SmallCapNews | Oil & Gas Round-Up: 9 May 2008

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Oil & Gas Round-Up: 9 May 2008

Friday, May 09, 2008

Caza Oil and Gas (CAZA) has discovered hydrocarbons with exploration wells on its Eland Property and Puku Property, both located in Wharton County, Texas. Caza has been successful in four out of five exploration wells drilled so far this year.

Nighthawk Energy (HAWK) continues to have a jolly time at Jolly Ranch in Lincoln County, Colorado, where the second well of the exploration programme has encountered hydrocarbons. The drilling rig will move to the Craig Ranch 8-1 drill site, the next well to be drilled in the multi-well programme.

Mediterranean Oil and Gas (MOG) has said that the Ombrina Mare 2 well has reached target depth and the cores and logs have confirmed the presence of oil in the main carbonate target. MOG will now drill a horizontal hole and then carry out a full production test.

Antrim Energy (AEY) has suspended the Fyne well 21/28a-9 in the UK central North Sea as a future oil producer.

Rift Oil (RIFT) said its Puk Puk-1 exploration well in Papua New Guinea is due to spud on 10th May.

Coastal Energy (CEO) announced that the South Phu Horm 1 appraisal well would not support commercial production.

Frontera Resources (FRR) has started production testing from its Dino #2 well on the Taribani Field Unit in Georgia. The well has produced at up to 150 barrels per day and Frontera expects to be able to increase this to 200 barrels per day.

Elixir Petroleum's (ELP) second well at the Pompano Gas Field, offshore the Texas Gulf Coast is now onstream producing around 8 million standard cubic feet of gas per day.

Providence Resources (PVR) announced that ExxonMobil has confirmed that a 3,000 line kilometer 2D seismic survey is planned to commence over licenced exploration acreage c. 200 km off the southwest coast of Ireland.

Tower Resources (TRP) has been awarded an Exploration Licence covering Lakes Eyasi, Wembere, Natron and Manyara in the north east of Tanzania.

Anzon Energy (AEL) and Nexus Energy called off their merger plans as they could not agree on the impact of the Basker 6 and Basker 6 ST1 drilling programme on Anzon's assets.

Providence Resources (PVR) is to acquire a portfolio of producing and development assets in the US Gulf of Mexico for $67.5 million.

Sound Oil (SOU) said their partners in the Citarum Production Sharing Contract, West Java, have cured their default in the sum of $5.864 million plus related interest and costs and therefore revert to good standing under the terms of the Joint Operating Agreement.

GeoPark Holdings (GPK) has raised $24 million in a placing of new shares to fund the acquisition and work program for the farm-in on the new Tranquilo block in Chile and accelerate the investment program on the Fell Block in Chile.

Meridian Petroleum (MRP) said production at its Orion 36 well in Michigan, USA totaled 107mmcf for April.

Leni Gas & Oil (LGO) produced 3,996 barrels of oil and 1,141 thousand standard cubic feet of gas from the Ayoleungo Oilfield in Northern Spain in April. In addition, Leni received a 432 bbl share of production from the Icacos Oilfield located on the Cedros Peninsula of Southern Trinidad.

CDS Oil and Gas Group (CDS) has appointed Bernard Verdu as Vice President and COO responsible for CDS' oil and gas exploration project in Paraguay.

Gulfsands Petroleum (GPX) has appointed former Burren Energy CFO Andrew Rose as Chief Financial Officer and Director.

And finally, trading in the shares of Iofina (IOF) on AIM started on Friday. Iofina is involved in the exploration and production of both iodine and natural gas which have been discovered in the state of Montana, USA.