Oil & Gas Round-Up: 16 January
16 January 2009
Dr Colin Phipps, founding Chairman of Desire Petroleum (DES), passed away on Saturday 10 January 2009. An early believer that there is oil in the Falkland Islands, Colin Phipps kept the faith when all the big boys lost interest after the first, and so far only, Falklands drilling campaign. With rig rates now falling, perhaps his dream of a commercial discovery will be realised sooner rather than later - a fitting legacy for his enthusiasm for the Islands.
Spitfire Oil (SRO) has produced the first oil from its new test reactor, designed to convert low grade coal to oil. This result brings one step closer the possibility of converting Spitfire's current resource of 500 million tonnes of lignite at Salmon Gums into at least 200 million barrels of oil.
Circle Oil (COP) has discovered oil and gas at the Al Amir SE-2X appraisal well in the onshore North West Gemsa Concession in Egypt. The well is being completed as a producer.
Gulfsands Petroleum (GPX) has identified an oil column in a planned water disposal well in the Khurbet East Field in Block 26 Syria. Gulfsands has also commenced a 640 square kilometre 3D seismic programme to identify additional opportunities in the area of Block 26 which now includes the Khurbet East and Yousefieh discoveries. In the Gulf of Mexico production is still recovering from the effects of Hurrican Ike. Production is now at approximately 950 barrels of oil equivalent per day approximately 50% of the rate prior to the disruptions.
Gulf Keystone Petroleum (GKP) has completed drilling and testing of the HBH-6 appraisal well on the Hassi Ba Hamou Permit in Algeria. During a 48 hour production test a stabilised flow rate of 15,345 cubic meters per hour (12.97 mmscfg per day) was achieved through a 144/64-inch choke. The HBH-6 well is the sixth and final well on the HBH Permit during the first prospecting period. The drilling rig will now move to drill well RM-2 which will be the first well on the HBH Permit to be drilled during the second prospecting period.
Gold Oil (GOO) expects to start testing the Rosa Blanca-1 well in Colombia this week.
Leed Petroleum (LDP) announced that following an independent audit, its net attributable proved and probable reserves have grown to 24.1 million barrels of oil equivalent.
Coalbed methane developer, Island Gas Resources (IGAS) is drilling additional lateral legs at Doe Green, onshore UK, and has installed generation equipment ahead of gas production from the coal seams.
Hallin Marine Subsea International (HMS) has formed a new `Robotics' company to exploit decommissioning opportunities for both the nuclear and offshore industry.
Caspian Holdings (CSH) announced that the Specialized Regional Economic Court of Astana City, Kazakhstan has set aside the order of the Minister of Energy and Mineral Resources cancelling Caspian's production and subsoil rights over the Zhengeldy field. The judgement has been appealed and will be heard on 21 January 2009.
TomCo Energy (TOM) has agreed a £5 million equity line of credit with GEM Global Yield Fund Limited. Under the terms of the agreement, TomCo is able to make draw downs at times of its choosing by issuing new ordinary shares to GEM in return for cash. TomCo intends to use the facility to fund its obligations in the development of the Heletz-Kokav-Brur Oil Fields in Southern Israel, and for general working capital purposes.
Tower Resources (TRP) has increased an institutional placing at 2 pence per share from £360,000 to £500,000. The proceeds will be used to continue funding the preparation for the second exploration well in Uganda.
And finally, the 2009 Acquisition and Divestiture Summit will take place in London on 10 and 11 March 2009. High-level A&D expert speakers who will deliver insight into some of the biggest and innovative oil and gas transactions that have taken place in the past 12 months.
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