower carbon footprint. Together, we hope to lay strong foundations for future cooperation.”To be located at the Dongying Port Economic Development Zone in eastern Shandong province, the new facility will be an addition to the existing refineries and paraxylene (PX) facilities portfolio of Dongying United Petrochemical.The new unit is expected to be completed in the first half of 2020BP said that the design of the new unit is underway and is estimated to be completed in the first half of the year while the initial production is expected by the second quarter of 2022.Dongying United Petrochemical chairman Li Zhanchen said: “Adding a PTA production facility is an important step for our company to accelerate industrial transformation, while improving quality and efficiency.“We are delighted to work together with bp, providing us with leading technology and services. With bp’s support, we believe our PTA project will start-up successfully, showcasing the fruitful cooperation between us.”Furthermore, the PTA technology is expected to significantly reduce both operational costs and capital costs.In May, BP Australia has announced plans for a feasibility study into an export-scale renewable hydrogen production facility in Western Australia.The study will assess the feasibility of building a renewable hydrogen and ammonia production facility in Geraldton.
It has been revealed that Savills has won an Appeal Court case and is now due a commission of some £150,000 for the sale of Mill Ride Estate near Ascot in Berkshire, which sold for early £7 million in 2012.The estate used to be land and stables but during the 1990s was laid out as a golf course with a clubhouse (pictured). It was bought by Sidemanor Ltd in 2003, a company owned by London and Argyll-based businessman Peter Blacker (pictured, left)Savills were instructed to sell the property in 2012 and produced several valuations ranging from £2.5m to £10m, the higher of which assumed that planning permission could be gained for a large detached residence within the estate’s grounds, and vacant possession of a cottage.Savills also produced a document outlining what was to be sold including how, should the property sell, they would be due to a fee.This included the recommendation that the estate be sold via “private treaty” and that “we suggest that the estate is offered for sale as soon as planning consent has been granted and we advise that the marketing is initially carried out on a very private basis,” said Savills director Paul Finnegan (pictured, right) in the document, court records show.But Mr Blacker then changed the strategy as he rushed to sell the property. He was under financial pressure to dispose of it from Barclays – who had lent him the money to buy the estate – and so wanted to sell it prior to planning permission being secured. The sales agreement between Blacker and Savills was amended and signed, although the first was not.Sold for £6.8mMill Ride Estate was subsequently sold in November 2012 for £6.8 million albeit not through the agent, nevertheless Savills claimed their commission of £150,000. But this was refused after Mr Blacker claimed the estate was sold without planning permission.Savills took Blacker’s company Sidemanor Ltd to court, claiming a commission of £120,000 plus VAT but on the October 6, 2015, this was dismissed by Judge Edward Bailey. Savills disagreed with the judgement and applied for a hearing at the Appeal Court, which took place in early February this year.Savills won the appeal, which has only recently come to light after its lawyer Glenn Willetts (pictured, left) of Birmingham-based No5 Barristers’ Chambers released a statement about the case.In his judgement, Lord Justice Patten said: “On the [original] judge’s construction of the agreement, Savills would have had no entitlement to commission even if they had introduced a purchaser who exchanged contracts at any time prior to planning permission. It is clear that the judge in this case adopted a literal approach.”Lord Justice Patten allowed the appeal, and ordered the defendants to pay Savills £144,000 with interest of nearly £27,000, with costs of £80,000.Mr Willetts, for Savills, said: “We are delighted with this outcome, which proves that marketing recommendations are simply that; they are proposals and are not binding.“The [original] judge was wrong to say they were set in stone.”Paul Finnegan Peter Blacker Glenn Willetts Savills May 15, 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 » Agencies & People » Savills wins Appeal Court case over unpaid £150,000 commission previous nextRegulation & LawSavills wins Appeal Court case over unpaid £150,000 commissionFee initially refused by Berkshire estate-selling client must now be paid.Nigel Lewis15th May 201702,985 Views
One of the UK’s most senior planning lawyers has called for the Green Belt to be scrapped and described it as ‘the worst thing that ever happened to the economics of this country’.David Cooper, who has won several landmark planning cases in the worlds of commercial and residential property, is most famous for negotiating Arsenal FC’s move from its original Highbury home to the Emirates Stadium in 2006.But the lawyer’s latest project is a personal campaign to lobby for major reforms to the UK’s planning laws and help solve the housing crisis.This began with a letter to The Times in March this year in which he mauled the government’s new national planning framework.This, he says, will not solve the real problem of a ‘scarcity of land with planning consent in the right places’.“This has been caused primarily by planning restrictions, and in particular the policy of retaining the Green Belt,” his letter said.Totally releasedBut Cooper (pictured, left) has told The Negotiator that he is now calling for the Green Belt to be “totally released” and that “we shouldn’t have it at all”.“I am a great cynic about the planning policy; 99% of the [housing] problem is caused by the Green Belt and it’s there to protect the middle classes from social housing and property developers and all the nasty people that they don’t want anywhere near them,” he says.“There’s so much wrong with housing legislation I don’t know where to start. The whole thing is topsy-turvy.”His views are directly at odds with the Council for the Protection of Rural England, which for many decades has defended the Green Belt.“Many reports focus on weakening Green Belt protection to allow greater freedom for large housebuilders,” it says.“However, the arguments within these reports are based on a highly selective reading of the evidence and give little consideration to the wide range of benefits provided by Green Belt policy.” david cooper Green belt CPRE August 21, 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 » Land & New Homes » Exclusive: Leading planning lawyer calls for Green Belt to be scrapped previous nextLand & New HomesExclusive: Leading planning lawyer calls for Green Belt to be scrappedDavid Cooper says planning restrictions at heart of the Green Belt policy are one of the key reasons for the UK’s housing crisis.Nigel Lewis21st August 201901,423 Views
Home » News » Letting agents condemn ‘shock’ Welsh move to triple notice periods for tenants previous nextRegulation & LawLetting agents condemn ‘shock’ Welsh move to triple notice periods for tenantsAn amendment before the Welsh assembly will give tenants at least a year from the start of a tenancy before they can be evicted via the ‘no fault’ process.Nigel Lewis12th February 20201 Comment1,523 Views The Welsh government has introduced legislation to its National Assembly that will triple the time it takes to remove a tenant from a property via the ‘no fault’ eviction process from two to six months.Currently, in Wales landlords must wait until six months have passed before they can serve notice through a ‘no fault’ eviction but, if they have planned ahead and served an unused Section 21 notice at the start of the tenancy, immediately evict a tenant.But once the new legislation, which is an amendment of the existing un-enacted Rent Homes 2016, becomes law this will not be possible.A letting agent or landlord wishing to evict a tenant via a no-fault notice will have to wait until six months has passed from the beginning of the tenancy, serve notice and then wait for a further six months.The amendment is designed to increase safety of tenure for tenants, particularly those with children in local schools and those being cared for or with ill health.But the Welsh government also wants to give tenants enough time to find an equally affordable and suitable home nearby.The Rent Homes 2016 Act will replace the existing Housing Act 1988 and Section 21 notices will now be know as Section 173 notices. As with the existing eviction legislation, the new rules assume the tenant has not broken the terms of their contract.But the Amendment has not been welcomed by ARLA Propertymark. “Extending notice periods from two months to six months under the Renting Homes (Amendment) (Wales) Bill will cause further shockwaves for landlords and agents,” says Chief Executive David Cox (left).“The proposals will make it even more difficult for landlords to reclaim possession of their property and add further longevity to an already lengthy and expensive eviction process.“The Welsh Assembly must reconsider extending the minimum notice period and take a long-term, holistic view that supports those who are providing professional and well managed tenancies.”Read more about the Welsh Assembly.Read the Welsh government’s explanatory memorandum in full.Rent Homes (2016) Bill ARLA Section 21 David Cox evictions Welsh assembly February 12, 2020Nigel LewisOne commentPossession Friend, Possession Friend Possession Friend 17th February 2020 at 11:00 pmProfessional bodies for Landlords AND Agents, should be advising everyone in the PRS in Wales to NOT rent to Tenants in the riskier category what will be most detrimentally affected by this elongated Possession move.The otherwise politically – correct platitudes will be of much use as a ‘ chocolate fireguard ‘Log 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 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 » Housing Market » Lenders approving more mortgages as crash risk subsides, says broker previous nextHousing MarketLenders approving more mortgages as crash risk subsides, says brokerLenders including the Nationwide are taking a more positive outlook about the housing market as valuations rise.Nigel Lewis10th December 20200615 Views Mortgage lenders are taking a more relaxed view of the housing market’s future and one of the largest, Nationwide, has returned to offering 90% LTV mortgages, a leading mortgage broker has claimed.Dan Lee of Total Landlord Mortgages says over the past week or so his team have been able to get 90% LTV mortgages approved by the lender, and that other mortgage firms are following suit.“Only a few weeks ago we had clients whose mortgages were being rejected by the lender and house sales were falling apart,” he says.“But now we’re able to go back to them and say their mortgage application is likely to be given the green light, which will be good for the property market.”Dan also says that this underscores the importance of brokers, which these days handle approximately 80% of all mortgage applications.He says lenders clearly believe that the risk of a post-boom housing crash is easing off, helped by a surge in property price valuations in recent weeks.This includes the most recent Halifax house price index, which revealed a staggering 7.3% annual increase in house prices including a leap of 1.2% last month.“At the moment it feels like the good times of the early noughties, and it’s certainly not where I thought we would be now following two lockdowns,” adds Lee (pictured).“And as the Covid vaccine is rolled out, and if the Chancellor modifies his plans to end the stamp duty holiday on 31st March, then this boom may continue.”Dan Lee Total Landlord Mortgages Mortgage broker Nationwide December 10, 2020Nigel 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 » Final act in the Countrywide takeover drama plays out previous nextAgencies & PeopleFinal act in the Countrywide takeover drama plays outConnells has begun buying up the shares from key Countrywide investors including the 5.85% share held by Schroders.Nigel Lewis8th January 20210939 Views Connells has begun buying up the shares belonging to the key investors in Countrywide as it begins its acquisition of the company.The includes, yesterday, its purchase of the 5.85% portion held by Schroder Investments, representing some 1.92 million shares.Therefore, Connells now owns or has received ‘irrevocable support’ for the acquisition of the company from Countrywide shareholders in respect of 17,166,670 Countrywide shares.This represents approximately 52.30 per cent. of the existing issued ordinary share capital of the company.This means the Alchemy’s attempt to buy Countrywide is dead in the water and Connells has told The Negotiator that it is now waiting for the only remaining major shareholder to have promised Alchemy its support, Brandes, to withdraw its ‘letter of intent’, and that it does not foresee any further complications.ConnellsThis will add a further 1.99 million shares to the Connells pot, taking its share of Countrywide’s stock to 60%, with other smaller investors in the firm likely to follow suit in the coming days.Some of these smaller investors, who bought shares at a much higher price in the past, had hoped that Brandes could hold out for a better deal than the £3.95 per share being offered by Connells for Countrywide, but this now seems doubtful, and the acquisition is likely to go through next week.The markets appear to agree with this scenario – Countrywide’s share priced has been riding high at £3.91p since Monday, its highest price for 18 months.Prior to its slow fall from grace in 2016, shares in Countrywide were trading at over £16. At £3.95 a share, Connells purchase of Countrywide values the company at £129.5 million.schroder Brandes Investment Management. connells Countrywide January 8, 2021Nigel 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 » Former Countrywide director Peter Hurrell joins leading independent previous nextAgencies & PeopleFormer Countrywide director Peter Hurrell joins leading independentThe 54-year-old says he is looking forward to his new adventure after exiting a business he co-founded after leaving Countrywide.Nigel Lewis30th March 20210653 Views Leading Norfolk estate agency Sowerbys has recruited a former Countrywide heavyweight to co-manage its expanding Land and New Homes business.Peter Hurrell worked for Countrywide big brand Abbotts for 25 years following a spell in the Royal Navy, including time spent as a regional manager and latterly as a director.He then left Abbotts in June 2017 to co-founded his own estate agency, Stobart & Hurrell with Patrick Stobart, who also left Countrywide’s local team to set up the firm with Hurrell.But Hurrell exited in January this year describing himself, until now, as ‘between adventures’.He is now helping lead Sowerbys Land and New homes team alongside Richard Cheal and Harry Thompson.“I consider myself really fortunate, I am incredibly passionate about property and I get to come into work, in one of the nicest parts of the country and where the customers experience is always valued ahead of any business interest,” he says.“I am hugely ambitious to assist in growing Land & New Homes and making it flourish.”Sowerbys is the region’s leading independent estate agency with nine branches run by joint MDs Max Sowerby (above) and Lloyd Sandy.Sandy says: “Max (left) and I are delighted that Peter has joined the Sowerbys group working alongside our current new homes teams, where we will continue to deliver a new homes proposition like no other.“Over the past few months, I think we have demonstrated that we will react and invest to market demands, and we are all genuinely excited how the future looks for our new homes clients and the Norfolk property market in general.”Peter Hurrell Richard Cheal Harry Thompson Patrick Stobart Abbotts Sowerbys Countrywide March 30, 2021Nigel 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
View post tag: chief View post tag: Australian Chief of Royal Australian Navy Hosts Largest RAN Sea Power Conference to Date View post tag: conference View post tag: Navy January 30, 2012 Back to overview,Home naval-today Chief of Royal Australian Navy Hosts Largest RAN Sea Power Conference to Date More than 1000 delegates representing 35 countries, including first time attendee Nigeria, will attend the largest Royal Australian Navy (RAN) Sea Power Conference in Sydney from 31 January to 2 February 2012.Chief of Navy, Vice Admiral Ray Griggs AM CSC RAN, will host nearly 50 flag-rank officers of Chief of Navy level from overseas, or their representative, and more than 25 international and local maritime experts who will speak to the conference theme, ‘The Naval Contribution to National Security and Prosperity.’Captain Gordon Andrew, RAN, Sea Power Conference Director, said the conference, now in its twelfth year, is one of the most significant events on the naval and maritime industry calendar.“It’s an important forum for navies from around the globe to come together and discuss the essential role that the sea plays in a nation’s economic and social prosperity,” Captain Andrew said.“By conference end, all those attending will have a greater understanding of the challenges facing the maritime community in the future, both here in the Asia-Pacific region but also further abroad.”As part of the conference, five RAN ships will be open for delegate tours including the newest amphibious acquisition HMAS Choules, and two frigates, HMA Ships Sydney and Ballarat berthed at Garden Island and two Mine Hunter Coastals HMAS Huon and HMAS Yarra berthed at Cockle Bay.Conference attendees will also be treated to a Sunset Ceremony and Beat to Quarters conducted by the RAN Band and Australian Federation Guard Navy Detachment on 31 January. Members of the public are welcome to watch this spectacular centuries old military tradition on the Darling Harbour foreshore.The RAN Sea Power Conference is an integral part of the biennial Pacific 2012 Maritime Congress, and Exposition, conducted by Maritime Australia Limited, and Pacific 2012 International Maritime Conference, hosted by Engineers Australia, the Royal Institution of Naval Architects and the Institute of Marine Engineering, Science and Technology.[mappress]Naval Today Staff , January 30, 2012; Image: seapowerconference View post tag: sea View post tag: News by topic View post tag: hosts View post tag: Naval Training & Education View post tag: largest View post tag: Royal Australian Navy View post tag: Royal View post tag: power View post tag: date Share this article