ICYMI: Seismic Job Opportunities

ICYMI: Seismic Job Opportunities

The table below provides links to some of the major geophysical companies careers and job pages.

Not all companies are recruiting at this time and it is prudent to ensure that your qualifications and skills match the positions offered.

Good luck in your search.

     
   
     
     
     
     
     
     
   
 

CGG: The extraordinary general meeting will vote on the financial restructuring plan, on second notice on November 13th, 2017, due to a lack of quorum on first notice

 

 

 

CGG: The extraordinary general meeting will vote on the financial restructuring plan, on second notice on November 13th, 2017, due to a lack of quorum on first notice

CGG announces that a quorum of 22.48% of the share capital was present at the general meeting of shareholders held today, which allowed to vote on the ordinary part of the agenda, i.e. mainly approval of the 2016 accounts. However, such quorum did not allow the general meeting to vote on the resolutions required to implement the financial restructuring plan. Indeed, the required quorum for the extraordinary part of the general meeting on first notice is 25% of the share capital, and 20% on second notice.

Therefore, CGG, the creditors who support the proposed restructuring plan, and DNCA have agreed to maintain their undertakings, subject to the general meeting of shareholders being held no later than November 17th, 2017. Consequently, the general meeting of shareholders will be convened on second notice, on November 13th, 2017 at 11 am (at Dock Haussmann, 50, avenue du Président Wilson, 93200 La Plaine Saint-Denis), to vote on the resolutions required to implement the financial restructuring plan. A second convening notice relating to such general meeting will be published in the BALO n° 132 dated November 3rd, 2017. It is recalled that Bpifrance Participations (c. 9.35% of the share capital and 10.9% of the voting rights) and DNCA (c. 7.9% of the share capital and 7.8% of the voting rights) have undertaken to vote in favor of such resolutions.

Proxies and postal votes issued to vote on the extraordinary part of the agenda of the general meeting dated October 31st, 2017 remain valid for the general meeting to be held on November 13th, 20171.

Publication of the Q3 2017 results will also occur on November 13th, 2017.

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TGS: Project updates

 

 

 

TGS: Project updates

TGS has issued an update on its current offshore seismic survey projects.

The 289,000-sq km (111,583-sq mi) Otos seep and geochemistry program over the US Gulf of Mexico continues: extended sea seep coring operations are due to finish in the current quarter.

Otos is designed to mirror last year’s Gigante seep study in Mexican waters. Final results will be available in late 2017.

Data acquisition has been suspended on the 40,000-sq km (15,444-sq mi) Atlantic Margin 3D AM17 project in the central-southern Norwegian Sea ahead of the winter season, and will re-start next spring.

TGS claims this is the largest 3D survey performed by any company in northern Europe and covers largely open blocks in a relatively under-explored and little-drilled area.

Fasttrack data covering the 24th Norwegian licensing round blocks will be available soon, with final results issued in 2019.

Acquisition of the 5,490-km (2,085-sq mi) Carlsen 3D survey finished in August. This covered open acreage in the southwest Barents Sea between the Tromsø and Sørvestnaget basins.

 

Offshore western Ireland, acquisition finished this month of the 5,400-sq km (2,085-sq mi) Crean 3D project, designed to highlight multi-level targets in this area.

Off Eastern Canada, TGS and PGS have been acquiring seismic for the seventh consecutive year. Their latest campaign takes in 22,000 km (13,670 mi) of 2D data and four 3D projects of around 18,000 sq km (6,950 sq mi).

As for 2018 budgets, oil companies remain cautious in their investment plans, and TGS foresees only a modest growth in exploration spending at best.

The market for seismic data is therefore likely to remain “challenging in the near term,” the company said, with continued pressure on pricing.

TGS Q3-17 Presentation     Link

Fugro: Commences renewed ONGC survey contract offshore India

 

 

 

Fugro: Commences renewed ONGC survey contract offshore India

Fugro has commenced integrated survey work offshore India for the country’s multinational oil and gas company ONGC, under a three-year contract valued at approximately US$ 7.7 million.

The contract, awarded to Fugro for the third consecutive time, calls for engineering surveys in field developments off both western and eastern shores of India. The scope of the work includes bathymetric surveys, seabed mapping, shallow seismic profiling and well head investigation.

Deploying its dedicated survey vessel, Fugro Mapper, from September 2017, Fugro is performing surveys in water depths ranging from 10 metres to 100 metres.

“We have been supporting these field developments offshore India with our marine site characterisation services for more than two decades,” commented Mike Dravitzki, Fugro’s Regional Director. “It is very satisfying to win this contract for a third consecutive time.”

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Fugro: Places €100M subordinated convertible bonds

 

Fugro: Places €100M subordinated convertible bonds

Further to the pricing announcement earlier today, Fugro N.V., announces the final pricing terms of its offering (the “Offering”) of EUR 100 million subordinated unsecured convertible bonds due 2024 (the “Bonds”).

The initial conversion price of the Bonds has been set at EUR 14.9412, representing a premium of 42.5% over the volume weighted average price of the ordinary shares in the capital of Fugro (the “Certificates”) quoted on Euronext Amsterdam on 30 October 2017. The Bonds will carry a coupon of 4.5% per annum, payable semi-annually in arrear in equal instalments on 2 May and 2 November in each year.

The Bonds will be issued at 100% of their principal amount. Holders of the Bonds will be entitled to require an early redemption of their Bonds on the fifth anniversary of their issue, at the principal amount. Unless previously redeemed, converted or purchased and cancelled, the Bonds will be redeemed at their principal amount on or around 2 November 2024.

The Certificates underlying the Bonds will initially correspond to approximately 7.9% of Fugro’s issued share capital. The Bonds are expected to be issued on 2 November 2017 (the “Issue Date”). Application is expected to be made for the Bonds to be admitted to trading on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange no later than 30 days after the Issue Date.

 

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HSBC acted as Sole Global Coordinator and Sole Bookrunner on the Offering. ABN AMRO, ING and Rabobank acted as Co-managers.

Link

 

OGA: Publishes ‘UK Oil and Gas Reserves and Resources’ report

 

 

OGA: Publishes ‘UK Oil and Gas Reserves and Resources’ report

The UK’s petroleum reserves remain at a significant level which could sustain production for at least the next 20 years; and beyond if additional undeveloped resources can be matured.

The Oil and Gas Authority’s (OGA) report “UK Oil and Gas: Reserves and Resources”, published today (31 October 2017), shows that overall remaining recoverable reserves and resources range between 10 to 20 billion barrels of oil equivalent (boe).

The findings of the report include:

  • To date, a total of 43.5 billion boe has been produced from the UK and UK Continental Shelf (UKCS).
  • The OGA estimates that UK reserves are approximately 5.7 billion boe (probable) and these alone, based on current production forecasts and not taking into account potential future exploration successes, have the capacity to sustain production for at least the next two decades.
  • However, there is a significant opportunity to add to these reserves by maturing the UK’s considerable contingent resources. The OGA estimates there are 7.4 billion boe of proved undeveloped resources. Much of this resource is in mature developed areas and under consideration for development. This will require substantial investment in new field developments and incremental projects.

 

  • Replacement of proven and probable reserves remains a concern. In 2016 approximately 600 million boe were produced however only 80 million boe of contingent resources were matured to reserves.
  • Exploration success in 2016 helped add 210 million boe to the contingent resources.
  • The OGA’s current estimate of prospective (undiscovered) resources is 6 billion boe, with a range from 1.9 billion boe (lower estimate) to 9.2 billion boe (upper estimate).
  • Taking account of this range of possibilities for prospective resources, together with the range of discovered reserves and contingent resources shown in the report, the current best estimate of remaining recoverable hydrocarbon resources from the UKCS is in the range 10 to 20 billion boe.

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Thalassa Holdings: Down -1.12% on Oct 31

 

 

 

Thalassa Holdings: Down -1.12% on Oct 31

Shares of Thalassa Holdings Limited (LON:THAL) last traded at 88, representing a move of -1.12%, or -1 per share, on volume of shares. After opening the trading day at 0, shares of Thalassa Holdings Limited traded in a close range.

Thalassa Holdings Limited currently has a total float of 20.74M shares and on average sees 25,679 shares exchange hands each day. The stock now has a 52-week low of 36 and high of 92.7.

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Link

 

Providence Resources – Atlantic Ireland

 

 

 

Providence Resources PLC is providing technical updates regarding SEL1/11 and FEL6/14 at the Atlantic Ireland 2017 Conference in Dublin.

Providence is presenting its plans for the Phase 1 drilling of the 48/24-K well and associated side-track in the North Celtic Sea Basin, which is c. 5 km SSE and c. 200′ up-dip from the 48/24-10z well on the East Flank of the Barryroe field. This Phase 1 drilling programme, which is currently targeted to take place during H2 2018/H1 2019 (subject to consents) is estimated to cost c. $25 million gross (c. $20 million net to Providence). The 48/24-10z well, which was drilled in 2011/12, tested c. 4,000 BOEPD of light (43o API) sweet crude from the basal Wealden A Sand reservoir interval. These two new well penetrations are designed to provide further definition around structure, reservoir, fluid phase, connectivity and resource estimates, thereby materially moving the Barryroe East Flank project towards development. The Phase1 programme is targeting an estimated 463 MMBO STOIIP, with 162 MMBO REC (Rf =0.35).

At the Conference, Providence is also presenting its site survey plans for the 62/07-A Newgrange exploration well, which is situated between the southern Porcupine and Goban Spur Basins. Site survey planning activities have already kicked off with offshore surveying expected to commence summer 2018 (subject to consents). These activities are designed to ready the Newgrange prospect for potential exploration drilling during 2019 or 2020.

Barryroe presentation     Newgrange presentation

Link

PGS: Mandatory Notification of Trade

 

 

 

PGS: Mandatory Notification of Trade

Walter Qvam, Chairperson of the Board of Petroleum Geo-Services ASA has on October 31, 2017 bought 25 000 shares in PGS at a price of NOK 12.17 per share. Following the transaction, Walter Qvam owns 25 000 shares in PGS.

Rune Olav Pedersen, President & CEO of Petroleum Geo-Services ASA, has on October 31, 2017 bought 33 000 shares in PGS at a price of NOK 11.90 per share. Following the transaction, Rune Olav Pedersen owns 90 617 shares in PGS. He also holds 90 000 PRSUs and 45 000 RSUs in the Company.

Gottfred Langseth, EVP & CFO of Petroleum Geo-Services ASA, has on October 31, 2017 bought 40 000 shares in PGS at a price of NOK 12.20 per share. Following the transaction, Gottfred Langseth owns 190 106 shares in PGS. He also holds 90 000 PRSUs and 45 000 RSUs in the Company.

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Link

Global Petroleum: Q3-17 Report (Seabird Exploration mention)

 

 

 

Global Petroleum: Q3-17 Report (Seabird Exploration mention)

The Board of Global Petroleum Limited presents its Quarterly Report for the period ending 30 September 2017.

 

Summary

·    The Company’s Petroleum Exploration Licence (‘Licence’ ) – currently in its second phase- covers two Blocks, 1910B and 2010A in the Walvis Basin offshore Namibia, and Global  is currently negotiating an extension of the Licence with the Namibian authorities. The Company announced post the reporting period that processing and interpretation of the 2017 2D seismic data acquired over the Company’s acreage is now complete and that Management believes that the new information has significantly improved the prospectivity across block PEL 0029 in general and the Gemsbok prospect in particular. The Company further announced that it has commissioned a Competent Persons Report (“CPR”) in respect of its Namibian acreage and that it subsequently intends to launch a structured farmout process.

·    In Italy, the Company also  announced that  that the remaining two Environmental Decrees – designated d 80 F.R-GP and d 81 F.R-GP – in relation to the Company’s four applications offshore Southern Adriatic (“the Applications”), have now been published by the Italian authorities.

·    Global remains in a strong cash position in comparison to many of its peers, and is thus well placed to fund activity on its Namibian acreage, its Italian application interests (subject to award), and retains the option  to implement a change of focus through acquisition.

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Namibian Project

The Namibian Project consists of an 85% participating interest in Petroleum Exploration Licence Number 29 (“Licence”) covering Offshore Blocks 1910B and 2010A in the Republic of Namibia.  The Licence, issued on 3 December 2010, originally covered 11,730 square kilometres and is located offshore Namibia in water depths ranging from 1,300 metres to 3,000 metres (Figure 1).

In December 2015, the Company entered into the First Renewal Exploration Period (Phase 2) of the Licence, making a mandatory relinquishment of 50% of the Licence Area.  Phase 2 is for a  duration of 24 months with a reduced Minimum Work Programme. In place of the previous well commitment in Phase 2, the Company undertook to reprocess and re-interpret previously acquired 2D seismic data, and to shoot 800 kilometres of new 2D data.  To this end, the Company’s technical team evaluated reprocessed 2D seismic data from the 1990s and also reprocessed speculative 2D seismic data shot over its Blocks in 2011/12 by TGS, both of which were purchased in 2016.  Following the reprocessing and evaluation of the historic 2D data, the Company entered into a contract with Seabird Exploration of Norway in order to acquire 834 km of full fold 2D seismic data over its Blocks, which was shot in June/ July 2017. Processing and interpretation of the new 2D seismic data is now complete.

Management believes that the new information has significantly improved the prospectivity across block PEL 0029 in general and the Gemsbok prospect in particular. Better imaging from the new 2D data reveals that the known source rock intervals are likely to be within the oil generative window and this, combined with data showing repeating oil seeps along the faulted flanks of Gemsbok, has greatly improved the chance of a major oil discovery. Gemsbok remains the Company’s primary exploration target.

The Company has commissioned a Competent Persons Report (“CPR”) in respect of its Namibian acreage from the consultants AGR Tracs, which is expected to be completed by the end of the year.  A CPR is an independent technical report on oil and gas assets.

It is then the intention of the Company to launch a structured farmout process of its Namibian acreage with a view to seeking a partner to fund future operations on the block, commencing with 3D seismic.

The Company’s wholly owned subsidiary, Jupiter Petroleum (Namibia) Limited, remains operator with an 85% interest in the two blocks, with partners NAMCOR and Bronze Investments Pty Ltd (Bronze) holding 10% and 5% respectively, both as carried interests.

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