SmallCapNews | Oil and Gas Round-Up: 12 September 2008

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Oil and Gas Round-Up: 12 September 2008

12 September 2008

Gulf Keystone Petroleum's (GKP) FEG-1 exploration well on the Hassi Ba Hamou Perimeter in Algeria was dry.

Empyrean Energy (EME) has reported success at the Sugarloaf Block A # 4 well. High gas readings and flares have prompted the operator to call total depth earlier than anticipated. The well will be cased and production tested.

Global Energy Development (GED) said that in Colombia the Tilodiran 3 production test of all the zones within three formations is continuing. The well is currently producing at a rate of approximately 1,280 barrels of oil per day with 9% basic sediment and water.

Pantheon Resources (PANR) expects the flow testing programme on the Jumonville #1 Bullseye Prospect, Iberville Parish, Louisiana, to start shortly. Pantheon added however that the Wilson well (ST 949 #1) is shut-in, pending a workover to address increasing water production. Pantheon anticipates taking a material impairment charge against the carrying value of the well.

Drilling has commenced at Circle Oil's (COP) Serdouk prospect in the Grombalia permit in northern Tunisia. Circle holds a 36% working interest in the permit.

Nautical Petroleum (NPE) has acquired 3-D seismic and ocean bottom cable surveys over the Mariner and East Mariner discoveries and the surrounding blocks. The data is being processed and results are expected toward the end of the year.

Independent Resources (IRG) has received approval from the Italian Government for production testing at Fiume Bruna, Italy's first coalbed methane project.

Chariot Oil & Gas (CHAR) has secured the exploration rights to three onshore blocks in the Marañon and Huallaga basins in northern Peru.

Dominion Petroleum (DPL)has farmed out a 50% interest in the Mandawa Production Sharing Agreement, in Tanzania, to Etablissements Maurel et Prom SA. Maurel et Prom will contribute to Dominion's past exploration costs and pay its own equity share of forward exploration costs. The first well Mihambia-1 is due to be drilled in the last quarter of 2008.

Stabilized oil production through Gulfsands Petroleum's (GPX) Khurbet East Early Production Facility now exceeds 11,500 barrels of 25.7 degree API oil per day, from three vertical and two horizontal wells.

Aminex (AEX) said that all four wells drilled at South Weslaco, Texas, are now on production at a combined flow rate of over 3 million cubic feet per day.

Hallin Marine Subsea International (HMS) has sold one of its saturation diving systems for US$7.5 million net to a US based company. The system was built in 2005 and a replacement is under construction with delivery expected in 1Q 2009.

An independent reserves report on Antrim Energy's (AEY) Causeway field in the UK North Sea estimates gross 2P reserves of 21.6 million barrels recoverable and gross 3P (proved plus probable plus possible) reserves of 56.3 million barrels recoverable. A Field Development Plan for Causeway is expected to be submitted in the fourth quarter 2008.

Tower Resources (TRP) expects to drill two wells in Uganda, Block EA5, in the first quarter of 2009 with drilling offshore Namibia expected to occur in 2010.

Ascent Resources (AST) said results from new seismic over Anagni in Italy are encouraging and planning for the drilling of another Anagni appraisal well can now start.

The Energy Enhancer rig is on its way to drill the Esmond gas storage evaluation well in the North Sea. EnCore Oil (EO.) reckons the information provided from the pressure test will help fully define the potential size and scope of the Esmond Gordon gas storage project. EnCore Oil has a 50% interest in the project.

Circle Oil (COP) has signed a farm-out agreement on its Ovambo Basin licence in Northern Namibia with Petroholland Ltd. Petroholland will acquire a 70% interest by paying Circle US$15 million in cash and covering all of Circle's 20% share of exploration and development expenditure through to production.

Faroe Petroleum (FPM) has farmed-in to a 10% interest in UK North Sea Block 22/11b from Bow Valley Petroleum (UK) Limited. The Transocean Prospect semi-submersible drilling rig is currently drilling the well targeting the Fulmar prospect.

Nautical Petroleum (NPE) is asking shareholders to approve a twenty for one share consolidation in order to enhance the marketability and decrease the volatility of the market price of the Company's shares.

And finally, TXO (TXO) has appointed two new non executive directors with immediate effect. Thomas Cooke, 58, a Chartered Accountantant who is based in the UK and Lucas Ponder, 28, (yes, twenty eight) a commercial banking executive for Texana Bank in Longview, Texas.