Plans for a pre-school and play area to be built next to Stramore National School has been given the green light.In welcoming the announcement, Education Minister Joe McHugh says; ‘This is a first class sign of a school community looking to see how they can do more for the people living locally”.Planning permission has been granted by Donegal County Council for a new standalone building to house the pre-school as well as a play area.Minister McHugh said says he is looking forward to working with Stramore NS to progress the project and he hopes to have discussions with Roinn na Gaeltachta in the coming weeks about it. Twitter Facebook Previous articleMain Evening News, Sport, Nuacht and Obituaries Friday July 12thNext articleDerry and UCD play out scoreless draw at the Brandywell News Highland Important message for people attending LUH’s INR clinic Pinterest Facebook RELATED ARTICLESMORE FROM AUTHOR Homepage BannerNews Google+ Loganair’s new Derry – Liverpool air service takes off from CODA Stramore NS to get new pre-school and play area Google+ WhatsApp WhatsApp Pinterest DL Debate – 24/05/21 Arranmore progress and potential flagged as population grows Twitter By News Highland – July 12, 2019 News, Sport and Obituaries on Monday May 24th Nine til Noon Show – Listen back to Monday’s Programme
The combined firm will have a production capacity of 558,000 barrels of oil equivalent per day (Credit: Pixabay/skeeze) Pioneer Natural Resources has agreed to acquire rival US shale producer Parsley Energy in an all-stock deal valued at around $7.6bn, including debt.It is the second major consolidation in the US shale patch this week, following ConocoPhillips’ acquisition of Concho Resources in a deal worth $9.8bn.Established in 2008, Parsley Energy is and exploration and production company focused on unconventional oil and gas reserves in the Permian Basin, which spans Texas and New Mexico. The acquisition is the latest in a wave of consolidations sweeping across the US shale industry Why Pioneer Natural Resources is acquiring Parsley EnergyParsley Energy’s combination with Pioneer Natural Resources will create a major independent producer in the Permian Basin.The combined firm will have an asset base of nearly 930,000 net acres with no federal acreage. As of the second quarter of this year, the enlarged company will have a production base of 328,000 barrels of oil per day and 558,000 barrels oil equivalent per day (boepd).According to Pioneer Natural Resources, the acquisition will boost its proved reserves by nearly 65%.The merger of the two Texas-based oil and gas firms is also expected to generate about $325m in annual cost savings via operational efficiencies and reductions in general, administrative and interest expenses.Pioneer Natural Resources president and CEO Scott Sheffield said: “This transaction creates an unmatched independent energy company by combining two complementary and premier Permian assets, further strengthening Pioneer’s leadership position within the upstream energy sector.“Parsley’s high-quality portfolio in both the Midland and Delaware Basins, when added to Pioneer’s peer-leading asset base, will transform the investing landscape by creating a company of unique scale and quality that results in tangible and durable value for investors.”Under the agreement, Parsley Energy’s shares will be exchanged for 0.1252 shares of Pioneer Natural Resources, in a deal that values the former at around $4.5bn excluding its debt, which Pioneer will assume.Parsley Energy president and CEO Matt Gallagher added: “With neighbouring acreage positions located entirely in the low-cost, high-margin Permian Basin, the industrial logic of this transaction is sound.“Furthermore, the Pioneer team shares our belief that a clear returns-focused mindset is the best tool to compete for capital within the broader market.“Sustainable free cash flow and growing return of capital are now investment prerequisites for the energy sector, and this combination strengthens those paths for our shareholders.”The deal, which is subject to meeting of customary closing conditions, regulatory approvals, and shareholder approvals, is expected to be completed in the first quarter of 2021.Earlier this year, Pioneer Natural Resources said it will slash its 2020 capital budget of $3bn-$3.3bn by nearly 45% due to lower oil prices and global financial uncertainty amid the coronavirus pandemic.