Emergency services at scene of fire on Port Road, Letterkenny

first_img Pinterest News 75 positive cases of Covid confirmed in North Facebook Man arrested on suspicion of drugs and criminal property offences in Derry WhatsApp WhatsApp Twitter Emergency services at scene of fire on Port Road, Letterkenny Further drop in people receiving PUP in Donegal Previous articleMEP calls for Mauritius boycott as DPP defends police investigationNext article12 year old dies in incident on farm News Highland Facebookcenter_img Pinterest Google+ By News Highland – July 14, 2012 365 additional cases of Covid-19 in Republic There were serious tailbacks on roads into and out of Letterkenny for a time this afternoon as a result of a fire on the Port Road, between the Polestar and Dry Arch Roundabouts.Gardai say smoke is blowing away from the Main Road, they and the fire service are at the scene, and traffic is now moving freely again. Google+ Main Evening News, Sport and Obituaries Tuesday May 25th RELATED ARTICLESMORE FROM AUTHOR Twitter Gardai continue to investigate Kilmacrennan firelast_img read more

Reliance to sell Marcellus shale play assets to Northern for $250m

first_img The assets involved in the deal are operated currently by various affiliates of EQT. (Credit: rsvstks from FreeImages) Indian conglomerate Reliance Industries has agreed to sell its stake in certain upstream assets in the Marcellus shale play in the Appalachian Basin, US to Northern Oil and Gas for $250m.The consideration includes a cash component of $175m and issuance of warrants to Reliance Industries for enabling it to buy 3.25 million common shares of Northern Oil and Gas over the next seven years, at a price of $14 per share.Reliance Industries is selling the assets through its fully-owned subsidiary Reliance Marcellus.The assets involved in the deal are located in south-western Pennsylvania and are operated currently by various affiliates of EQT.As of 1 July 2020, the assets were producing nearly 120 million cubic feet of natural gas equivalent per day (MMcfe/d) of natural gas equivalents, net to Northern Oil and Gas’ ownership.In the current year, the Marcellus shale play assets are estimated to produce around 100-110MMcfe/d net to the Delaware-based firm.Northern Oil and Gas to add 102.2 net producing wellsThe total acreage to be gained by Northern Oil and Gas through the deal is nearly 64,000 net acres. Besides, the company to add around 102.2 net producing wells, nearly 22.6 net wells in process, and close to 231.1 net undrilled locations in the core of the Marcellus and Utica plays.Northern Oil and Gas expects the assets to provide unhedged cash flow of nearly $55-60m from operations during 2021 with its share of the estimated capital expenditure budget being $25-30m.Northern Oil and Gas CEO Nick O’Grady said: “Coupled with stable future development, these assets are expected to provide, at current strip prices, an average 18% free cash flow yield on the investment over a multiyear period.“With these estimates, Northern is expected to produce increased free cash flow providing opportunities for growth, shareholder returns, and continued deleveraging.”Subject to the meeting of customary closing conditions, the deal is expected to be completed in April 2021. The total acreage to be gained by Northern through the deal is nearly 64,000 net acreslast_img read more