Latest news with #Block1
Yahoo
30-07-2025
- Business
- Yahoo
Eco (Atlantic) Oil and Gas Ltd. Announces Audited Results for the Year Ended 31 March 2025
Audited Results for the Year Ended 31 March 2025 and Operational Update TORONTO, ON / / July 30, 2025 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its audited results for the year ended 31 March 2025. Highlights: Financials (as at 31 March 2025) The Company had cash and cash equivalents of US$4.7 million and no debt as at 31 March 2025. The Company had total assets of US$21.6 million, total liabilities of US$1.2 million and total equity of US$20.4 million as at 31 March 2025. Post-period end Following completion of the Block 3B/4B farm-down offshore South Africa in 2024, Eco has received an initial milestone payment of US$8.3 million from its JV partners in August 2024. An additional US$11.5 million in two tranches is expected between Q4 2025 and Q2 2026 under the terms of the same agreement upon Environmental Impact Assessment and spudding of a first well. Operations: South Africa South Africa Portfolio Rationalisation -on December 11, 2024 the Petroleum Agency South Africa(PASA) confirmed Closure Certificate and full relinquishment of Block 2B in South Africa where Eco drilled the Gazania 1 well, previously announced June 5, 2024. Block 1 Post-period end On May 6, 2025 Eco completed the acquisition of Block 1's extensive subsurface data set from the PASA, which includes: Two 3D seismic surveys covering a combined 3,500 km² (2,000 km² and 1,500 km²), over 20,000 line kilometres of 2D seismic data and well logs from three past exploration wells drilled on the block. On June 5, 2024, Eco announced acquisition of a 75% interest in Block 1 Offshore South Africa Orange Basin; with the governmental title award and the Exploration Right and Operatorship having been received on June 4, 2025. Eco's G&G team is busy preparing the seismic interpretation and targets selection and the Company is planning to open a farm out process and data room in Q3 2025. Block 3B/4B Environmental Authorization was granted by the Department of Mineral Resources and Energy for the Republic of South Africa on September 16, 2024. The legislative notification and appeals process was carried out with the relevant regulatory agencies and the Block JV Partners await imminent final Minister decision on the Environmental Authorisation. August 28, 2024 Completion of a previously announced farmout agreement in which the Company reduced its interest in Block 3B/4B by 13.75%, after receipt of therequisite regulatory approvals (Section 11) from the government of South Africa. On completion Eco received an aggregate of $8.3 million. Further details can be found in the South Africa section below. On January 13, 2025 completion of previously announced July 29, 2024,transaction with Africa Oil for the sale of a 1% Participating Interest in Block 3B/4B,including the associated Exploration Right and Joint Operating Agreement rights in return for a full cancellation of Africa Oil's shares and warrants held in Eco (amount to ~16% of the Company's issued capital). Namibia In August 2024, the Company purchased the license to 1,324 km of existing 2D seismic survey in the Tamar Block area (PEL 100), technical evaluation and interpretation to define additional seismic acquisition areas within the Block, along with new leads and prospects. A multi-block farmout process remains underway for all or part of Eco's four offshore Petroleum Exploration Licences ("PEL"): 97, 98, 99, and 100. Eco holds Operatorship and an 85% Working Interest in each PEL representing a combined area of 28,593 km2 in the Walvis Basin. Guyana An active farmout process continues for the offshore Orinduik Block. Eco was encouraged to note the recent news from neighbouring Stabroek block, where the Operator ExxonMobil is planning for a seventh development at the Hammerhead discovery. Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: "The year to 31 March 2025 was highly active and saw Eco deliver progress across its existing portfolio, in addition to the Company adding new and exciting exploration assets into the fold. In South Africa, we continue to work with our Joint Venture Partners on Block 3B/4B, in order to undertake a drilling campaign as soon as is practically possible. We are currently awaiting the final environmental permits from the South African government agencies and will update our stakeholders on the likely timings in due course. On Block 1,we have already received early, informal, interest from a number of parties and we plan to launch a formal farm out process towards the end of August 2025. We have acquired all existing 3D and 2D seismic surveys previously shot on the block and we are busy with the initial interpretation, including the mapping of all oil and gas targets and leads. The Orange Basin has become one of the most attractive exploration destinations for global oil and gas companies, so we are excited about what the future has in store for Block 3B/4B and Block 1. Guyana continues to be one of the most prolific hydrocarbon regions in the world, and our farm-out process for the Orinduik Block remains ongoing, including a reassessment by our team of the Jethro discovery parameters. The remainder of 2025 and into 2026 has the potential to be a highly exciting period for Eco. We have farm-out processes underway, data analysis ongoing and a drilling campaign to plan for. All of which has the potential to deliver significant value for all of Eco's stakeholders in due course." The Company's audited financial statement for the year ended 31 March 2025 is available for download on the Company's website at and on Sedar at The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated. Balance Sheet March 31, 2025 2024 Assets Current Assets Cash and cash equivalents 4,726,152 2,967,005 Short-term investments 69,676 13,107 Government receivable 58,933 26,970 Amounts owing by license partners 206,818 49,578 Accounts receivable and prepaid expenses 54,550 38,539 Total Current Assets 5,116,129 3,095,199 Non- Current Assets Petroleum and natural gas licenses 16,447,274 28,168,439 Total Non-Current Assets 16,447,274 28,168,439 Total Assets 21,563,403 31,263,638 Liabilities Current Liabilities Accounts payable and accrued liabilities 1,178,785 1,163,546 Advances from and amounts owing to license partners - 81,952 Total Current Liabilities 1,178,785 1,245,498 Total Liabilities 1,178,785 1,245,498 Equity Share capital 107,129,936 122,088,498 Restricted Share Units reserve 1,038,722 920,653 Warrants 10,600,927 14,778,272 Stock options 3,209,329 2,900,501 Foreign currency translation reserve (1,527,171 ) (1,568,469 ) Accumulated deficit (100,067,125 ) (109,101,315 ) Total Equity 20,384,618 30,018,140 Total Liabilities and Equity 21,563,403 31,263,638 Income Statement Year ended March 31, 2025 2024 Operating expenses (gains): Compensation costs 1,230,813 851,068 Professional fees 540,221 589,810 Operating costs, net 2,816,892 2,662,347 Gain on farm-out (3,395,582 ) - General and administrative costs 708,805 658,443 Share-based compensation 426,897 95,695 Interest income (92,074 ) (1,708 ) Foreign exchange loss (gain) 41,577 (14,354 ) Operating loss (2,277,549 ) (4,841,301 ) Other Non-Operating Charges and Write-downs Gain on settlement of liability - 299,360 Fair value change in warrant liability - 261,720 Write down of investment in associate - (8,612,267 ) Write down of license - (8,782,105 ) Net loss for the year, before taxes (2,277,549 ) (21,674,593 ) Tax recovery - 536,694 Net loss for the year, after taxes (2,277,549 ) (21,137,899 ) Foreign currency translation adjustment 41,298 (109,760 ) Comprehensive loss for the year (2,236,251 ) (21,247,659 ) Basic and diluted net loss per share: (0.006 ) (0.059 ) Weighted average number of ordinary shares used in computing basic and diluted net loss per share 358,131,654 369,287,447 Cash Flow Statement Year ended March 31, 2025 2024 Cash flow from operating activities Net loss from operations (2,277,549 ) (21,137,899 ) Items not affecting cash: Share-based compensation 426,897 95,695 Fair value change in warrant liability - (261,720 ) Write down of equity investment - 8,612,267 Write down of license - 8,782,105 Gain on farm-out (3,395,582 ) - Changes in non-cash working capital: Government receivable (31,963 ) (4,476 ) Accounts payable and accrued liabilities 15,239 (3,134,252 ) Accounts receivable and prepaid expenses (16,011 ) 1,490,912 Advance from and amounts owing to license partners (239,192 ) 223,399 Cash flow from operating activities (5,518,161 ) (5,333,969 ) Cash flow from investing activities Short-term investments (56,569 ) - Acquisition of interest in property (150,000 ) - Acquisition of Orinduik BV (*) - (700,000 ) Proceeds from Block 3B/4B farm-out 7,442,579 5,000,000 Cash flow from investing activities 7,236,010 4,300,000 Increase (decrease) in cash and cash equivalents 1,717,849 (1,033,969 ) Foreign exchange differences 41,298 (109,760 ) Cash and cash equivalents, beginning of year 2,967,005 4,110,734 Cash and cash equivalents, end of year 4,726,152 2,967,005 ENDS For more information, please visit or contact the following. Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20 8434 2754 Gil Holzman, Chief Executive Officer Colin Kinley, Chief Operating Officer Alice Carroll, Head of Corporate Sustainability Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James Harris James Bellman Edward Foulkes Berenberg (Broker) +44 (0) 20 3207 7800 Matthew Armitt Ciaran Walsh Detlir Elezi Celicourt (PR) +44 (0) 20 7770 6424 Mark Antelme Jimmy Lea Charles Denley-Myerson About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Ecoaims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure. Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin. Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1, in the Orange Basin, totalling approximately 37,510km2. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking StatementsCertain information set forth in this document contains forward-looking information and statements including, without limitation, management's business strategy, and management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, including successful negotiation of farm-in agreement, results of exploration as proposed or at all. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include risks and uncertainties identified under the headings "Risk Factors" in the Company's annual information form dated July 29, 2024 and other disclosure documents available on the Company's profile on SEDAR+ at The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Eco (Atlantic) Oil and Gas Ltd. View the original press release on ACCESS Newswire
See - Sada Elbalad
13-07-2025
- Business
- See - Sada Elbalad
Angola Discovers Major Offshore Gas Reserves in Historic Drilling Milestone
Taarek Refaat Angola has made a significant breakthrough in its energy sector with the discovery of substantial natural gas reserves off its coast, marking a historic moment in the country's exploration efforts. The National Oil, Gas and Biofuels Agency (ANPG) announced late Friday that Azule Energy—a joint venture between BP and Eni in Angola—successfully drilled the country's first dedicated gas exploration well, named Gajajeira-01, in the Lower Congo Basin. Preliminary estimates suggest the well contains more than 1 trillion cubic feet of gas and up to 100 million barrels of condensates, positioning Angola for a potential leap in natural gas production. 'This is a historic moment for gas exploration in Angola,' said Adriano Mongini, CEO of Azule Energy, in a joint statement. 'The success of the Gajajeira-01 well strengthens our confidence in the untapped potential of the Lower Congo Basin.' A New Frontier for Angola's Gas Ambitions The discovery was made in Block 1/14, operated by Azule Energy, which holds a 35% stake. Its consortium partners include Equinor (30%), Sonangol E&P (25%), Acrep, a private Angolan firm (10%) This is the first exploration well in Angola drilled specifically for natural gas, as the country historically focused on oil production. The discovery is expected to diversify Angola's hydrocarbon output and could enhance its long-term energy security and export potential. The gas find comes at a time when Angola is seeking to revamp its energy strategy following its 2023 withdrawal from OPEC. While the government has pledged to maintain oil production levels, it is increasingly looking toward natural gas as a complementary resource to fuel economic growth, power generation, and potentially liquefied natural gas (LNG) exports. Analysts suggest that Angola could become a regional gas hub in the coming decade, particularly if further discoveries follow in the Lower Congo and Kwanza basins. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Yahoo
04-06-2025
- Business
- Yahoo
Eco (Atlantic) Oil and Gas Ltd. Announces Exploration Right & 75% Interest in Block 1
Eco Atlantic Secures Exploration Right and Transfer of 75% Interest in Block 1 - South Africa's Orange Basin TORONTO, ON / / June 4, 2025 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), a leading independent oil and gas exploration company focused on the Atlantic Margin, is pleased to announce that, further to the Farm-In Agreement announced on 5 June 2024, formal approval has been received from the South Africa Department of Mineral and Petroleum Resources for both the Exploration Right and Section 11 transfer. Accordingly, Eco has now secured a 75% Working Interest and full Operatorship of Block 1 offshore South Africa - one of the most strategically positioned assets in the highly prospective Orange Basin. The Section 11 approval was the final condition precedent to establishing full legal transfer of Eco's working interest in Block 1 from Tosaco Energy (Proprietary) Limited ("Tosaco"), and the associated milestone payment has been made by Eco. This acquisition, completed through Eco's wholly owned subsidiary Azinam South Africa Limited ("Azinam"), significantly expands the Company's Southern African Orange Basin footprint and positions it as a key Operator at the forefront of one of the world's most active and hydrocarbon-rich basins. The remaining 25% interest is held by Tosaco. Block 1, which spans a vast 19,929km², straddles the border between South Africa and Namibia - directly adjacent to recent world-class discoveries by Galp Energia (Mopane), Shell (Graff, La Rona), TotalEnergies (Venus), Rhino Resources (Capricornus-1X), and the legacy Kudu Gas Field. The block offers full margin transect coverage from the shoreline to deepwater (shore to 263km offshore, in water depths up to 1,000m), encompassing both shallow and deepwater exploration potential. As previously announced, Eco has already acquired and is analyzing an extensive and high-quality dataset, including both 2D and 3D seismic surveys and regional well logs. The block includes the historic Soekor AF-1 gas discovery, which tested at 32.4 MMscfd, and Soekor AE-1, which encountered oil and gas shows which provides clear evidence of an active petroleum system. The Company anticipates launching a formal farm-out process in respect of its interest in Block 1 in August 2025, with respect to which further updates will be provided in due course. Block Summary: Area: 19,929km² offshore South Africa Location: Strategically positioned on the South Africa-Namibia maritime border Extent: From shoreline to ~263km offshore, covering the full margin transect Geological Scope: Broad spectrum of shallow and deepwater oil and gas prospects Water Depths: Shallow shelf to deepwater environments up to 1,000 meters Proven Petroleum System: Adjacent and geologically analogous to multiple recent discoveries: Galp Energia - Mopane, Shell - Graff and La Rona, TotalEnergies - Venus, Rhino Resources - Capricornus-1X (light oil), Historic Soekor Discoveries - AF-1 (32.4 MMscfd gas test) and AE-1 (oil and gas shows), Kudu Gas Field Eco Atlantic remains committed to disciplined, value-driven exploration. With a strong technical foundation, entrepreneurial execution, and an unwavering focus on high-impact opportunities, it continues to position itself as a trusted partner in unlocking frontier basins and delivering long-term shareholder value. The Company has established itself well in Namibia with four Blocks currently being reviewed by international players to farm-in and has a near term drilling opportunity in Guyana that it is currently negotiating with partners to participate in the block. Gil Holzman, Co-Founder and CEO of Eco Atlantic, commented: "As the Orange Basin continues to demonstrate its world-class hydrocarbon proof and potential, Eco's executive team has worked relentlessly over the past 18 months to secure a premier asset on the South African side of the basin. With the successful approval and execution of the Exploration Right and 75% Working Interest award, we are proud to have secured one of the largest and prospective blocks in the entire basin with a known hydrocarbon footprint - Block 1 - located directly on the South Africa-Namibia maritime border. Block 1 adds to our portfolio in the Orange basin which also includes Block 3B/4B operated by TotalEnergies. "We are grateful for the productive collaboration with the Government of South Africa and its key agencies, particularly our valued partners at the Petroleum Agency South Africa ("PASA"). I was honoured to attend the signing ceremony yesterday at PASA's offices in Cape Town. This milestone reflects the dedication and strategic focus of our leadership team in securing an asset with existing hydrocarbon evidence and significant upside potential and aligning with our strategy to partner directly with governments to secure agreements in high potential secure jurisdictions and to lay groundwork for future partnerships. "Our technical team has already begun analysing the extensive, high-quality 2D and 3D seismic, and well logs data, which materially accelerates our path to drilling while reducing early-stage exploration costs and timelines. The block's prior discoveries, including tested gas flows and oil shows, confirm the presence of an active petroleum system. "Initial interpretation is underway, and we are in the process of delineating early leads to develop the exploration strategy. We are already seeing significant inbound interests from international oil companies and mid-tier partners. As a result, we anticipate launching a formal farm-out process in August with further updates to follow in due course." ENDS For more information, please visit or contact the following. Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20 8434 2754 Gil Holzman, Chief Executive OfficerColin Kinley, Chief Operating OfficerAlice Carroll, Head of Corporate Sustainability Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James HarrisJames Bellman Berenberg (Broker) +44 (0) 20 3207 7800 Matthew ArmittCiaran WalshDetlir Elezi Celicourt (PR) +44 (0) 20 7770 6424 Mark AntelmeJimmy LeaCharles Denley-Myerson About Eco Atlantic: Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure. Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin. Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1, in the Orange Basin, totalling approximately 37,510km2. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements Certain information set forth in this document contains forward-looking information and statements including, without limitation, management's business strategy, and management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, including successful negotiation of farm-in agreement, results of exploration as proposed or at all. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include risks and uncertainties identified under the headings "Risk Factors" in the Company's annual information form dated July 29, 2024 and other disclosure documents available on the Company's profile on SEDAR+ at The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Eco (Atlantic) Oil and Gas Ltd. View the original press release on ACCESS Newswire
The Sun
15-05-2025
- Business
- The Sun
Petronas, partners sign new PSC for Turkmenistan gas block
PETALING JAYA: National oil company Petroliam Nasional Bhd (Petronas), Abu Dhabi-based energy investment company XRG, Turkmenistan state enterprise Hazarnebit and the national oil company of Turkmenistan, state concern Turkmennebit, have signed a new production sharing contract for the Block 1 gas and condensate fields in Turkmenistan. As part of the transaction, a long-term gas sales agreement was also signed with state concern Turkmengas, the national gas company of Turkmenistan, Petronas said in a statement. Under the terms of the PSC, Petronas will hold 57% participating interest as the operator, XRG 38% and Hazarnebit the remaining 5%. Located in the Caspian Sea, the Block 1 concession currently produces about 400 million cubic feet of natural gas per day. It offers significant long-term potential, with access to over 7 trillion cubic feet of natural gas resources and future opportunities for production capacity expansion. The collaboration supports Turkmenistan's efforts to ensure energy supply stability and export diversification while delivering sustainable growth and economic value to all parties amid rising regional and global demand for natural gas. Petronas executive vice-president and CEO of Upstream Mohd Jukris Abdul Wahab said as the first international operator in Turkmenistan's energy sector close to three decades ago, this milestone reinforces the company's presence and signifies its continued expansion in the upstream sector. 'We are privileged to contribute to the ongoing advancement of the nation's energy industry and remain committed to fostering long-term partnerships with XRG, Hazarnebit, Turkmennebit and Turkmengas.' he added. XRG president, international gas, Mohamed Al Aryani stated, 'This agreement marks an important milestone in XRG's global growth strategy and builds on the strengthening relationship between the UAE and Turkmenistan. 'It strengthens XRG's presence in the Caspian region, expands our resource base, and reflects our ambition to be a reliable supplier of cleaner energy to meet the world's evolving needs. 'By deepening our partnership with Petronas, Turkmennebit and Turkmengas, we are advancing energy security and economic development while creating long-term value for all stakeholders,' he said. Petronas has been in Turkmenistan since 1996 and is currently the operator for Block 1 and the Gas Treatment Plant and Onshore Gas Terminal in Kiyanly.
Yahoo
01-05-2025
- Yahoo
PRsM Ballistic Missiles Loaded With Coyote Drones, Hatchet Mini Smart Bombs Eyed By Army
Future versions of the Precision Strike Missile (PrSM) short-range ballistic missile for the U.S. Army could carry Coyote drones or Hatchet miniature glide bombs, according to Lockheed Martin. The Army has previously talked about potentially loading PrSMs with swarming munitions and other 'enhanced' payloads, but without providing more specific details. Becky Withrow, director of strategy and business development at Lockheed Martin, talked about future payload and other aspects of the PrSM program with TWZ's Howard Altman on the floor of the annual Modern Day Marine exposition yesterday. The Army is currently in the process of fielding PrSM, but versions of the missile could also be of interest to the Marine Corps. The Army has so far outlined plans for four incremental PrSM developments on top of the baseline Increment 1 missiles. Increment 2 is centered on the development of a new dual seeker system that enables the engagement of moving targets on land or at sea. Increment 4 is about increasing PrSM's range from just under 310 miles (500 kilometers) to 620 miles (1,000 kilometers), and Increment 5 aims to extend that reach even further. Increment 3, which the Army now envisions as coming after Increment 4, is about 'enhanced lethality.' For Increment 3, the Army 'will put a different warhead in there,' Lockheed Martin's Withrow explained. 'They have yet to decide. It's still in the S&T [science and technology] community. So they're looking at various warhead options.' 'I know they've looked at things like Coyote, they've looked at Hatchet, things like that,' Withrow added, stressing that she was not aware of any final decision having been made. Withrow did not specify what version of Coyote might go into a future Increment 3 PrSM. Manufacturer Raytheon has publicly shown three members of the Coyote family to date: the original electric motor-driven pusher propeller design with its pop-out wings and tails (now known as Block 1), the jet-powered Block 2 counter-drone interceptor, and the Coyote LE SR (Launched Effect, Short-Range), another jet-powered type previously known as Block 3. Block 1 and 3 Coyotes are modular in design and can be configured in multiple ways, including as loitering munitions, as well as to perform reconnaissance and surveillance, electronic warfare, and other missions. The Army has previously released a graphic, seen below, depicting a PrSM releasing drones with some broad visual similarities to the Coyote Block 1. Earlier this year, Raytheon announced successful tests of Coyote LE SRs from a Bell 407 helicopter and a Bradley Fighting Vehicle – the latter of which TWZ was first to report on – and has described that version as being designed to be 'platform and payload-agnostic.' Hatchet is a roughly six-pound precision glide bomb that can be fitted with a dual-mode GPS-assisted inertial navigation system (INS) and semi-active laser guidance package. Laser guidance allows for the engagement of moving targets as long as they can be lazed either by the launching platform or another offboard source. Manufacturer Northrop Grumman has said that other terminal guidance options, including electro-optical/infrared seekers with automated target recognition capability, could also be in Hatchet's future. Northrop Grumman also claims that the advanced design of Hatchet's three-pound warhead makes it 50 to 80 percent as lethal as a 500-pound-class bomb, depending on the target type. Point-detonating, delayed, and air-bursting fuze options are available. A single PrSM carrying a load of small precision munitions like Hatchet would give the Army the ability to strike multiple targets by launching just one missile. If the missile could release its submunitions at multiple points along its flight trajectory, it would expand the total area in which targets could be prosecuted. A group of GPS/INS-guided munitions like Hatchet could be pre-programmed to hit specific points over a wide area, but at a set distance apart in a grid, offering coverage akin to that a cluster munitions. The functional range of any version of PrSM could be extended by loading it with powered submunitions like Coyote, which could then fly further on their target areas after release. Swarms of loitering munitions could also use their endurance hunt targets autonomously after being launched into areas where enemy forces are broadly known to exist, but their exact positions are unknown. An Increment 3 PrSM might be used to rapidly 'seed' parts of the battlefield with loitering munitions as an area denial tactic, as well. A swarm could include drones configured for other missions, including electronic warfare and reconnaissance. Increment 3 PrSMs carrying various types of precision munitions could be particularly useful in suppressing or destroying enemy air defenses, especially mobile systems that might otherwise be hard to find and fix. The idea of using ground-based artillery and other indirect fire capabilities as tools to help clear paths for friendly aircraft is hardly new to the Army. The service has also put forward the idea of using high-altitude balloons to deploy swarms of loitering munitions deep inside enemy-controlled territory. Overall, an Increment 3 would offer a highly survivable delivery system for deploying swarming payloads deep into contested or denied areas. Multiple wargames, including ones conducted under the auspices of the U.S. military, have offered significant evidence that swarms of relatively cheap networked drones with high degrees of autonomy, including ones configured as loitering munitions, could have game-changing impacts in future high-end conflicts. With all this in mind, it is also interesting to note that China's Guangdong Aerodynamic Research Academy (GARA) unveiled a concept for an unpowered hypersonic boost-glide weapon loaded with different types of submunitions, including supersonic missiles and drones, at last year's Zhuhai Airshow. You can read more about the GDF-600 here. GDF-600 hypersonic vehicle with cluster submunitions from Gara. Launch mass 5000 kg, payload 1200 kg. Speed up to Mach 7, range 200-600 km, maximum trajectory altitude up to 40 km. 1/n#ChinaAirshow2024 — Michael Jerdev (@MuxelAero) November 10, 2024 At the same time, it is important to note that launching submunitions from a ballistic missile that could be traveling at high supersonic, if not hypersonic speeds (defined as anything above Mach 5), presents challenges. This is primarily due to physical and thermal stresses, especially at the time of separation. More fragile payloads designed to travel at subsonic speeds, like drones, would also require some means of safely slowing down after their initial release. Maneuvers that bleed off energy prior to release could help mitigate these issues, as well. This all may help explain why PrSM's Increment 3 now comes after Increment 4. Regardless, the Army is clearly still interested in the additional capabilities that a PrSM loaded with precision munitions or drones could offer, and we now know the service has been looking at Coyote and Hatchet specifically as potential options. Contact the author: joe@
