GEOCAN Energy Inc., Calgary, said it plans to repurchase up to 274,180 common shares over the next year on the open market at prevailing market prices.
Lateral Vector Resources Inc., Regina, Sask., will suspend operations in Ukraine and China effective immediately. It cited recent Ukrainian political developments, deterioration of the business environment in Ukraine, and "continued actions by Ukrnafta to impair the financing efforts of the company" as factors. LVR will present a plan for the orderly distribution of assets and liabilities in the next 10 days.
The Latvian Development Agency Tuesday chose London-based oil industry business-to-business exchange theoilsite.com PLC as online host for the Baltic country's first offshore licensing round in April. Information on 73 blocks on the Latvian Continental Shelf will be available on the site. The blocks offer "a combination of exploration and undeveloped production possibilities."
Chesapeake Energy Corp., Oklahoma City, Okla., has completed the acquisition of Gothic Energy Corp., Tulsa, with the issuance of 4 million shares of Chesapeake to Gothic shareholders. The cost is $345 million. Shareholders approved the deal late last year (OGJ Online, Dec. 15, 2000).
Ultra Petroleum Corp., Englewood, Colo., has completed the acquisition of Pendaries Petroleum Ltd. as proposed last year (OGJ Online, Oct. 18, 2000).
Triton Energy Ltd. has acquired a 25% interest in Block L off Equatorial Guinea from Chevron Corp. Chevron operates the block with 75%. The agreement is subject to government approval. Chevron signed a 5-year production-sharing agreement for the 1,640-sq mile block, which lies in 1,300-6,500 ft of water, last year (OGJ, May 29, 2000, p. 43). Triton said the partnership is conducting a 3D seismic survey collect 1,500 sq km of data, and expects to drill the first well on the block by the end of 2002. The block is adjacent to Triton's Blocks F and G.
Nexen Inc., formerly Canadian Occidental Petroleum Ltd., has exercised its preemptive right to acquire BHP Petroleum Ltd.'s 50% interest in Buffalo oil field off Australia for $21 million, bringing its total interest to 100%. The transaction is subject to regulatory approval. The acquisition has an effective date of Sept. 1, 2000. It is expected to close in the first quarter. Buffalo is in the Timor Sea, 560 km northwest of Darwin. The field has been on production since December 1999 and is producing 15,000 b/d of 53� gravity crude through a floating production, storage, and offloading vessel.
Compagnie Generale de Geophysique SA (CGG) has completed the acquisition of the Aker Geo seismic unit from Aker Maritime AS. CGG paid Aker $25 million in cash and 1.6 million shares (OGJ Online, Nov. 2, 2000). The acquisition included the Aker Amadeus and Aker Symphony vessels and 1,000 sq km of seismic data.