Siemens, Dresser-Rand Group announce merger

Siemens, Dresser-Rand Group announce merger

Dresser-Rand Group Inc. a global supplier of rotating equipment and aftermarket parts and services, has announced that it has entered into a definitive merger agreement with Siemens under which Siemens will acquire all of the outstanding shares of Dresser-Rand common stock for $83.00 per share in cash. The transaction is valued at approximately $7.6 billion, … Continue reading

Otto Energy divests in its Galoc oilfield to focus more on East Africa exploration

Otto Energy divests in its Galoc oilfield to focus more on East Africa exploration

Otto Energy Limited has executed a sale and purchase agreement (SPA) to divest 100% of the shares in Galoc Production Company WLL (GPC), the holder of Otto’s 33% interest in the Galoc oil field located in Service Contract 14C to a Singapore-based energy investment company Risco Energy Investments Pte Ltd. Under the SPA, Risco has … Continue reading

Oil & Gas UK statement on Scottish Referendum result

Oil & Gas UK statement on Scottish Referendum result

In light of the ‘No’ vote in the Scottish Referendum, Oil & Gas UK looks forward to continuing working closely with both the UK and Scottish Governments towards the shared ambition of maximising economic recovery of the UK’s offshore oil and gas resource. This vote does not and will not diminish the pivotal role played … Continue reading

Kenya could lose 7 oil blocks in Somalia dispute

Kenya could lose 7 oil blocks in Somalia dispute

As a maritime border dispute between the Somali government and Kenya heads to the international court of justice seven oil blocks currently held by Kenya are part of the determination expected by The Hague based ICJ. Part of the dispute is a triangle of water stretching more than 100,000 a sq kilometers (approx. 40,000 sq … Continue reading

Otto Energy requests trading halt ahead of major announcement

Otto Energy requests trading halt ahead of major announcement

The securities of Otto Energy Limited will be placed in Trading Halt Session State at the request of the Company, pending the release of an announcement by the Company. Unless the Australian Stock Exchange (ASX) decides otherwise, the securities will remain in Trading Halt Session State until the earlier of the commencement of normal trading … Continue reading

Swala Energy awarded Block 44 in Zambia

Swala Energy awarded Block 44 in Zambia

Swala Energy Limited has announced that its 93% owned subsidiary company, Swala Energy (Zambia) Limited, has been formally awarded hydrocarbon exploration rights over Block 44 in the Republic of Zambia from the Ministry of Energy. This announcement follows the announcement on 12th May 2014 when the company reported it had been offered exploration rights over … Continue reading