Oil & Gas Weekly Round-Up
12 April 2008
Colombia was in focus this week as Emerald Energy (EEN) announced the award of a new exploration and production contract, the Agerato Contract, while Black Rock Oil and Gas (BLR) spudded its Arrinconada exploration well.
Still in Colombia, Global Energy Development (GED) has said that substantially improved oil prices have reduced Global's contractual share of future oil production but have also increased the Company's 2P property value to $641 million, an increase of over 50% versus the prior year.
EnCore Oil (EO.) postponed the demerger of its gas storage business until after the drilling of an evaluation well in June or July. EnCore also announced that a rig has been contracted for the next phase of appraisal drilling on the Breagh discovery.
Timan Oil and Gas (TMAN), whose shares are suspended from trading pending clarification of its funding, has received a Certificate of Commercial Discovery from the Russian Federal Subsoil Agency (Rosnedra) in relation to the Khudoyelskoye oilfield in the Timan-Pechora region of the Komi Republic. Timan can now apply for a production licence.
Irvine Energy (IVE) has signed a letter of intent with a third party for the provision of a US$50 million mezzanine finance facility. Irvine anticipates the deal to complete in June.
Stratic Energy (SE.) also completed a $150 million debt facility to fund its development assets in the North Sea.
Still on financing, Ithaca Energy (IAE) signed a $60 million pre-development credit facility with Royal Bank of Scotland for early expenditures on its Jacky and Athena development projects.
Frontera Resources (FRR) has decided to replace the rig at the LLoyd 1 well in Georgia with a higher spec one capable of drilling through an unexpectedly difficult formation. The well is 300 metres from the primary objective.
Genesis Petroleum (GPC) expects to spud a well at its 100% North Sea block 9/5b in 3Q2008.
Ascent Resources (AST) has spudded the first of two wells in Hungary and commenced the Kunszentmarton 3-D seismic acquisition programme, also in Hungary.
Providence Resources (PVR) discovered gas in the Galveston Island Block A-155 in the U.S. Gulf of Mexico and are looking to fast track the development. Continuing its good news week, offshore Nigeria, Providence said the AJE-4 appraisal well results are in line with pre-drill expectations. Discussions with partners on commerciality of the AJE Field will now take place.
Tower Resources (TRP) expects to drill two wells in Uganda towards the end of 2008 along with a well offshore Namibia possibly in 2009.
Island Oil and Gas (IOG) picked up two licences during the week, the Q13b Exploration Licence, offshore Netherlands and the Tarfaya Onshore Petroleum Agreement, offshore Morocco.
Leed Petroleum (LDP) commenced production from the Eugene Island A-6 well in the Gulf of Mexico and expects to spud the Eugene Island A-7 well shortly.
Its game over at Granby Oil and Gas (GOIL) as Silverstone Energy has declared the offer unconditional having received acceptances and market share purchases totalling 97.2%.
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