Chesapeake Energy sells Utica Shale stake to Encino Acquisition Partners

Published by Nicholas Woodroof, Editor
Oilfield Technology, Friday, 27 July 2018 14:30

Chesapeake Energy Corp. has entered into an agreement to sell its interests in the Utica Shale operating area located in Ohio, US, for approximately US$2 billion to Encino Acquisition Partners, a private oil and gas company headquartered in Houston, Texas, US.

The transaction, which is subject to certain customary closing conditions, including the receipt of third-party consents, is expected to close in 4Q18.

The purchase price includes a US$100 million contingent payment based on future natural gas prices and is subject to adjustment for certain customary items at or following closing.

Chesapeake intends to use the anticipated net proceeds to reduce debt.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27072018/chesapeake-energy-sells-utica-shale-stake-to-encino-acquisition-partners/

Velesto secures PTTEP drilling contract for NAGA 5 in 2025-26 campaign

Tuesday 01 July 2025 11:00

Under the contract, Velesto will assign NAGA 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025.

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