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Oil & Gas Round-Up: 19 Feb

19 February 2010

Cove Energy (COV) has announced a significant discovery at the Windjammer exploration well, the first in a minimum 4 well offshore programme operated by Anadarko in the frontier Rovuma Basin, offshore Mozambique. Cove Energy has a 10% interest in the discovery.

Roxi Petroleum (RXP) has made its second oil discovery on the Galaz Contract Area in Kazakhstan. The well encountered 12.8 metres of net pay, determined from wireline logs. The discovery is a satellite accumulation to NW Konys field which will allow Roxi to add to pilot production expected to start in Q2.

Gulfsands Petroleum's (GPX) Zaman-1 well in Block 26, Syria has been interpreted as non-commercial and has been plugged and abandoned. The rig will be moved to the
Hanoon-1 exploration well location located less than 10 kilometres north of Khurbet East Field.

Tower Resources (TRP) has spud the Avivi-1 exploration well in Uganda. The well is being drilled to an estimated depth of 853 metres and is expected to take two to three weeks.

Aminex (AEX) has spud the Olympia Minerals-1 well at Shoats Creek, Louisiana. OM-1 is the first well in a drilling programme based on interpretation of new 3D seismic data over the property. Aminex is the operator of OM-1 and holds a 100% working interest.

Matra Petroleum (MTA) has managed to control the Nitrogen influx and recommenced drilling in its appraisal well-13 on the Sokolovskoye field, in the Orenburg region, Russia.

Resaca Exploitation (RSX) said its current net production rate (onshore USA) is approximately 700 boe/d.

TXO's (TXO) oil production for the three months to 31 December 2009 was 5,030 barrels compared to 5,968 barrels for the preceding three month period to 30 September 2009.

Falkland Oil & Gas (FOGL) has reached an agreement with Desire Petroleum (DES) to contract the Ocean Guardian rig to drill the first ever exploration well in the East Falklands Basin on the Toroa prospect, which it expects will be within the first half of 2010.

ViaLogy (VIY) has announced the start of oil production from a recently completed successful well in the Strawn formation in Texas. ViaLogy added that final well and formation micro-imaging logs, done by Halliburton, show that QuantumRD directly detected and predicted a 220 foot continuous Strawn section.

IGas Energy (IGAS) said it has identified a significant shale resource within its onshore UK acreage. In addition, IGas has published a revised Competent Person Report in which the overall Gas initially in place across its acreage increases in the mid case from 3,558 Bcf by 7.5% to 3,823 Bcf.

Cadogan Petroleum (CAD) has been granted an extension to the Bitlyanska license for a further five years. The license will now expire on 23 December 2014. The Bitlyanska license is located in western Ukraine and is the permit on which the Borynya 3 well was drilled last year. Well data is being evaluated pending further operations on the well.

Providence Resources (PVR) has been awarded Licensing Option 10/1 over the Baltimore heavy oil discovery located in the North Celtic Sea Basin, offshore Ireland. Discovered in 1992, the 11 degree API heavy oil accumulation is estimated to have an in place resource potential of up to c. 300 MMBO.

Forum Energy (FEP) has been awarded, by the Philippines Department of Energy, the Service Contract relating to the GSEC 101 licence. The GSEC101 licence (Forum 70%) is situated offshore west of Palawan Island in the South China Sea. In 2006, results from a 248 square kilometre 3D seismic survey over the licence area confirmed a minimum of 3.4 TCF proven gas in place with significant upside potential.

Dominion Petroleum (DPL) has agreed to farm-out to Maurel & Prom the Mandawa and Kisangire Production Sharing Agreements, onshore Tanzania. M & P will acquire a 40% interest in the Mandawa PSA and a 35% carried interest in the Kisangire PSA. Dominion Petroleum's interests in the PSA's will reduce to 10%.

Nostra Terra Oil & Gas (NTOG) has agreed to sell its Ukraine assets to Crimea Nadra Invest for a deferred consideration of £29,000 and a right to payment of 25% of any net profits generated by CNI from the Joint Activity Agreement covering those assets.

Nighthawk Energy (HAWK) has appointed Stuart Eaton as a Non-Executive Director with immediate effect. Until November 2009 Stuart was Head of UK Equity Alpha at Insight Investment Management Limited.

And finally, Kea Petroleum (KEA) an oil and gas exploration company with three petroleum exploration permits in the Taranaki and Northland Basins of New Zealand has completed a £6 million fundraising at 8 pence per share, and trading in its shares has commenced on AIM.