Panoro Energy announces substantial oil discovery in Hibiscus Updip sidetrack

first_imgThe Hibiscus Updip oil discovery has been appraised by drilling a sidetrack (DHIBM-1ST1) to the northwest to test the lateral extent and structural elevation of the Gamba reservoir Image: The DHIMB-1 well was initially drilled in 116m of water to a vertical depth of 3,538m. Photo: Courtesy of Vee TEC from FreeImages. Panoro Energy is pleased to report a positive update on its drilling operation on the Hibiscus Updip well (DHIBM-1), located on Dussafu Marin Permit (Dussafu), offshore Gabon.John Hamilton, CEO of Panoro, commented: “Results of drilling at Hibiscus Updip have significantly exceeded expectations. Both the original wellbore and sidetrack have encountered oil columns with excellent reservoir properties and our estimate of gross recoverable oil at Hibiscus Updip is between 40 and 50 million barrels. Our phase 3 development plans to tie the nearby Ruche and Ruche NE fields back to the Adolo FPSO are now being expanded to include a possible fast-track development of the discovery. Additionally, this successful well enables us to further de-risk Gamba prospectivity in the Hibiscus area where we see significant additional potential. We are extremely pleased with the continued drilling success at Dussafu, and now look forward to the commencement of the production drilling phase at Tortue”.The DHIMB-1 well was initially drilled in 116 metres of water to a vertical depth of 3,538 metres. On August 30, 2019, Panoro announced an oil discovery in the pre-salt Gamba reservoir with plans to drill a sidetrack to appraise the extent of the Hibiscus Updip discovery.The Hibiscus Updip oil discovery has been appraised by drilling a sidetrack (DHIBM-1ST1) to the northwest to test the lateral extent and structural elevation of the Gamba reservoir. The sidetrack was drilled to a Total Depth (TD) of 3,500 metres, (3,049 metres True Vertical Depth Subsea (TVDSS)) approximately 1.1 km from the original wellbore and found a 33 metre oil column with 26 metres of oil pay in the Gamba reservoir with better reservoir character and a similar fluid level to that encountered in the vertical well, DHIBM-1.Panoro and the operator, BW Energy, estimate the gross recoverable resources discovered to be in the range of 40 to 50 million barrels of oil. Further upside potential exists in the wider Hibiscus area which will be the focus of future exploration drilling.The well will now be plugged and abandoned pending future appraisal and development activities.  The rig will then move to drill the first of four new oil production wells at the Tortue field. Source: Company Press Releaselast_img read more

Neptune Energy and Eserv partner for digitisation of Cygnus platform

first_imgThe partnership with Eserv is part of the first phase of Neptune Energy’s strategy to “digitise” its assets Neptune Energy partners with Eserv for digitisation of Cygnus platform. (Credit: Nico Franz from Pixabay) Neptune Energy today announced an exciting new partnership with 3D technology specialist, Eserv, as part of the ongoing digitalisation of Neptune’s assets including its operated Cygnus gas platform in the UK southern North Sea.Using 3D and Artificial Intelligence (AI) technologies, a digital map of all three bridge-linked jackets was captured, enabling Neptune Energy to detect asset integrity issues early and plan fabric maintenance work on Cygnus.Specialist engineers and integrity experts now have the opportunity to carry out a significant amount of their traditional work from onshore, reducing the cost and environmental impacts associated with travelling offshore.The partnership with Eserv is part of the first phase of Neptune Energy’s strategy to “digitise” its assets and processes and enables remote subject matter expert advice for offshore personnel, and virtual visual inspections and site surveys.Neptune’s UK Managing Director, Alexandra Thomas, said: “We are excited to be early adopters of such innovative technologies which can enhance the efficiency and safety of our operations, reduce costs and offshore travel, and enable greater collaboration between our onshore and offshore teams.“The use of digital technologies is particularly valuable at this time, given restrictions on travel and the necessity for social distancing offshore.”The digital mapping of the Cygnus gas production platform, which is capable of producing approximately 6% of UK domestic gas demand, is one element of the partnership with Aberdeen-based Eserv. As part of an ongoing digital transition, onshore teams can take a virtual walkthrough of the entire platform, plan work and monitor changes in the physical structure, identifying potential issues early and accurately.The AI element of the technology is being “trained” to identify thousands of individual components, valves and other plant equipment, and is “learning” how to spot potential integrity issues including corrosion.Eserv’s Managing Director, Dan Millard, said: “Although remote and digital data solutions have come into their own this year due to travel and logistical restrictions, we have been advancing advocates of using 3D data to revolutionise the offshore maintenance and asset integrity space for a number of years now.“In fact our flagship AS-TEG, that brings new digital applications and workflows together, is the result of five years of continuous research and development.“As such it’s really gratifying for us to collaborate with a highly innovative and progressive operator such as Neptune Energy, supporting them to derive the benefits of this transformative platform: enhanced safety and efficiency, and reduced costs and environmental impact.” Source: Company Press Releaselast_img read more

Norway approves onshore power usage for Sleipner, Edvard Grieg fields

first_img Power from shore to the Utsira High and the Sleipner field centre and Edvard Grieg platform. (Credit: Equinor ASA) The Norwegian Ministry of Petroleum and Energy has given its consent for the Sleipner field centre and the Edvard Grieg platform in the North Sea to be powered from shore by the Utsira High area power grid.Both the Sleipner and Edvard Grieg platforms will use the power-from-shore solution that is in place for the Johan Sverdrup project, located in the Utsira High area in the North Sea.The Norwegian ministry has approved the revised plan for development and operation (PDO) for partial electrification of the Sleipner field centre by operator Equinor and its partners in June 2020.The partial electrification for the field is being taken up with an investment of around NOK850m ($100m).For this, the Sleipner field centre will be tied to the Utsira High area solution. A 28km long power cable will be laid from Sleipner to the Gina Krog platform, which in turn will be connected via a 62km long high voltage cable to the Johan Sverdrup field centre.The partial electrification will help Sleipner to offset over 150,000 tonnes of CO₂ per annum, said Equinor. The Sleipner field centre is slated to be tied in to the Utsira High area solution by the end of next year.Existing gas turbines will also be used if the power requirement at the Sleipner field centre is not fully met by the Utsira High area solution.Equinor technology, projects, and drilling executive vice president Arne Sigve Nylund said: “Partial electrification of the Sleipner field centre will contribute to major cuts in emissions from our activities and provide significant assignments for the supplier industry in a demanding time.“As the authorities have approved the PDO, we can keep developing the Norwegian continental shelf (NCS) towards the goal of zero greenhouse gas emissions in 2050.”On the other hand, the Lundin Energy-operated Edvard Grieg field by using the power from shore solution will offset nearly 3.6 million tonnes of CO2 emissions over the field’s lifetime.Lundin Energy said that the hook-up will be carried out when the area solution for the Utsira High fields is ready for operation. This will take place in connection with the second phase of the Johan Sverdrup field development, said the company.Apart from the Edvard Grieg field, the solution will also supply power to the Gina Krog and the Ivar Aasen fields.Lundin Energy Norway managing director Kristin Færøvik said: “Electrification of Edvard Grieg and Johan Sverdrup makes us as a company, and the Norwegian shelf, extremely competitive in the energy transition, but also makes us large-scale consumers of electricity.” Sleipner will be partially electrified from shore to offset over 150,000 tonnes of CO₂ per annumlast_img read more

British Property Federation makes a bid for young estate agents

first_imgHome » News » British Property Federation makes a bid for young estate agents previous nextBritish Property Federation makes a bid for young estate agentsNew networking club BPF Futures is for young professionals from all corners of the property industry, the federation says.Nigel Lewis12th October 20170729 Views The British Property Federation (BPF) is making a land grab for young sales and letting agents with a networking organisation for anyone who has worked in the industry for ten years or less.Normally focussing largely on commercial property, the BPF wants to attract to attract from “all corners of the real estate industry” including estate agents and help develop tomorrow’s industry leaders.“We feel that younger professionals within the property industry are under-represented within its membership organisations which is why we’ve launched this initiative,” a spokesperson told The Negotiator.Launch partyCalled BPF Futures, it will launch at a party to be held at BNP Paris-Bas Real Estate – which recently bought agent Strutt & Parker – and then offer dozens of networking events throughout next year including site visits at development sites, interactive workshops, networking events, podcasts and the opportunity to influence BPF working groups.The launch will hear speeches from several industry leaders including Michaela Hancock from US Build to Rent giant Greystar.All this comes at a cost – £50 for the first year and £75 a year thereafter.“We are delighted to introduce BPF Futures to the real estate industry, a new network to allow our future leaders to share, learn and develop,” says Melanie Leech, Chief Executive of BPF (pictured, left).“To thrive as an industry, we need to be doing everything we can to attract and retain talent – and BPF Futures will be committed to achieving this by providing real estate’s junior professionals with opportunities to engage with the industry at large and better understand their potential contribution to our shared goals.”Register to attend the launch event here.  Melanie Leech BPF The British Property Federation BPF October 12, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Is Airbnb more of a threat than Purplebricks?

first_imgMany traditional high street worry about the threat from online and hybrid agencies, but a new digital competitor is fast establishing itself too – the Airbnb management company.The biggest in the UK is GuestReady, a proptech startup that offers a management service to owners of Airbnb properties.It has today announced that it has raised £2.3 million in seed funding to expand its business outside London.The company, which recently acquired London-based competitor Easy Rental Services, has told The Negotiator that it now has 300 properties under management in the capital.The new funding for GuestRead also includes some heavyweight backing from famous venture capitalists including Impulse VC, which is backed by Roman Abramovich and Xponova, backed by LastMinute.com CEO Fabio Cannavale (pictured, let).The rapid spread of Airbnb and management companies like GuestReady which manage properties on owners’ behalves, has begun to worry many agents as Airbnb begins to eat into the short-term rental market in many cities, once the preserve of traditional letting agents.Airbnb hosts are not supposed to rent their properties out for more than 90 days, a regulation the website announced in December last year, but a recent report by the Institute of PublicPolicy Research (IPPR) revealed that 11% of Airbnb listings in London were for more than six months.The IPPR said it found that some landlords were removing properties from the long-term rental market and offering their properties for rent on a series of short-term lets instead.In London there are currently approximately 50,000 live Airbnb listings, according to consultancy Airdna, an increase of 100% compared to the start of 2015.GuestReady was Initially started as a platform for individual activities like cleaning, laundry, and managing the check-in and check-out of guests, but has has morphed into fully managing properties that they advertised on Airbnb as well as other short-term let websites including HomeAway.com and Booking.comIt also operates in other markets including Paris, Hong Kong, Singapore and Kuala Lumpur and, following the acquisition of Easy Rental Services, now manages nearly a thousand properties.   Roman Abramovich GuestReady airbnb airdata fabio cannavale October 25, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Is Airbnb more of a threat than Purplebricks? previous nextIs Airbnb more of a threat than Purplebricks?Roman Abramovich-backed Airbnb management company GuestReady has won £2.3 million in funding to expand outside London – so should letting agents be worried?Nigel Lewis25th October 201701,918 Viewslast_img read more

Fees ban is part of official drive to reduce size of lettings industry, claims TPFG

first_imgHome » News » Agencies & People » Fees ban is part of official drive to reduce size of lettings industry, claims TPFG previous nextAgencies & PeopleFees ban is part of official drive to reduce size of lettings industry, claims TPFGUnusual claim is made by company’s CEO of The Property Franchise Group in its final results for 2018 published yesterday.Nigel Lewis10th April 20191 Comment3,170 Views One of the UK’s leading franchised letting agency groups has claimed that the tenant fees ban is part of a plan to eliminate smaller agencies from the market and encourage the larger, more corporate players, as well as the official aim of introducing greater ‘transparency and fairness’.The Property Franchise Group (TPFG) says the lettings fee ban is part of a wider attempt by government to encourage a “smaller number of stronger, more professional and better regulated agents”.“The short-term effect will be to drive some of our competitors out of business as they struggle to deal with extra regulatory hurdles such as mandatory Client Money Protection or face a significant loss of income because their business model has been predicated towards charging excessive tenant fees,” says TPFG’s CEO Ian Wilson.“As an experienced franchisor we have a track record of dealing with regulatory hurdles on behalf of our franchisees and we see opportunities to win increased market share over the next two years.”The comments are made within the company’s final results published yesterday, which also highlight the extreme challenges faced by its lettings franchisees.These include the number of buy-to-let mortgages reducing from a peak of 190,000 in 2008 to just 60,000 last year, more landlords selling up or self-managing their properties and ever lengthening tenancies.TPFG says tenancies have reached an average of 30 months across its six branded businesses. These are Martin & Co, Ewemove, CJ Hole, Parkers, Ellis & Co and Whitegates.Ian Wilson lettings The Property Franchise Group TPFG April 10, 2019Nigel LewisOne commentJulian Blackmore, BNE BNE 10th April 2019 at 10:26 amThis is exactly what I’ve been saying for years.The so-called Tories, who fraudulently claim to be all for supporting small businesses, have done everything they can to force out smaller, single branch letting and estate agents by the burden of pensions, CMP, more regulation etc, even if the agency has never received a complaint in its history.Stupidly though, they are also forcing out landlords.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Airbnb opportunity for investors highlighted

first_imgHome » News » Auctions news » Airbnb opportunity for investors highlighted previous nextAuctions newsAirbnb opportunity for investors highlightedA leading property auctioneer has drawn attention to the tremendous opportunities offered by short-term lets in its latest auction catalogue.Sheila Manchester18th September 20191 Comment638 Views Love it or hate it… Airbnb is, possibly, the greatest property phenomenon of this decade – it’s no surprise that many property agents don’t share the interest.However, the entrepreneurial auctioneer Toby Limbrick, Director, Network Auctions, spotted the upside for wannabe Airbnb-ers in his latest property auction catalogue. With over 150 million users worldwide – there’s certainly a market for short-term lets.Toby said, ‘The opportunity to make a good income from short-term lets is something buyers are looking for. Airbnb is an attractive alternative to traditional buy-to-let investing due to the more favourable tax regime (you can offset mortgage interest expenses) and the less onerous tenant regulations. Increasingly, investors are looking for properties suited to the short-term holiday rental market to diversify their portfolio.’Network Auctions 10th October sale currently has two potential lots Toby says may be of interest to short-term let investors:4 Higher Tower Toad, Newquay, Cornwall, offers an investor an instant income as the property, a double-fronted freehold of 4 x 1 bedroom flats with parking, guide: £330-340,000, is currently let on ASTs producing £21,060 per annum. On Airbnb, properties in the location (Newquay town and Fistral beach), have daily rates starting at £50 up to £100 per night.59 Gladstone Road, Watford, Hertfordshire, (no surfing here) is a spacious 4-bedroom end terrace property guided at £390,000+ being sold on behalf of the executors. Located in Watford, close to the town centre, the house is 5 minutes to Junction station and the free tourist bus to Warner Bros. Harry Potter studio tour – the ideal family base for ‘Potter’ fans with similar properties in the area commanding a starting rent of £200 per night.Toby said, “Auction is the ideal place to pick up an Airbnb property – we sell unusual lots, but also strategically positioned properties that perhaps many people may overlook in a catalogue”.Network Auctions next ballroom sale is at 2pm, 10th October at The Westbury Mayfair Hotel, London. www.networkauctions.co.ukbuy-to-let investing Network Auctions airbnb auction Sheila Manchester short term lets Toby Limbrick September 18, 2019The NegotiatorOne commentJohn Socha, Orchard BMS Ltd Orchard BMS Ltd 18th September 2019 at 12:33 pmAirbnb is a blight on our neighbourhood.Rubbish not put in the bins, massively inconsiderate abandonment of cars on the pavement, inconsiderate parking, plague of rats from refuse not being placed in the inadequate bin provision, the list goes on.I am living in a neighbouring apartment, which my company owns and manages the common areas, whilst our home is being re-developed.We are dealing with self styled “property investors” who do not give a toss as long as the cash rolls in.Yes the owners are absentees.So is Airbnb a good thing?No, not if it is seen as an easy route to riches with no cost implications.Sadly, the squabble about Brexit, politicians have cancelled attention to everything else.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Winkworth share price jumps by 13% following upbeat full-year results

first_imgShares in Winkworth jumped by nearly 13% yesterday on the London Stock Exchange following the publication of its results for 2019.Although the firm admitted that last year was a ‘difficult period’ for its franchisees across London and the South of England, City investors hoovered up its stock, pushing the Winkworth share price from £1.41p to £1.50 in a matter of minutes following its full-year trading results.The highlight of these were increased market share which in London rose from 3.6% in 2018 to 4.2% last year putting it in second place for SSTC and in fifth place for new listings with just over 3% of the market.The company wouldn’t tell The Negotiator who the No.1 in London was ahead of its SSTC performance but looking at Rightmove data, it’s most likely to be Savills.Difficult marketBoth companies are operating in a very soft market; Winkworth says prices within prime central London are up to 20% lower than the 2014 peak and 10-15% down in outer London.But its branches outside London have seen a recent uptick in transactions as the Brexit logjam appeared to shift during the run up to the General Election.“Our professional network and robust model have led to further gains in market share and we look forward to welcoming new operators,” says Dominic Agace (left), CEO of Winkworth“At the start of 2020, new applications for both sales and lettings have risen sharply and, with borrowing rates remaining low and a more visible political agenda, we anticipate that these will translate into increased activity in coming months.”Read more about Winkworth.London Stock Exchange Dominic Agace winkworth January 16, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Winkworth share price jumps by 13% following upbeat full-year results previous nextAgencies & PeopleWinkworth share price jumps by 13% following upbeat full-year resultsCompany says that despite a difficult market during 2019 it has used the opportunity grab market share off competitors particularly in prime central London.Nigel Lewis16th January 20200977 Viewslast_img read more

Estate agency staff mourn sudden death of ‘thoughtful’ co-founder

first_imgHome » News » Agencies & People » Estate agency staff mourn sudden death of ‘thoughtful’ co-founder previous nextAgencies & PeopleEstate agency staff mourn sudden death of ‘thoughtful’ co-founderEmployees post moving tribute to their boss, 69-year old leading Herefordshire agent Gerard Flint.Nigel Lewis17th January 202002,092 Views Tributes have poured in for a prominent estate agent after he died suddenly aged 69.Gerard Flint (pictured below) set up Flint and Cook with Jonathan Cook in 1996 and was a qualified Chartered Surveyor and NAEA Propertymark member. Before establishing the business, he had been responsible for the Hereford and Bromyard branches of Lear & Lear, a large multi-office firm.The duo subsequently built up their firm, which today has three branches, into one of Herefordshire’s leading agencies employing 20 people.Following news of his death, staff at the company released a statement to local media, praising Flint for being ‘supportive and thoughtful’ as a boss with a ‘wicked sense of humour and an infectious giggle’.Estate agent“He has left a strong, close knit team in which he and his partner, Jonathan, have instilled a strong work ethic and a commitment to continue offering our clients the professional, approachable and friendly service that Flint & Cook are well known for.“Gerard was beyond passionate about Flint & Cook, and it was due to his endless enthusiasm and drive that saw us move to our prestigious new offices at No 22 Broad Street [in Hereford].“He was equally well known in Hereford and Bromyard as a quiet and considerate man who always offered his clients a valued service.”Flint & Cook Gerard Flint NAEA January 17, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

USS Abraham Lincoln Participates in Damage Control Olympics

first_imgBack to overview,Home naval-today USS Abraham Lincoln Participates in Damage Control Olympics USS Abraham Lincoln Participates in Damage Control Olympics View post tag: News by topic Training & Education Sailors assigned to the Nimitz-class aircraft carrier USS Abraham Lincoln (CVN 72) participated in a Damage Control (DC) Olympics while the ship was underway, May 25.The DC Olympics is a practical training competition pitting the ship’s 10 repair lockers against each other in a host of contests to test their DC knowledge and their physical skills.“The DC Olympics gives Sailors the opportunity to handle damage control situations under pressure and to actually hold a 150 psi hose in their hand and see how tired they can get quickly,” said Cmdr. Kenneth Belkofer, Lincoln’s damage control assistant. “It also puts them under a stressful situation where they have to put on a firefighting ensemble and experience how long it can take to put that gear on.”Belkofer said the event allowed Sailors to demonstrate their knowledge of general damage control equipment and several fire extinguishing systems, from aqueous film forming foam (AFFF) to other fixed firefighting systems. The Olympics also provided Sailors with opportunities to work in teams.The competition consisted of multiple relay races, such as advanced protective chemical gear dress out, fire fighting ensemble dress out, hose handling on the flight deck and AFFF stations.The Reactor division team representing Repair Locker 5 won the overall shipboard competition. For their efforts, the victorious locker received a plaque along with head of the line passes for chow, the ship’s store and the liberty brow for the ship’s next port visit.“It’s fun and it’s good training for the overall crew,” said Hospital Corpsman 2nd Class Anthony Castille. “It helps us have more fun doing the training evolutions rather than just looking at it as work. It helps keep people more active, and it will get other people to try different things rather than being restricted to one task.”Aviation Maintenance Administrationman 3rd Class Bryant Guest said the event reinforced mission readiness, preparation, fun and a feeling of purpose in the participants.“I had a great time,” said Guest. “We train to make sure, should an actual casualty occur, that our shipmates are prepared, that they know what to do and that they are going to have each other’s backs.”Lincoln is currently deployed with Carrier Strike Group (CSG) 9, which also includes embarked Carrier Air Wing (CVW) 2, the guided-missile cruiser USS Cape St. George (CG 71), and Destroyer Squadron 9, comprised of guided-missile destroyers USS Momsen (DDG 92) and USS Sterett (DDG 104). CSG 9 is deployed to the U.S. 5th Fleet area of responsibility conducting maritime security operations, theater security cooperation efforts and combat flight operations in support of Operation Enduring Freedom.[mappress]Naval Today Staff, May 30, 2012; Image: navy View post tag: control View post tag: Lincoln View post tag: Abraham View post tag: Navalcenter_img View post tag: Damage View post tag: Olympics View post tag: Navy Share this article View post tag: Participates May 30, 2012 View post tag: USSlast_img read more