- Alpha Pyrenees 5.13 0.00
- Emblaze Ld 49.25 0.00
- Bskyb 793.50 0.00
- Centrica 386.90 0.00
- Electrical Geod 129.50 0.00
- Fluormin 13.50 0.00
- Fortune Oil 8.32 0.00
- Guinness Peat 28.25
+0.25 - Jersey El'a' 287.50 0.00
- Mallett 82.50 0.00
Oil & Gas Sector: Forum Energy shares up on talks over funding for $75m drilling programme
Tuesday, 24th April 2012
Forum Energy's (LON:FEP) shares jumped by more than 13% after it revealed it planned to hold talks over a $75m drilling programme following a report by Weatherford Petroleum Consultants.The report - which interpreted new 3D and 2D data acquired over the Service Contract 72 licence area (SC72) in 2011 - has given directors a better understanding of the Sampaguita gas field.
It has identified a prospect in the North Bank which is located to the north of Sampaguita within SC72 and a number of potential drilling locations.
Chairman Robin Nicholson said: "The Weatherford report shows an improvement in the resources previously known and supports the case to proceed with the drilling programme.
"We will continue discussions with our major shareholders, our joint venture partner and our advisors to determine how the SC72 drilling programme, which we anticipate will cost a total of $75m, will be funded."
During 2011, 2,202 line-kms of 2D seismic data were acquired over SC72 in order to further define additional leads already identified, and 565 sq kms of 3D seismic data were acquired over the Sampaguita gas field in SC72.
West African-focused Bowleven's (LON:BLVN) wholly-owned Cameroon operating subsidiary, Euroil, has signed a memorandum of understanding for the supply of gas from the Etinde permit.
The MoU was ssigned with the National Hydrocarbons Corporation (SNH) and Ferrostaal.
The three companies will cooperate towards the evaluation, development and putting on production of the gas fields in the Euroil operated Etinde permit in order to ensure that it is supplied with natural gas as from year-end 2015.
Bowleven chief executive Kevin Hart said: "We are delighted to be supporting Cameroon in its ambition to develop the country's gas resources.
"Cameroon has a strong and growing domestic fertiliser market and we look forward to working closely with SNH and Ferrostaal to deliver the project.
"We are encouraged by the progress in our route towards the monetisation of Bowleven resources.
"This is a positive step towards the realisation of the potential of our acreage."
JKX Oil & Gas (LON:JKX) has confirmed the start of test production from well M-53 in its Elizavetovskoye licence in Poltava, Ukraine.
During a multi-choke test, well M-53 flowed at an average rate of 3.8 MMcfd of gas and 1.1 bpd of condensate and water through a 30/64-inch choke with a flowing wellhead pressure of 788 psi.
The well has been tied back through a test separator to the adjacent Mashivske field processing facility from where it is being exported into the Ukrainian gas pipeline network.
Well M-53 is owned by the state company Ukrgasvydobuvannya and is being operated under a joint producing agreement between JKX's wholly-owned Ukrainian subsidiary, Poltava Petroleum Co, UGD and its agent LLC KhAS.
PPC receives one-third of production from the well as the Elizavetovskoye licence holder and this is being added to PPC's daily gas sales volumes.
JKX chief executive Dr Paul Davies said: "We are very pleased to have finally started production in the Elizavetovskoye field.
"The existing agreement enables PPC to obtain production history economically before making any significant investment in the field."
Enegi Oil (LON:ENEG) has noted that Shoal Point Energy has started testing the Shoal Point 3K39 well, which was drilled to target the Green Point shale play in EL1070.
SPE indicates that four cased hole tests have been planned for the Shoal Point 3K39 well, with the first already commenced.
SPE further indicates that all the tests will be completed within the next 35 days. In parallel, AJM Deloitte, an independent geological consultant, has been engaged by Enegi to produce a report to assess the extent of the Green Point Shale on the company's acreage.
Once complete, the report will be compliant with the Canadian NI 51-101 standards of disclosure for oil and gas activities.
Enegi Oil chief executive Alan Minty said: "We welcome the announcement from SPE as it is a positive step towards obtaining an SDL over EL1070, the lower portion of which is 100% owned by the company and contains the conventional Shoal Point lead.
"We also keenly await with interest the upcoming test results from SPE and the imminent Green Point shale report from AJM Deloitte, which will provide insight into the prospectivity of the Green Point shale on our acreage."
Total (LON:TTA) has announced first production from its Islay gas field in the northern North Sea, 440 kilometres north-east of Aberdeen.
Total operates and fully owns the Islay field, which was discovered mid 2008 and is mainly located in block 3/15 of the United Kingdom sector and partly in blocks 29/6a and 29/6c of the Norwegian sector.
Lying in a water depth of 120 metres, the field has estimated reserves of nearly 17 million barrels of oil equivalent and has already reached its expected production of 15,000 barrels of oil equivalent per day.
India-focused Hardy Oil and Gas (LON:HDY) has agreed to relinquish the KG-DWN-2001/1 (D9) exploration licence.
Yesterday (23 April), the company received a proposal from Reliance Industries, the operator of Hardy's D9 block and in which it holds a 10% interest, for the relinquishment of the block.
The proposal set out that following the integration of all geoscientific data and the results of the three exploration wells, including the KG-D9-A2 natural gas discovery, that the block's hydrocarbon potential is low and further exploration or appraisal activity is unwarranted.
Hardy has provided its consent to the relinquishment of the D9 block.
The company's D3 exploration licence, located in the Krishna Godavari Basin, remains the main focus for its organic growth potential.
Hardy says it will continue to collaborate actively with its partners Reliance and BP to optimise the exploration programme for this highly prospective block.
At 4:17pm:
(LON:AUR) Aurum Mining share price was +0.01p at 3.13p
(LON:BLVN) BowLeven share price was +8p at 88.75p
(LON:BOR) share price was -8.87p at 80.63p
(LON:CHAR) share price was +1.25p at 184p
(LON:DES) Desire Petroleum share price was -0.87p at 26.88p
(LON:DGO) Dragon Oil share price was +3.5p at 599.5p
(LON:ENEG) share price was +0.25p at 15.25p
(LON:ENQ) share price was +0.85p at 121.65p
(LON:FEP) share price was +11p at 94p
(LON:FOGL) Falkland Oil and Gas Limited share price was +2.25p at 82.25p
(LON:GKP) Gulf Keystone Petroleum share price was -5.25p at 229.75p
(LON:GPX) share price was -1.25p at 125.25p
(LON:INDI) share price was +2.75p at 912.75p
(LON:JKX) JKX Oil & Gas share price was +5p at 135.25p
(LON:PET) Petrel Resources share price was -0.12p at 6.38p
(LON:RKH) share price was +10.63p at 352.13p
(LON:RPT) Regal Petroleum share price was 0p at 29p
(LON:TTA) share price was +0.15p at 35.67p
(LON:XEL) share price was +4.13p at 108.63p
Story provided by StockMarketWire.com
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