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Oil & Gas Round-Up: 24 April

24 April 2009

Ascent Resources (AST) has successfully completed and tested the PEN-104A side track of the PEN-104 gas producing well in the Penészlek area of the Nyírség permits of eastern Hungary.

Circle Oil (COP) encountered four metres of gas bearing sands in its DRJ-6 well in the Sebou licence in the Rharb Basin in Morocco. The sands will be flow tested at a later date and the rig is moving to commence drilling CGD-10, the fifth well of the campaign.

Ithaca Energy's (IAE) Jacky field, which started production on the 6th April 2009, is currently flowing without artificial lift at gross rates of around 8,800 barrels of oil per day compared to pre-development expectations that artificial lift would be required to achieve 7,800 bopd gross.

Ascent Resources (AST) is completing the construction of the Gazzata-1 wellsite near the city of Modena in Italy's Po Valley. Well spud is anticipated in mid-May targeting a large gas prospect.

Tower Resources (TRP) said that the imminent Ugandan well could have huge implications for the future of the Company, while the scale of reserve potential in Namibia has been confirmed by evaluation work during 2008.

Nautical Petroleum (NPE) said the introduction of a New Field Allowance of £800 million in the UK Budget for heavy oilfield developments will enhance the value of its 35% share of Kraken by £56 million and also Nautical's 26.67% share of Mariner by £43 million.

Europa Oil & Gas (EOG) has been granted planning permission by Lincolnshire County Council to drill an exploration well at West Whisby on the PEDL150 licence, near Lincoln.

Pan Andean Resources (PRE) has formally signed the contract on Exploration & Development Block 161 in Peru. Block 161 is located in the Sub-Andean foothills in the prospective Ucayali basin of central Peru, close to Blocks 114 and 131 in which Pan Andean already holds a 30% carried interest.

Desire Petroleum (DES) announced that the rig market is improving, albeit slowly, and more opportunities are now arising for contracting a rig to drill on its Falklands acreage.

Offshore Hydrocarbon Mapping (OHM) has completed a review of the Group's cost structure resulting in significant reductions in fixed costs, including material salary cuts among members of senior management. Although its CSEM order book visibility remains low, OHM said the Rock Solid Images business is performing well.

Tower Resources (TRP) has raised £1,285,000 through the placing of new shares at three pence per share. The proceeds will be used to increase the Company's working capital to meet going concern requirements over the next year.

And finally, North Sea consultants, Hannon Westwood seemed quite pleased with themselves this week when Alastair Darling announced the introduction of a New Field Allowance. Hannon Westwood had been heavily involved in providing data and modelling to support arguments for the Field Allowance. Oil & Gas UK, the main oil industry lobby group felt the chancellor didn't go far enough. The Chairman of Oil and Gas Independents Association, Steve Jenkins was pleased also as his company, Nautical Petroleum (NPE), appeared to a potential big winner out of the changes.