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Oil & Gas Round-Up: 24 October

24 October 2008

Faroe Petroleum's (FPM) Marsvin exploration well in Norway was dry.

EnCore Oil, (EO.) Faroe Petroleum (FPM) and Stratic Energy (SE.) all announced the successful test of the East Breagh well indicating that East and West Breagh are one large accumulation. According to EnCore the discovery could be one of the largest in the southern North Sea for some years.

The Esmond gas storage evaluation well has been delayed by a small fire on the rig. EnCore Oil (EO.) expects drilling to restart next week.

Elixir Petroleum (ELP) said that well 3 at the Pompano development in the Gulf of Mexico, had been suspended for future completion or as a sidetrack candidate.

Cadogan Petroleum (CAD) has announced that the 3 well on the Zagoryanska field, Poltava Region, Ukraine had flowed commercial rates on test. During testing the well flowed at a rate of 4.6 mmcfd of gas and 370 barrels of condensate. Commercial production is expected to commence in Q1 2009.

Ascent Resources (AST) and Leni Gas & Oil (LGO) has commenced a 100km² 3D seismic survey in the Penészlek area of the Nyírség permits in Hungary.

Faroe Petroleum (FPM) said a field development plan for the Trym Field in Norway had been submitted to the Norwegian authorities. First production is expected towards the end of 2010.

Chariot Oil & Gas (CHAR) has announced an increase in its mean prospective oil resources of over 1.3 billion barrels (up 34.2%) to 5.24 billion barrels from its offshore Namibian licences.

Northern Petroleum (NOP) has farmed out a 20% interest in three of its Po Valley licences in Italy, Savio, Cerasa and Longastrino, to Avobone Italy S.r.l., an Italian subsidiary of the Indofin Group, a private global investment company.

Tower Resources (TRP) has raised £1,030,000 in a placing of new shares at 2 pence per share. The proceeds of the Placing will be used for additional working capital and to fund the future development of the Company through to securing a farm in party for the Company's project in Uganda.

Salamander Energy (SMDR) has backed away from its proposed hostile all share offer for Serica Energy (SQZ)

Serica Energy (SQZ) has been awarded the 5864 sq km East Seruway Production Sharing Contract offshore north Sumatra, Indonesia. The block adjoins Serica's Glagah Kambuna TAC to the east and extends northwards to the Indonesia-Malaysia border in the Malacca Straits.

Northern Petroleum (NOP) has received £7 million from Star Energy Group for its interests in the Waalwijk underground gas storage projects. Further payments of £2 million and £1 million will be made to Northern upon the final investment decisions being taken on the projects.

Meridian Petroleum (MRP) has consolidated its share capital on a 6 old for 1 new basis.

And finally, the mighty Financial Times got its facts wrong during the week when it said that BHP Billiton had farmed in to Rockhopper Exploration's (RKH) Falkland Island acreage on very favourable terms. BHP had actually farmed into Falkland Oil & Gas's (FOGL) acreage some time ago. Rockhopper did however confirm that it is in discussion with a number of potential farm-out partners and is also continuing the search for a rig in conjunction with other operators in the North Falkland Basin.