Paragon decided not to make a $15.4 million bond interest payment due Jan. 15, triggering a 30-day grace period before default.
The Thalin-1A well had intersected a 64 meter column of gross gas, with 62 meters of net gas pay, with the well having provded there is a "working petroleum system" and a different play type from that encountered at the Shwe Yee Htun-1 well.
Crude prices have slumped nearly 70% since June 2014, leading to oil and gas producers cutting spending and scaling back drilling, forcing rig contractors to idle or even scrap rigs.
The committee is authorized to evaluate any potential strategic transaction involving the company and any alternatives, including but not limited to, the sale of the company, a merger or share exchange involving the company, the sale of some or all of the company’s assets, and a recapitalization of the company, a news release said.
Blackstone (NYSE: BX) has formed Clarion Offshore Partners LLC, a new platform to provide strategic solutions to the offshore oil and gas drilling and services sector, with a financial commitment from private equity funds managed by Blackstone.
The Houston company has entered into an agreement to sell its U.S. oil country tubular goods (OCTG) business to Sooner Pipe LLC, a subsidiary of Marubeni-Itochu Tubulars America Inc.
Exor said low valuations in the oil and gas sector presented opportunities for companies such as Welltec, which provides robotics for the cleaning, maintenance and repair of oil wells.
Pressure pumpers are seeing bids cluster, a signal that concessions for E&Ps may have bottomed and that some oilfield service companies may start to fall by the wayside.
The 10-year collaborative arrangement, which is for GE’s engageDrilling Services, will include GE purchasing the BOP systems aboard Diamond Offshore’s four drillships in the U.S. Gulf of Mexico for a total of $210 million, according to a news release.
Iona has become the first casualty of 2016, but many more North Sea companies are under threat from the plummeting oil price.
The fire occurred on the offshore Abkatun A Permanente processing platform in Mexico's oil-rich Bay of Campeche. Casualties include two Pemex workers and one employee of Cotemar.
Although M&A and A&D activity has been down lately, some believe change is coming.