On Wednesday, Shares of VAALCO Energy, Inc. (NYSE:EGY), lost -6.90% to $1.89.
VAALCO Energy, declared that the North Tchibala 1-H well, the first development well drilled by VAALCO in the North Tchibala field, was brought online at a rate slightly in excess of 3,000 gross barrels of oil per day (about 750 barrels per day net revenue interest to VAALCO). The well was drilled to a measured depth of about 11,160 feet, targeting the undeveloped Dentale reservoir. The Dentale formation is productive in fields onshore Gabon, but this well represents the first Dentale production for the industry from that horizon in the offshore waters of Gabon.
The North Tchibala 1-H well was initially brought on production utilizing an electrical submersible pump (ESP), but was subsequently allowed to produce naturally. The well is not producing any formation water or hydrogen sulfide (H2S) and has a strong flowing tubing pressure in excess of 1,000 PSI. VAALCO plans to continue to produce the well without artificial lift while monitoring surface and downhole pressures.
This is the second well drilled and placed on production at VAALCO’s new Southeast Etame/North Tchibala (SEENT) platform located in about 260 feet of water offshore Gabon. VAALCO is the operator of the Etame Marin permit area and owns a 28.1% working interest and a 24.4% net revenue interest. The Transocean Constellation II jackup rig is mobilizing over to the Avouma/South Tchibala platform to conduct workover operations to replace ESPs on three existing development wells, two of which are off production.
VAALCO Energy, Inc., an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas in the United States. The company owns producing properties and conducts exploration activities as an operator of consortiums internationally in Gabon and Angola, in addition to conducts exploration activities as a non-operator in Equatorial Guinea, West Africa.
Shares of Depomed Inc (NASDAQ:DEPO), declined -0.37% to $24.09, during its last trading session.
Depomed, declared favorable decisions by the Patent Trial and Appeal Board (PTAB) of the United States Patent and Trademark Office that confirmed the patentability of all 23 claims of two Depomed patents (U.S. Patent Nos. 6,340,475 and 6,635,280) subject to inter partes review proceedings (IPRs) initiated by Endo Pharmaceuticals (Endo). This decision clears the way for Depomed to continue its patent infringement lawsuit against Endo related to OPANA ER.
Depomed’s patent infringement lawsuits in New Jersey Federal District Court alleging infringement of U.S. Patent Nos. 6,340,475 and 6,635,280 by Endo’s OPANA ER product and Purdue’s Oxycontin product have been stayed pending the outcome of the IPRs initiated by Endo and Purdue. In July 2015, Depomed declared the PTAB had confirmed the patentability of all 25 claims of the same patents in IPR challenges initiated by Purdue. Based on the PTAB’s final decisions against the IPR challenges initiated by Endo and Purdue, Depomed will request that the District Court lift the stay. Endo and Purdue will not be able to assert invalidity arguments based on preceding art they raised or could have raised in the IPRs.
Depomed, Inc., a specialty pharmaceutical company, develops products for pain and other central nervous system conditions in the United States. It offers Gralise (gabapentin), an once-daily product for the administration of postherpetic neuralgia; CAMBIA (diclofenac potassium for oral solution), a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks in adults; Zipsor (diclofenac potassium) liquid filled capsule, a non-steroidal anti-inflammatory drug for the treatment of mild to moderate acute pain in adults; and Lazanda (fentanyl) nasal spray, an intranasal fentanyl drug used to manage breakthrough pain in adults.
At the end of Wednesday’s trade, Shares of The Macerich Company (NYSE:MAC), gained 0.61% to $77.89.
Macerich (MAC) Plans Third Quarter 2015 Earnings Release, Earnings Results will be released after market close on Tuesday, October 27, 2015. Administration will hold a conference call at 10:30 am Pacific Time (1:30 pm Eastern Time) on Wednesday, October 28, 2015, to discuss quarterly results.
The Macerich Company is an independent real estate investment trust. The firm invests in the real estate markets of the United States. It primarily engages in acquisition, ownership, development, redevelopment, administration and leasing of regional and community shopping centers located throughout the United States.
Finally, CIT Group Inc. (NYSE:CIT), ended its last trade with -1.00% loss, and closed at $41.39.
While the commercial real estate sector continues to perform well, the question remains as to the impact a future interest rate improvement may have on the sector. Despite this or the potential of a commercial real estate bubble, partnering with a strong private equity sponsor is one of the things investors can do to better protect themselves against a system shock. These are some of the observations from Matt Galligan, President, CIT Real Estate Finance, a division of CIT Group Inc. (CIT), a leading provider of commercial lending and leasing services, in “Commercial Real Estate Financing Outlook” (www.cit.com/galligan), the latest piece of market intelligence in a series of in-depth CIT executive Q&As.
CIT Group Inc. operates as the holding company for CIT bank that provides commercial financing and leasing products; and a suite of savings options in the United States. Its Transportation & International Finance segment offers leasing and financing solutions to operators and suppliers in the aviation and railcar industries.
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