Canada : Austral oilfield being sold to Canadian company.Byline: manish Manish is a common Indian name, derived from a Sanskrit word - "manishi" meaning "A scholar or an intellectual" Contrary to the popular belief , the name "Manish" is not composed of two words "man"(mana) which means Mind and "ish" which means God. 03 Troubled oil and gas explorer Austral aus·tral adj. Of, relating to, or coming from the south. [Latin austr  lis, from auster, austr-, south. Pacific Energy is being wound
down by receivers who are selling its oil-producing field to a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. company.
Austral was placed in receivership receivership In law, state of being in the hands of a receiver, a person appointed by the court to administer, conserve, rehabilitate, or liquidate the assets of an insolvent corporation for the protection or relief of creditors. by banker Investec in May after struggling to repay the $16.8 million it owed. It lost nearly $US44 million in trading last year. The receivers are in the process of selling its stake in the Cheal oil field in Taranaki Taranaki is a region in the west of New Zealand's North Island. It is named for the region's main geographical feature, Mount Taranaki. Geography and people Taranaki is situated on the west coast of the North Island, surrounding the volcanic peak. to Tag Oil, a Canadian firm that held just over 30% of the joint venture. Tag is paying $2 million in cash for the field, and an initial 25% royalty on oil sold, up to a certain volume. The joint receiver of Austral Pacific Energy, Paul Sargison from Gerry Rea Partners, says it's a good outcome for Austral. The sale now needs approval from the Ministry of Energy. Mr Sargison says the ministry has not indicated any likely hurdles to approval. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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