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Oil & Gas Round-Up: 18 December

18 December 2009

Gulfsands Petroleum (GPX) has reported that the KHE-13 development well, in Block 26, Syria, flowed naturally over a 24 hour test period at an average rate of 1020 barrels of oil per day on a 32/64" choke setting. The well has been completed as a future production well and plans are in place to tie the well into the Khurbet East Early Production Facility.

In New Mexico, USA, Caza Oil & Gas (CAZA) said that oil production from the Moore Bailout 11 State #1 and Lucky Penny 10 State #1 wells has stabilized below expectations at an average rate of around 20 barrels per day per well. A third well, Bada Bing 23 State #1 horizontal well has been drilled successfully and is awaiting fracture stimulation.

PetroLatina (PELE) has added 112 barrels of oil per day to its production from the Los Angeles field in Colombia by drilling two further wells, Los Angeles 15 and 16.

Gulf Keystone Petroleum (GKP) has announced that the Bijeel-1 well in the Akri Bijeel block, in the Kurdistan Region of Iraq has spud. Gulf Keystone Petroleum holds a 20% working interest in the production sharing contract. The block is operated by a subsidiary of MOL. The well is the first exploration well to be drilled on the block which is adjacent to the Shaikan block. The well is forecast to take approximately four to five months to complete.

Tower Resources (TRP) has contracted a land rig to drill the Avivi-1 exploration well in Exploration Area 5, Uganda. Drilling will begin after full EIA approval and consent to drill has been received and Tower is confident that this can be achieved to meet a 1st February 2010 spud date.

A big week for Plexus Holdings (POS) having won two contracts to supply its proprietary POS-GRIP wellhead technology and mudline suspension systems for drilling programmes in the North Sea. The first was a £3 mllion three year contract with a further two year option clause with Maersk Oil North Sea UK, while the second was a new two year contract with a one year extension option with Wintershall.

Empyrean Energy (EME) is paying 13.333% of the costs of a well to earn a 10% interest in the Aquarius Prospect in Tyler County, Texas. The Aquarius Prospect is targeting Upper & Middle Wilcox sands with multiple objectives between 8200 to 9800 feet with a well defined amplitude versus offset event, that appears in existing 3D seismic imaging, and conforms to structure.

Petroceltic International (PCI) has signed a Farm-in Agreement with Vega Oil to increase its participating interest in permit B.R268.RG, which includes the Elsa discovery, offshore Italy, from 40% to 70%. Petroceltic will also assume operatorship of the Permit. Vega will retain a 30% interest.

PetroNeft Resources (PTR) has won the State Auction for a 100% interest in the Ledovy Licence No. 67, in the Tomsk Region of Russia. The Licence has an area of 2,447 km2 and is surrounded by proven and producing oil and gas fields. Two producing oil fields, Grushevoye and Lomovoye, containing about 90 million barrels of C1+C2 reserves are located within the Licence area, but are excluded from the Licence.

Trading in the shares of Exillon Energy, an independent oil company with operations in northern Russia, has commenced on London Stock Exchange's main market under the ticker "EXI".

Shares in Wessex Exploration (WX.P) have started trading on the PLUS-quoted market, in the UK, with an initial market capitalisation of £5.326 million. Wessex has exploration projects in Southern England, offshore Guyane (formerly French Guiana), Juan de Nova (Mozambique Channel) and the Saharawi Arab Democratic Republic (North West Africa). All are at an early stage of development.

Chariot Oil & Gas (CHAR) has appointed Matthew Taylor as Exploration Director and Julia Kemper as Senior Staff Geophysicist. Matthew Taylor is a petroleum geologist who has worked in the industry for nearly thirty years while Julia Kemper, a geophysicist, has more than 25 years of experience in the oil and gas industry.

Atul Gupta has been appointed as a Non-Executive Director of Dominion Petroleum (DPL). Mr. Gupta has worked for 25 years in the international upstream oil and gas business successively with Charterhouse Petroleum, Petrofina, Monument and Burren Energy. Mr. Gupta joined Burren in 1999 and served as its Chief Executive Officer from 2006 until the company was sold to ENI last year.

And finally, TomCo Energy is planning a return to AIM having raised £1.352 million in a placing of new shares at an average of 0.676p per share. John Ryan, Howard Crosby and Gerard Thompson have resigned from the Board and Stephen Komlosy has stepped down from the post of chairman and has been appointed CEO.