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Oil & Gas Round-Up: 11 December

11 December 2009

GeoPark Holdings (GPK) has discovered gas in a new reservoir (of Tertiary age) in its Monte Aymond 34 well on the Fell Block in Chile. GeoPark operates and has a 100% working interest in the Fell Block. This new productive well represents the eighth successful well drilled by GeoPark in 2009, out of eight wells drilled.

Petroceltic International (PCI) confirmed that its AT-2 well in Algeria has delivered gas flow rates in line with expectations during testing. AT-2 lies on the Ain Tsila Field, which is part of the Isarene permit in Algeria, and is the third well in the current drilling programme. During testing, AT-2 flowed 4.9 million standard cubic feet of gas per day.

Oilex (OEX) has plugged and abandoned the Loré-1 well in the Timor Sea after drilling confirmed that there was no significant oil and gas in it. Loré-1 is the first of two wells Oilex is drilling with its partners in the Timor Sea contract area JPDA 06-103. The Songa Mercur rig is now set to move to the Lolotoe prospect.

Cove Energy (COV) said a drillship was on its way from port in Mozambique to begin a four well drilling programme on the Rovuma Offshore Area 1.

Northern Petroleum (NOP) has started producing gas from its Grolloo field in the Netherlands – the first of four gas fields and two oil fields planned there. Gas is now being sold from Grolloo at a daily rate of 7.4 million cubic feet per day.

Hallin Marine Subsea International (HMS) is recommending that shareholders accept a cash offer of 233 pence per share from Superior Energy Services Inc., which values Hallin Marine at £103.5 million.

Afren (AFR) has announced a significant upgrade to Ebok volumetrics following full analysis of the Ebok-5 appraisal well results offshore Nigeria. A greater than expected oil column has led to an upgrade in volumetrics for FBW to 158 mmbbls STOIIP of which 40 mmbbls is estimated as recoverable, up from 25 mmbls pre-drill. This increases total 2P Ebok recoverable reserve estimates to 93 mmbbls.

Aurelian Oil & Gas (AUL) has received a boost in a Gaffney Cline competent persons report which has upgraded Aurelian's total contingent resources by 270% to 372 billion cubic feet (bcf) and a 261% increase in total prospective gas resources to 1,267 bcf. Elsewhere, total prospective oil resources have increased by 367% to 385 million barrels.

Europa Oil & Gas (EOG) has dropped plans to enter the second phase of the West Darag exploration licence in Egypt. The company said it wanted to concentrate its resources on its key core area assets in the UK and Romania, where it has enjoyed back-to-back drilling successes, and France.

Egdon Resources (EDR) has completed the sale of interests in four onshore UK licences to Terrain Energy Limited. The interests acquired by Terrain are all located in the East Midlands and comprise a 15% interest in PEDL005 (Remainder), and 25% interests in PEDL203, PEDL118 and PEDL206 respectively. Egdon retains a 75% operated interest in all of these licences.

The Oil and Gas Independents’ Association has welcomed the proposals announced in the UK's Pre-Budget Report which outline the expansion of the Field Allowance to include more High Pressure High Temperature developments. This Field Allowance will be offset against Supplementary Corporation Tax (20%).

Kentz (KENZ) has been awarded a shutdown services and operations support contract by Exxon Neftegas Ltd, within the Sakhalin 1 development project, Russia. The contract is worth approximately US$25 million and includes the provision of all personnel, permits, equipment, transportation and front end execution planning, as well as the management of contractor and subcontractor resources.

Serica Energy (SQZ) has agreed to sell a package of assets in Indonesia and Vietnam to KrisEnergy Limited, a recently formed private E&P company based in Singapore, for US$98.6 million in cash. The assets to be sold comprise a 25% interest in the Kambuna gas field in Indonesia, a 24.6% interest in the Kutai PSC in Indonesia and a 33.33% interest in the Block 06/94 PSC in Vietnam.

Empyrean Energy (EME) has signed a new participation agreement with Krescent Energy Company to participate in the drilling of the Hercules Prospect in Tyler County, Texas. The Hercules Prospect is targeting Upper and Middle Wilcox sands. Empyrean will pay 13.333% of the drilling and completion costs and 10% of all other prospect costs to earn a 10% working interest in the prospect.

Ascent Resources (AST) has announced the termination of its Asset Management Agreement with San Severina Holdings SA, a Swiss based investment company. Both parties agreed that the agreement for the joint acquisition of minority interests in producing and development, or appraisal stage oil and gas assets was no longer likely to be beneficial to either party.

Ophir Energy has appointed Peter Thomas as its new Chief Financial Officer and as an Executive Director of the Company. Peter Thomas began his career with KPMG in London, qualifying as a Chartered Accountant. He has since worked for Enterprise Oil, Hardman Resources, Stratic Energy (SE.) and Nexus Energy.

Offshore Hydrocarbon Mapping (OHM) has appointed Dr. Arthur Cheng as Vice President of Research to be based in Houston, Texas. Arthur will report directly to OHM’s Chief Scientific Officer, Dr. Lucy MacGregor, and will assume responsibility for directing OHM’s research effort, including management of the WISE and LFP consortia.