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Oil and Gas Round-Up: 27 June

27 June 2008

EnCore Oil (EO.) in an update announced that the Barbarossa well is in the testing stage, with results expected shortly. Other North Sea drilling this year includes appraisal wells on East and West Breagh and the Bowstring East exploration well. On gas storage EnCore said if the Esmond well, to be drilled later in the summer, is positive the company will pursue a sale rather than demerger of the gas storage assets. Other non core assets are also likely to be disposed of.

Empyrean Energy (EME) expects the Kowalik #1H well in Texas to spud in mid July while the Kennedy #1H well is to be re-stimulated with a higher strength proppant than that used in the May fracture stimulation operation.

In Kansas, USA, Irvine Energy (IVE) has discovered oil with the Rock 1-32 well and extended its four well programme to five. The
fourth well, Rock 1-29, will spud shortly. Irvine has two discoveries from its first three wells at Rock.

Elixir Petroleum (ELP) has completed a 1,222 km2 3D seismic acquisition programme over Block SL-4, located offshore Sierra Leone.

Gulf Keystone Petroleum (GKP) disclosed that the GKN-1 well in Algeria has been shut-in since early June to allow maintenance and repairs on the main oil transportation line, workover of the GKN-1 well and an upgrade of the existing facilities to handle the increased production when the GKS-2 well is brought onstream for the first time. Gulf Keystone is also planning to drill an exploration well on the Shaikan Block in Kurdistan before the year end.

Matra Petroleum (MTA) has plugged back the Pamuk-1 exploration well in Hungary and will now side track the well to test the up-dip structure. The extended programme for Pamuk means that the drilling of Polany -1 well will be deferred. Matra also announced this week that it is involved in court proceedings over the acquisition of its Arkhangelovskoe licence in Russia.

PetroLatina (PELE) said its proved reserves in Colombia stood at 2.75 million barrels of oil equivalent according to a Ryder Scott assessment.

Mediterranean Oil & Gas (MOG) has upgraded proved and probable reserves at its Ombrina Mare Field in Italy to 20 million barrels.

Caza Oil and Gas (CAZA) has received shareholder approval for its £11.5 million placing of new shares.

Maple Energy (MPLE) has signed significant contracts for equipment for its ethanol project in the Piura Region on the northwest coast of Peru.

Equator Exploration (EEL) has once again extended the deadline for Peak Petroleum Industries Nigeria to source funding to enable it to satisfy the terms of the Bilabri Settlement Agrement.

Coal Bed Methane player Island Gas Resources (IGAS) has raised £2.1 million in a placing of new shares at 65 pence each. The net proceeds of the Placing will be used primarily to fund the Company's working capital requirements.

And finally, Russell Harvey has resigned from his position as Chief Executive Officer and as a director of Forum Energy (FEP) with immediate effect.