Emerald Energy has flow tested the Caballos formation in the Gigante No.2 well in Colombia. 32 degree API oil flowed to surface, under natural flow, at a rate of approximately 185 barrels per day. A flow test of the Caballos formation using an electrical submersible pump will be undertaken.
Emerald Energy has also confirmed that it has received an approach from a third party who has expressed an interest in making a possible cash offer for the entire issued share capital of the company. Discussions are at a preliminary stage.
In Thailand, Coastal Energy plans to utilize the Vicksburg drilling rig for further development drilling on the Songkhla Lower Oligocene formation, the Songkhla B prospect and the initial development of the Bua Ban field. The program also includes the drilling of a water injector on the Songkhla Lower Oligocene and workovers of existing producing wells.
Europa Oil & Gas has restarted production from one well at its West Firsby field, onshore UK, following a fire on the 22nd June, which shut down production from both wells.
Plexus Holdings has been awarded a contract by Talisman Energy to supply its proprietary POS-GRIP High Pressure/High Temperature and standard pressure POS-GRIP wellhead and mudline suspension equipment to its exploration platforms in the Norwegian North Sea. The two-year contract, which also has a further two-year option, has an initial value of approximately £1.5 million.
ViaLogy has signed a multi-site services contract with The Buckingham Group of San Angelo, Texas, to provide analysis on three separate fields for Buckingham's oil and gas lease prospects using its QuantumRD interpretation technology.
Nighthawk Energy announced that an independent technical review of the Buchanan Group waterflood project, in Kansas and Missouri, attributed most likely oil in place reserves of 184.26 million barrels (gross). Nighthawk has a 50% interest and Running Foxes Petroleum is the operator and holds the remaining 50%. Typical recovery factors would be expected to range between 15-25%.
Nighthawk Energy has also integrated the Devon Oilfield, Buchanan Group and Xenia waterflood projects into a single major development and production entity to be known as the Revere project.
Having reviewed the various equity funding options available to it, including testing the equity market with a funding roadshow to institutional investors, Island Oil & Gas is making significant reductions in its costs and curtailing uncommitted expenditures to preserve cash. Island is also seeking buyers of its Celtic Sea assets to allow it to concentrate on Morocco.
UK Coal Bed Methane producer, Island Gas Resources has raised £3.5 million in a placing of new shares at 60 pence per share. The proceeds will be used primarily to fund working capital, accelerate activity and potentially increase the company's resource base.
Portland Gas plans to commence construction of the Portland (gas storage) Project on 31st July 2009. In parallel Portland Gas will launch a formal process shortly to secure full funding for the project.
Gulf Keystone Petroleum is seeking a buyer for its interest in the Hassi Ba Hamou Permit, in central Algeria, preferring instead to concentrate on its interests in Kurdistan. Gulf Keystone Petroleum has not been paying the operator, BG Group's, cash calls and as a result BG may be able to exercise rights under the Joint Operating Agreement.
In line with its strategy of diversifying away from the Ukraine into areas of low political and geological risk, Nostra Terra Oil & Gas is acquiring three exploration properties in Kansas, USA.
Frontera Resources has received an extension to the exploration phase of its Production Sharing Agreement covering Block 12 in the country of Georgia from 2012 to 2017.
Roxi Petroleum has entered into a MOU with LG, the Korean based multinational with existing oil and gas assets in Kazakhstan, to allow LG to evaluate Roxi's interest in the Galaz assets with a view to LG acquiring Roxi's interests in those assets in full.
Aurelian Oil & Gas has appointed Rowen Bainbridge to the Board and as Chief Executive Officer of Aurelian. The appointment will take effect from 27 July 2009. Michael Seymour, the current Managing Director, will become president.
And finally, based on the popularity of the oil and gas round-ups we have launched a new website, EnergySnippets, your very own executive summary of what’s going on in the global oil, gas, nuclear, coal and renewable energy sectors. You can filter by sector, country and company, and we hope you find it useful.
