Falklands-focused oil and gas company Desire Petroleum (LON:DES) reported that he 25/5-1 well on the Dawn/Jacinta prospect has reached a depth of 1,313 metres. Drilling and wireline logging data shows that no hydrocarbons have been found in the Jacinta Prospect. The well will now be drilled to the planned total depth around 1,670 metres to evaluate the deeper Dawn Prospect.
Gulf Keystone Petroleum (LON:GKP) received notice that an arbitration was commenced by Excalibur Ventures in New York on 17 December 2010 asserting certain contractual and non-contractual claims against the Companies and claiming that Excalibur is entitled to an interest of up to 30% in the Companies' blocks in Kurdistan.
"We believe we have very good grounds to vigorously challenge these claims in both the US and UK courts.
"We are confident of being able to defeat these claims in any legal jurisdiction and meanwhile, we remain focused on building upon our considerable operational success and continuing to prove the full value of our world class acreage," said chairman and chief executive of Gulf Keystone Todd Kozel.
Parkmead Group (LON:PMG) reported that Mr D Mills is interested in 53,796,567 ordinary shares, representing 8.91% of the issued share capital and voting rights of the company.
Ithaca Energy (LON:IAE) announced that stable production from the second workover well on Beatrice Alpha has increased by approximately 115% to approximately 560 barrels of oil per day gross (280 bopd net to Ithaca), exceeding management expectations.
Jubilee Platinum (LON:JLP) reported that the feasibility study on the Carbonyl process for the refining of ConRoast PGM-iron alloy has been completed. The study confirmed viability to produce final metals, demonstrating an indicated 38 month payback period on capital investment.
GasTurbineEfficiency (LON:GTE) has signed an Asset Purchase Agreement with Pratt & Whitney covering sale of substantially all of GTE's technology and intellectual property for non-core aviation engine wash services business.
Regency Mines (LON:RGM) has placed 4.2 million new ordinary shares at a price of 5.996875 pence per Share. The proceeds of the placing are approximately £250,000 before expenses, conditional on the shares being admitted to trading on AIM.