SmallCapNews | Oil & Gas Round-Up: 15 January

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Oil & Gas Round-Up: 15 January

15 January 2010

Roxi Petroleum's (RXP) Ravninnoe Well 20 in Western Kazakhstan has reached total depth and wireline logs confirmed the presence of a gross hydrocarbon column of approximately 30m, with higher than expected pressure. A work-over rig is being mobilised to test multiple reservoir intervals.

Gulf Keystone Petroleum (GKP) said that Dynamic Global Advisers had advised that the range of oil in-place for the Shaikan structure in the Kurdistan region of Iraq, has been increased to a gross 1.9 (P90) to 7.4 (P10) billion barrels of oil, with a mean of 4.2 billion barrels of oil in place.

Testing of Petroceltic International's (PCI) AT-3 well on the Isarene permit in Algeria has confirmed that the gas at this location is in the same pressure regime as wells AT-1 and AT-2, demonstrating that the gas condensate discovery extends for a distance of over 22km, from AT-1 to AT-3. Drilling is underway on the INW-2 well in the north west of the block.

Regal Petroleum's (RPT) drilling team has successfully implemented a customised jet perforation technique to overcome reservoir connectivity challenges within the SV-58 well in Ukraine and achieved a sustained and stable production flow from a trial target reservoir.

Aminex (AEX) announced that drilling is underway on the Likonde-1 well in Tanzania’s Ruvuma basin. The well is set to test multiple targets in the Tertiary, Cretaceous, and Permo-Trias Karoo intervals. Likonde-1 is the first well to be drilled on the Ruvuma PSA, and is expected to take around two months to drill.

Max Petroleum (MXP) has spud the BOR-1 exploration well on the Borkyldakty prospect in Block E. The well is the first of 12 post-salt exploration prospects scheduled to be drilled by Max on Blocks A and E.

Egdon Resources (EDR) has started drilling operations at the Dukes Wood-1 well in Nottinghamshire, UK. This is the first well in the evaluation of the rejuvenation potential of the Eakring-Dukes Wood oil field where Egdon has identified low risk opportunities to add production, revenues and reserves.

Circle Oil (COP) has announced that the KSR-8 well, the most promising of the 2008/09 Moroccan drilling campaign in its Sebou Permit, has commenced extended test production.

IGas Energy (IGAS) said it is on course to start full scale coal bed methane production next year after receiving planning approval for a site at Ellesmere Port in north-west England.

Lamprell (LAM) has delivered its first new build tender assist drilling barge, BassDrill Alpha, and received the final payment from BassDrill, totalling US$ 60 million, comprising of US$ 55 million in cash and 28,000,000 shares in BassDrill.

Petrofac (PFC) has boosted its mechanical services offering by acquiring Aberdeen based services company Scotvalve Services for up to £5 million. The business is being bought from Scotvalve's management team for an initial cash fee of £3 million, with a further £2 million payable depending on performance targets.

Regal Petroleum (RPT) has appointed Dr Alastair Graham as a Non-Executive Director with immediate effect. Dr Graham (aged 56) has over 29 years experience in the oil and gas industry having held a number of senior management roles with BP, most recently, leader of BP's Russia business unit and its shareholder representative for the TNK-BP joint venture.

And finally, Deo Petroleum (DEO) which has roughly £200,000 in the bank, thanks to a share subscription by its new management at .065 pence in December, giving it a market cap of c£2 million, saw its share price rise to a peak of 6 pence, and a market cap of £18.6 million, in the first week of January prompting a "we know of no reason for the rise" statement. This was followed by another announcement this week responding to a false "RNS" posted on a Bulletin Board. The share price has predictably retreated, but so far only to 2.13 pence.