New Orleans-based Energy Partners Ltd. (EPL), which has been trying to avoid a takeover by Australian-based Woodside Petroleum Ltd. subsidiary ATS Inc., lowered its 3Q2006 production guidance, citing equipment delays and mechanical issues at its South Timbalier and Eugene Island leases. The mechanical and equipment issues have been resolved, and EPL expected output to reach about 30,000 boe/d earlier this month. EPL last month rejected the ATS takeover offer of about $883 million, or $23/share (see NGI, Sept. 18). The ATS offer has been extended to Oct. 20. ATS also is seeking to remove EPL’s board, and it is soliciting proxies from shareholders to vote against EPL’s proposed $2.2 billion acquisition of Lafayette, LA-based Stone Energy Corp. (see NGI, June 26).
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Energy Partners Cites Equipment Delays in Lower 3Q Guidance
New Orleans-based Energy Partners Ltd. (EPL), which has been trying to avoid a takeover by Australian-based Woodside Petroleum Ltd. subsidiary ATS Inc., on Monday lowered its 3Q2006 production guidance, citing equipment delays and mechanical issues at its South Timbalier and Eugene Island leases.
CA Offshore LNG Proponent Accused of Hurting Environment
Organized opposition is hardening toward a liquefied natural gas (LNG) receiving terminal proposed offshore Oxnard, CA. Australian resources giant BHP Billiton is the target of ire for allegedly lobbying its way around more stringent environmental restrictions, according to a report over the Labor Day weekend in the Los Angeles Times.
Woodside Bids for Energy Partners, Not Stone
Australian-based producer Woodside Exploration Ltd. formally launched an unsolicited bid for Energy Partners Ltd. (EPL) on Thursday, offering $880 million for the New Orleans-based producer. Woodside offered $23 for each outstanding share of EPL, contingent on EPL not completing its pending $1.4 billion merger with Stone Energy Corp. (see Daily GPI, Aug. 29).
Australian Terminal-lite CA LNG Project Files for Permits
Australian-based Woodside Natural Gas Inc. announced Friday that its has filed for federal and city permits to operate its proposed OceanWay liquefied natural gas (LNG) project. The project would regasify shipments aboard ship and send the supplies to shore via a 20-mile undersea pipeline to landfall near Los Angeles International Airport (LAX). Sempra Energy’s Southern California Gas Co. transmission pipeline system runs along the shore next to LAX.
Australian Terminal-lite CA LNG Project Files for Permits
Australian-based Woodside Natural Gas Inc. announced Friday that its has filed for federal and city permits to operate its proposed OceanWay liquefied natural gas (LNG) project. The project would regasify shipments aboard ship and send the supplies to shore via a 20-mile undersea pipeline to landfall near Los Angeles International Airport (LAX). Sempra Energy’s Southern California Gas Co. transmission pipeline system runs along the shore next to LAX.
Montana Balks, South Dakota Talks on NorthWestern, Babcock Plan
As FERC examines the proposed acquisition of NorthWestern Corp. by Australian-based Babcock & Brown Infrastructure Ltd. (BBI), Montana and South Dakota state representatives last Monday intervened with different agendas. Montana wants assurances that its retail utility customers will not end up paying for the purchase premium. South Dakota is seeking a 30-day extension to provide time for settlement negotiations with the companies.
Australian Terminal-lite CA LNG Project Files for Permits
Australian-based Woodside Natural Gas Inc. announced Friday that its has filed for federal and city permits to operate its proposed OceanWay liquefied natural gas (LNG) project. The project would regasify shipments aboard ship and send the supplies to shore via a 20-mile undersea pipeline to landfall near Los Angeles International Airport (LAX). Sempra Energy’s Southern California Gas Co. transmission pipeline system runs along the shore next to LAX.
Montana Balks, South Dakota Talks on NorthWestern, Babcock Plan
As FERC examines the proposed acquisition of NorthWestern Corp. by Australian-based Babcock & Brown Infrastructure Ltd. (BBI), Montana and South Dakota state representatives last Monday intervened with different agendas. Montana wants assurances that its retail utility customers will not end up paying for the purchase premium. North Dakota is seeking a 30-day extension to provide time for settlement negotiations with the companies.
NorthWestern CEO Sees ‘Business as Usual,’ Quick Sale Closing
Citing it as the “best value” of several competing offers, NorthWestern Energy’s CEO Wednesday predicted that the $2.2 billion sale to Australian-based Babcock & Brown Infrastructure (BBI) will put the South Dakota-based energy holding company in a stronger financial position, with local management operating in a “business as usual” fashion in a deal that should clear all regulatory hurdles quickly.
