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Geometric Drilling - UK Based onshore drilling contractor

Oil and Gas Round-Up: 22 August

22 August 2008

In a Jolly Ranch update (onshore US), Nighthawk Energy (HAWK) said that three wells, the Jolly 2-1, Jolly 16-1 and Craig 8-1, have been drilled to date, casing has been set and the wells are considered to be producers. The Jolly 4-13 well has now spudded and is the first of a ten well programme.

In addition to the primary target of the Marmaton B formation the wells ecountered shales in the Atoka and Cherokee zones and "indications are that the shales are similar to prolific producing shale plays such as the Barnet and Bakken, located in Texas and North Dakota respectively." added the Company. "Shale" is the new buzzword in the City, and no self respecting small to mid-cap broker lets a day go past without mentioning shale, in hushed tones.

Aminex (AEX) has discovered gas with the Sunny Ernst-2 well on its Alta Loma permit in Galveston County, Texas.

The Ensco 70 rig spud the East Breagh gas appraisal well in North Sea block 42/13. EnCore Oil (EO.) Faroe Petroleum (FPM) and Stratic Energy (SE.) each have an interest in the licence.

Aurelian Oil & Gas (AUL) has spud the Lilieci-1 exploration well on the Bacau Concession, Romania. Aurelian has a 41% interest and the well is expected to take around 90 days to drill. Europa Oil & Gas (EOG) has a 19% interest in the Concession.

Drilling operations have commenced with the Byford Dolphin rig on Valiant Petroleum's (VPP) Prospero prospect in UK North Sea blocks 211/18c and 211/17.

Gulf Keystone Petroleum (GKP) has contracted Weatherford Drilling International to supply a drilling rig for a minimum two well programme in Kurdistan. The first well to be drilled in the Shaikan Block is targeted for early 2009.

Dominion Petroleum (DPL) expects the Mihambia-1 well to spud in October, the first of two wells on the Mandawa PSA, onshore Tanzania.

Matra Petroleum (MTA) hopes to drill an appraisal well on the Sokolovskoe discovery in Russia before the end of the year.

Ascent Resources (AST) and Leni Gas & Oil (LGO) announced that gas production at the PEN-104 well in the Penészlek area of the Nyírség permits in Hungary has reached a stabilised average rate of 88,200 cu.m per day (3.12 MMscfd; 520 boepd).

Nautical Petroleum (NPE) and Egdon Resources (EDR) are expecting formal award by the French authorities, of the Gex and Pontenx Permits in late 2008 or early 2009.

Gold Oil (GOO) has called the Option Agreement for the purchase of Inversiones Petroleras de Colombia S.A. for a total consideration of $4 million.

Empyrean Energy (EME) has appointed John Laycock as Finance Director.

Providence Resources (PVR) has kicked off the "ULYSSES Project", a study to evaluate the carbon sequestration and natural gas storage potential of the Kish Bank Basin, offshore Ireland. The study is being carried out on a 50/50 joint venture basis with Star Energy Group plc.

And finally, Ithaca Energy (IAE) has completed the acquisition of a 66.67% working interest in the Stella and Harrier Shallow discoveries and secured the services of the 'Uisge Gorm, a Floating Production, Storage and Offloading vessel, for the development of the Athena Field.