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Oil & Gas Round-Up: 13 November

13 November 2009

Preliminary swabbing operations from two of the four stages on the Craig 15-32H lateral well in Nighthawk Energy's (HAWK) Jolly Ranch project have produced in excess of 100 bopd, before commencement of sand frac operations. Two further vertical wells are being completed as producers after encountering significant hydrocarbons during drilling

Pantheon Resources (PANR) is planning a second attempt at drilling into the Austin Chalk on its Tyler County acreage in Texas, in January 2010. A first attempt at drilling the Vision Rice University #1 well in September had to be abandoned because of mechanical failures. Higher than expected reservoir pressures and the presence of an unconsolidated rubble zone were the main causes of the problems.

Europa Oil & Gas (EOG) has commenced drilling the main section of the Hykeham-1 exploration well, situated on the PEDL150 licence near Lincoln. The well is testing the potential for up to 20 million barrels of oil in place in two target horizons.

Nostra Terra Oil & Gas (NTOG) expects production operations to commence shortly at its Hoffman property in Kansas. The Hoffman property consists of 5 wells to be placed into production (of which 2 are currently plugged) and 1 salt water disposal well. Nostra Terra owns a maximum 25% working interest in the entire property.

Oilex (OEX) has reported that a drilling rig is on its way to the company’s contract area in the northern Timor Sea. The "Songa Mercur" drilling rig is scheduled to begin drilling on the licence in late November. It has been contracted for two wells plus an option for one additional well.

Tower Resources (TRP) has agreed the location of Avivi-1, its second exploration well in Uganda's Exploration Area 5. Enquiries are well advanced to acquire a drilling rig to drill Avivi-1 with a planned spud date of 1st February. Partners in EA5 are Tower Resources (75%) and Global Petroleum (GBP) (25%).

Production from Ithaca Energy’s (IAE) Jacky field in the UK North Sea has exceeded 1.5 million barrels since oil began flowing in early April this year. Ithaca expects Jacky to produce 5,000 barrels, net, in the second half of the year.

Serica Energy (SQZ) and Salamander Energy (SMDR) have announced that production has recommenced from the Kambuna field, offshore Sumatra, Indonesia, in which each hold a 50% working interest. Production from the Kambuna field was temporarily suspended on 25 September at the request of the gas buyer so that it could carry out necessary repairs to its gas turbine generators

Desire Petroleum (DES) announced that shareholders had approved its £42 million instuitutional fundraising for drilling in the North Falkland Basin, and that the Open Offer to raise up to a further £20 million will be launched soon.

Shareholders in Rockhopper Exploration (RKH) also approved its £50 million fundraising for drilling in the North Falkland Basin.