EPL paying $201.5 million for petroleum properties

NEW ORLEANS (AP) — Energy Partners Ltd. agreed Thursday to pay $201.5 million to buy producing oil and natural wells in the Gulf of Mexico

The New Orleans-based independent energy producer is acquiring the sites, located in the shallow water in the central Gulf of Mexico, from Anglo-Suisse Offshore Partners, a privately held independent producer based in Houston.

EPL said the wells are currently producing about 3,000 barrels of oil equivalent per day, about 92 percent of which is oil. The properties are in the vicinity of EPL's core operations in the South Timbalier and East Bay regions off the southeastern Louisiana coast.

EPL chief executive Gary Hanna said his company reviewed many possible acquisitions and settled on Thursday's deal "allows us to conservatively leverage our currently debt-free balance sheet." The purchase "fits perfectly" with EPL's other properties, Hanna said.

In 2009, EPL underwent bankruptcy reorganization after it was hit by sharply lower petroleum prices, production interruptions stemming from hurricane damage, the collapse of credit markets and debt problems. Read more

The new MMHE MD CEO

KUALA LUMPUR: The managing director and chief executive officer (CEO) of Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) Wan Yusoff bin Wan Hamat is resigning with effect from Feb 1.

A company statement said on Friday, Jan 14 that he will take up a new appointment within the Petroliam Nasional Bhd group (Petronas) where he will heading a major project development in Malaysia.

Taking over from Wan Yusoff is an executive committee member of Technip, Dominique de Soras, who is'' an executive committee member of Technip, the strategic investor of MMHEc that holds 8% of its issued share capital.

'The appointment was approved by the board in view of de Soras's technical credentials and extensive experience in the oil and gas industry, and to further support the collaboration between MMHE and Technip,' MMHE said.

Mr De Soras was a Technip Senior Vice President of the newly-created Subsea Division.

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