Seis News

Paradigm® will showcase the innovative technologies included in its Paradigm® 17 solution suite at the 79th European Association of Geoscientists & Engineers (EAGE) Annual Convention and Exhibition, in Paris, June 12-15. Paradigm 17 leverages a high-definition platform, advanced technologies, seamless integration, and the use of Machine Learning. Booth presentations will also feature collaborations with industry leaders, such as Galp Energia and Dassault Systèmes.

The rich multi-disciplinary program includes high-science solutions that help geoscientists successfully increase accuracy and productivity in their E&P work, to improve recovery and reduce exploitation cost and risk.

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Shares of Ion Geophysical Corp (NYSE:IO) traded down 1.12% during mid-day trading on Friday, hitting $4.40. 44,426 shares of the stock were exchanged. The stock’s market capitalization is $52.23 million. Ion Geophysical Corp has a 52 week low of $3.87 and a 52 week high of $8.40. The stock’s 50-day moving average is $4.39 and its 200-day moving average is $5.50.

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31 May 17:     12 option holders have today, exercised in total 105,375 stock options. All the options were exercised from the award in August 2012 secured by treasury shares at an exercise price of NOK 174.40 per share. Following the exercise, TGS holds 116,180 treasury shares.

The following primary insiders in TGS have on 31 May 2017 traded TGS shares related to their exercise of stock options:

Kristian Johansen, CEO, has exercised 27,000 stock options and sold 23,500 shares in TGS at an average price of NOK 178.64 per share. After this transaction, Kristian Johansen holds 14,500 shares in TGS.

Knut Agersborg, VP Operations, has exercised 11,000 stock options and sold the same number of shares in TGS at an average price of NOK 178.64 per share. After this transaction, Knut Agersborg holds 3,700 shares in TGS.

 

CGG GeoConsulting announced today that it has been awarded a contract to supply digital well products to the Oil & Gas Authority (OGA), the UK Government industry regulator, as part of a wider tender for comprehensive subsurface databases and information sources to encourage further exploration in underexplored areas of the UK Continental Shelf (UKCS).

The data sets will help to support the OGA’s work across the exploration and production (E&P) lifecycle including the promotion of future licensing rounds and undeveloped discoveries, regional exploration projects, area strategies and asset stewardship.

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Algeria has focused its exploration efforts in the south since oil and gas was discovered in the country in 1956.

Algeria holds the third-largest amount of proved crude oil reserves in Africa, all of which are onshore because there has been limited offshore exploration. According to Sonatrach, about two-thirds of Algeria’s territory remains largely underexplored or unexplored.

Algeria held an estimated 12.2 billion barrels (Bbbl) of proved crude oil reserves, a figure that has been unchanged for many years. Most proved oil reserves are in the country’s oldest and largest oil field, Hassi Messaoud, in the eastern part of the country, near the Libyan border. Hassi Messaoud is estimated to hold 3.9 billion barrels (Bbbl) of proved and probable recoverable reserves, followed by the Hassi R’Mel Field (3.7 Bbbl) and the Ourhoud Field (1.9 Bbbl). Currently, it produces 1.1 MMbbl/d, having slashed 50 Mbbl/d as per OPEC’s quota production cut.

Algeria’s oil and gas industry is lagging mainly due to the lack of major investment, though almost 95% of government revenue comes from oil and gas exports. Algeria requires cutting-edge technological solutions to improve oil recovery factors, which are low compared with neighboring countries in the Middle East. Currently, Algeria’s reservoirs, which require EOR techniques, have a recovery factor of less than 20%, compared with 34% in Egypt, according to Shaheen El-Sayed, vice chairman of production for Middle East and North Africa at IPR Egypt.

Sonatrach, Algeria’s state oil company, plans to invest over $50 billion in E&P projects in the country over the next five years, Salah Mekmouche, the company’s vice president for E&P, said earlier this year. The plan includes drilling more than 1,300 wells between 2017 and 2021 and reaching an annual production rate of nearly 230 million tonnes of oil equivalent. Algeria’s oil and gas production rate per year is currently at 190-200 million tonnes of oil equivalent on average.

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Phase 1 of Coyanosa Survey to cover Ward, Reeves and Pecos counties in Texas.

FairfieldNodal and Schlumberger have just announced a strategic multiclient joint venture in the southern Delaware Basin of West Texas.

The area of mutual interest encompasses approximately 1,100 square miles. The first phase of the Coyanosa Survey will consist of approximately 306 square miles of high-quality, 3D seismic data in Ward, Reeves and Pecos Counties, Texas. The resulting 3D data, for which non-exclusive licenses will be available, will tie into existing FairfieldNodal and WesternGeco 3D data to provide customers with contiguous data coverage in the southern Delaware Basin.

“Under the present oil and gas market conditions, collaborations allow us to quickly and economically provide our customers not only high-end imaging solutions, but also an in-depth knowledge of the multiple reservoirs and drilling hazards that exist in the area,” said Maurice Nessim, president, WesternGeco, Schlumberger.

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TGS announces its second Permian seismic project in 2017.  The West Lindsey 3D multi-client seismic survey is located to the southwest of the previously announced West Kermit 3D. This new project will encompass a minimum of 190 square miles predominantly in Reeves County, TX.

The West Lindsey 3D will provide modern, high resolution 3D seismic data to an area that is seeing high interest from E&P companies. Strong potential exists in multiple zones from the Delaware sands through the prolific Wolfcamp, as well as deeper plays including the highly prospective Siluro-Devonian and Ordovician Ellenburger along the Grisham Arch.

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The stock of CGG SA (ADR) (NYSE:CGG) hit a new 52-week low and has $5.51 target or 3.00% below today’s $5.68 share price. The 7 months bearish chart indicates high risk for the $126.19M company. The 1-year low was reported on May, 30 by Barchart.com. If the $5.51 price target is reached, the company will be worth $3.79M less. About 1,495 shares traded. CGG SA (ADR) (NYSE:CGG) has declined 77.16% since May 30, 2016 and is downtrending. It has underperformed by 93.86% the S&P500.

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SeaBird Exploration Plc says it is highly likely that it will require new liquidity by Q3 2017 and is hoping to restructure to reduce debt and attract new equity.

The seismic survey company is proposing to its bondholders and certain of its other creditors a debt restructuring of the SeaBird group that, if successfully completed, will facilitate a comprehensive restructuring of the group’s balance sheet.

Following the restructuring, debt in Seabird will be reduced by US$22.0 million and lease obligations will be reduced by US$10.4 million. The remaining debt under the SBX04 bond loan and the Glander credit facility will be US$5.0 million and the remaining lease obligations (payable in kind until maturity) will be US$2.4 million.

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