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Oil and Gas Round-Up: 6 September

Saturday, September 06, 2008

Caza Oil and Gas (CAZA) has encountered hydrocarbons in multiple pay sands in the Glass Ranch B #3 well in Texas. Not such good news from the Rosita Creek shallow well, again in Texas, which was dry.

Nostra Terra Oil and Gas (NTOG) has stopped work on its Oktyabrskoe #24 well in the Ukraine as attempts to isolate oil bearing zones from water bearing zones have failed.

Providence Resources (PVR) has commenced appraisal drilling operations on its Dunmore oil discovery in the North Celtic Sea Basin, offshore southern Ireland.

Faroe Petroleum (FPM) said that drilling has commenced on the Marsvin oil prospect in Norway. The drilling operation, using the Maersk Guardian jack-up rig, is expected to take around 80 days.

Gold Oil (GOO) expects to spud a well on the Rosa Blanca Concession, onshore Colombia and collect 2D seismic data over its Z34 Concession, offshore Peru before the end of the year.

Gold Oil added that the San Alberto 2 well, onshore Peru, has commenced a test which could take between 10 and 120 days depending on the success of the testing.

Hurricane Gustav has delayed completion operations at Pantheon Resources' (PANR) Jumonville # 1 well by around 8 to 10 days.

Resaca Exploitation (RSOX) has signed a multi-well drilling contract to drill infill wells on its Cooper Jal property. The contract is for an initial 10 well programme and is renewable at the Company's option in 5 well increments. Resaca spudded the first well on 29 August.

Following re-processing of 2D seismic data, Chariot Oil & Gas (CHAR) is to almost double its planned initial 3D seismic acquisition program in the Northern 1811A and 1811B blocks offshore Namibia.

Coastal Energy (CEO) has signed a Letter of Intent for a three-month charter of the newbuild jackup rig Deep Driller 7 for operations in the Songkhla field in the Gulf of Thailand by late September 2008.

CSEM survey specialist Offshore Hydrocarbon Mapping (OHM) said that demand for its surveys are still at a relatively low level with industry adoption "frustratingly slow". Its Data Library is selling well however.

Hallin Marine Subsea International (HMS) is to spend US$15.3 million on a total of seven new remote operated vehicles, manufacturing four of the vehicles itself and purchasing the three remaining ROVs externally.

Equator Exploration (EEL) has agreed to pay BW Peace Limited a total of $30.6 million by 31 December to settle all outstanding liabilities arising from the termination of a contract for the provision of an FPSO for the Bilabri oil development in OML122, offshore Nigeria. $20 million has already been paid. In addition, Equator is to pay up to $8.2 million, plus interest, for variation orders under the FPSO Contract.

Trading in Equator Exploration's shares on AIM remain suspended until the Annual Report and Accounts are published.

Circle Oil (COP) has raised £33 million in a placing of new shares at a price of 19 pence each. The funds will be used to cover the cost of Circle's exploration programme in Morocco, Tunisia and Egypt.

EnCore Oil (EO.) has sold its 10 per cent. interest in the Amstel field offshore Netherlands for US$5.5 million to TAQA Energy.

RWE Dea is farming in to Serica Energy's (SQZ) exploration licence PEL 01/06 covering three blocks in the southern Slyne Basin off the west coast of Ireland. The companies will each have a 50% interest following the farm-in.

Caspian Holdings (CSH) has hit a stumbling block in completing regulatory approvals to restart production and exports at its Zhengeldy oil field in Kazakhstan. The Minister of Energy and Mineral Resources has unilaterally terminated the production contract. Caspian are seeking to set aside the termination decision which it believes is unlawful.

Irvine Energy (IVE) has parted company with its CEO, Aaron Close. Doug Manner becomes Executive Chairman from Non-Executive and Sean Austin has been appointed as Chief Financial Officer.

And finally, what was Falkland Gold & Minerals Limited has now reemerged on AIM as BPC Limited (BPC), an oil and gas exploration company with exploration licences offshore the Bahamas.