Coastal Energy (CEO) announced that the Songkhla A-09 appraisal well in the Gulf of Thailand encountered 140 feet of net pay in the Lower Oligocene Wedge reservoir with average porosity of 15%. The well also encountered 75 feet of net pay in the underlying Eocene reservoir analogous to that seen in the Songkhla A-07 well. Coastal has now spud the Songkhla A-12 well, which will further appraise the Lower Oligocene Wedge.
GeoPark Holdings (GPK) has drilled and tested a new oil well in the Guanaco oil field on the Fell Block in Chile. The Guanaco 6 well flowed at a rate of approximately 1,578 barrels per day of oil through a choke of 12 millimeters, with a well head pressure of 654 pounds per square inch. Projected production rate for the well is 600-800 bpd. Surface facilities have been constructed and the produced crude oil is now being marketed.
In Mongolia, Petro Matad (MATD) has spud the Davsan Tolgoi-4 exploration well. The DT-4 well is being drilled vertically to an estimated target depth of approximately 2,020 metres to test a four-way fold closure that is part of a fault block prospect named Davsan Tolgoi West. DT-4 is 3.4kms west of DT-1.
Europa Oil & Gas (EOG) announced that it has signed a letter of intent for Geometric Drilling to drill a new development well on the West Firsby field, onshore UK. Geometric's HH102 rig is anticipated to arrive on site in December. West Firsby-9 well has been engineered as a 2,000 ft long near-horizontal producer with the reservoir expected to be encountered in a structurally high position on the field. The reservoir will be completed openhole to minimise formation damage and with packers to give zonal production flexibility.
Regal Petroleum (RPT) is shutting-in its operations at its MEX-GOL and SV fields in Ukraine. Regal said that despite receiving confirmation that all issues raised in a Ministry of Environmental Protection order had been rectified, it has not received a definitive timeframe from the Ukrainian Authorities to bring the matter to a conclusion.
Petroceltic International (PCI) has commenced appraisal drilling operations on the Isarene permit in Algeria with the spud of the AT-4 well on the Ain Tsila discovery. AT-4 is the first in a planned four well appraisal programme. The field covers an area of over 1,000 square kilometers with current internal gas Initially In Place estimates ranging from 6 to up to 14 Trillion Cubic Feet.
Xcite Energy (XEL) has signed a leter of intent to use the Rowan Norway, a harsh environment, deep water jack-up unit, designed and built for simultaneous drilling and production, which is currently under construction. The Rowan Norway is expected to be available to commence first stage production on the Bentley field in the fourth quarter of 2011. The initial commitment period of 240 days will facilitate the drilling of up to six wells on the Bentley field as part of the anticipated three year first stage production period.
At its Sokolovskoe field in Russia, Matra Petroleum (MTA) announced that a rig that had been mobilising to drill a sidetrack to the A-12 well, has been diverted to a TNK-BP operation and will return to Matra around the end of November. Work on well A-13 is progressing and the work-over is expected to be completed before the end of November.
Following technical studies, Providence Resources (PVR) expects an appraisal well to be drilled on its Spanish Point Project, offshore western Ireland in 2012.
Gold Oil (GOO) has signed an agreement with the Colombian company Montecz, whereby Montecz will pay 100% of the costs (up to US$2million) of the Rosablanca-2 well in the Rosablanca Block of the Middle Magdalena Basin onshore Colombia. Gold will retain a 25% interest in the permit. The well is expected to spud by mid December and will take an estimated 17 days to drill to a depth of 3,340 feet.
Gulfsands Petroleum (GPX) has selected Saipem to construct the US$ 129 million Central Processing Facility to be installed at the Khurbet East oil field on Block 26, Syria. The CPF has been designed with an initial capacity to handle the processing of 50,000 barrels of fluid per day of which it is expected initial oil production will be 33,000 barrels of oil per day. Completion of construction is anticipated in September 2012.
In Poland, San Leon Energy (SLE) has agreed to acquire three additional concessions for oil and gas reconnaissance and exploration, including the associated mining usufruct agreements, for a total of USD$1.0 million in cash and shares. The 30/2008/p Gora, 20/2009/p Winsko, and 39/2009/p Rawicz Concessions totaling 1,314 sq km, are located in the southern area of the Fore Sudetic Monocline of the Permian Basin, onshore western Poland.
Aurelian Oil & Gas (AUL) has raised €100m, subject to shareholder approval, in a placing of new shares at 57.5 pence per share.
Faroe Petroleum (FPM) has raised £62.2 million in a placing of new shares at 165 pence per share. The proceeds will be used for appraisal and pre-development of recent discoveries and by taking larger equity stakes in exploration wells.
Caza Oil & Gas (CAZA) has raised £18.9 million in a placing of new shares at 42 pence per share. The bulk of the proceeds will be used to accelerate the drilling program for an initial three development wells on the Bongo property and one additional exploration test in the Cook Mountain play, subject to successful fracture stimulation of the OB Ranch #1 well and acquire a greater percentage interest in the to be drilled Arran and Tiree prospects.
Aminex (AEX) has raised approximately £1.7 million in a placing of new shares at a price of 7.5 pence per share. The new funds will be used partly towards securing long lead items for drilling the Nyuni-2 well in Tanzania and partly to assist the development programme at Shoats Creek, Louisiana.
Victoria Oil & Gas (VOG) has raised £10.8 million by way of an equity placing (£9.0m at 4.9 pence per share) and draw down (£1.8m at 4.8 pence per share) under its Standby Equity Distribution Agreement. The net proceeds will be used to bring forward the expansion phase of the Logbaba Gas Project, Cameroon, to extend the pipeline to the South Eastern and South Western areas of Douala and to facilitate ongoing working capital requirements until Logbaba first gas sales scheduled for Q1 2011.
Victoria Oil & Gas has also allotted 23,972,248 shares to its technical advisors, contractors and staff in compensation for work conducted during the last six months, at a weighted average price of 3.2p.
Ascent Resources (AST) has secured a one year loan facility of £2.1 million and has entered into a £7 million Standby Equity Distribution Agreement with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC. The loan facility will be drawn to contribute to the financing of the Pg-11 evaluation well on the Petisovci-Lovaszi project area in Slovenia, to which a rig is currently mobilising.
Xcite Energy (XEL) has increased its Standby Equity Distribution Agreement with YA Global Master SPV Ltd by £20 million to £40 million.
Richard Stabbins is to step down from the board of Sterling Energy (SEY) effective 31 December 2010. Malcolm Pattinson has been appointed a non-executive director of Sterling effective immediately. Malcolm is a geoscientist with 40 years of experience.
Leni Gas & Oil (LGO) has appointed Neil Ritson as Chief Executive Officer with immediate effect. Neil Ritson has over 30 years experience working in the energy industry including 23 years with BP.
