Tullow Oil (LON:TLW) announced this week that its Gharabi-1 well in Block 6 offshore Mauritania will now be plugged and abandoned after intersecting poorly developed water-bearing reservoirs. The well was drilled by the Maersk Deliverer in water depths of 1,787 metres to a total depth of 4,433 metres.
BG Group (LON:BG) has made another discovery in Brazil with the Macuinama well striking oil in its 25% interested Block BM-S-10 in the Santos Basin.
Wood Group (LON:WG) has entered into a conditional agreement to sell its well support division to General Electric (NYSE:GE) for cash consideration of US$2.8 billion.
Bahamas Petroleum (LON:BPC) reported that two independent studies based on the latest seismic data provided evidence of “giant” size structures in its southern licences, allowing the company to see the lateral continuity of potential reservoir and sealing strata. Shares in the company jumped 17% on the news.
Lansdowne Oil & Gas (LON:LOGP) shares shot up over 12 percent on Friday after a positive competent persons report (CPR) for its Celtic Sea acreage, which put ‘technically recoverable’ volumes at 93.1 million barrels of oil and 331 billion cubic feet of gas.
EnCore Oil (LON:EO.) told investors that the next phase drilling will start on the Cladhan oil discovery, in the North Sea, over the next few days. The company has a 16.6 percent stake in Cladhan, and this morning it relayed an operational update from the project’s operator Sterling Resources (TSX-V:SLG).
Aminex (LON:AEX) said on Thursday that the value of its US reserves is greater than its current market value. The assertion is based on an independent report that asseses the impact of the firm's extensive drilling programme at Shoats Creek last year. However, analysts say that it is the company’s Tanzanian resources that offer the greatest potential.
Coal bed methane specialist Green Dragon Gas (LON:GDG) this week announced plans to split off its drilling services business, Greka Drilling. Investors will receive three Greka shares for every Green Dragon share they currently own in the form of a dividend. Trading in the new shares begins on March 8. Greka will be handed US$50 million of additional capital which will help fund an ambitious 25 rig expansion programme. The group will also have a US$12.5 million revolving credit facility.
Ascent Resources’ (LON:AST) first well in Slovenia beat expectations as it encountered gas in all six target reservoir intervals and also found an extra, unforeseen, gas reservoir. The first phase of drilling is now complete but the rig is on standby to drill a horizontal production sidetrack, although this will depend on Ascent’s findings after further analysis.
Max Petroleum (LON:MXP) has started drilling on the ASK-1 exploration well on the Asanketken prospect in Kazakhstan. It is the company ninth exploration well in a fifteen well program on pre-salt prospects on blocks A&E in Western Kazakhstan.
Range Resources (ASX:RRS, LON:RRL) has secured a drilling rig to begin work in the Republic of Georgia, paving the way for the company’s first exploration well in the former Soviet state. Range Resources has also told investors that the fracture stimulation programme of the Russell Bevly Well started on February 13 and the horizontal Ross 3H well will spud later this month.
Providence Resources (LON:PVR) has agreed a placing to raise £41 million to fund a ‘multi-year, multi-well’ exploration programme across its entire portfolio. It will issue just over 16 million new shares at 255 pence each. The placing is being arranged by Cenkos Securities and J&E Davy.
Global Petroleum (LON:GBP) told investors that the first Eagle Ford well on the Tyler Ranch is producing at around 650 barrels of oil equivalent per day.
Gulf Keystone Petroleum (LON:GKP) revealed that the Shaikan-3 well is now producing oil at an increased rate of almost 10,000 barrels per day. The well was initially completed last month and after acid treatment - to remove formation plugging around the well bore - it is now producing oil at an improved rate. The company now has two producing oil wells in the Kurdistan region of northern Iraq.
Caza Oil & Gas (LON:CAZA, TSX:CAZ) told investors that it has found multiple potential pay sands in the Caza 158 #2 well on the Windham project in Upton County, Texas.
Xcite Energy (LON:XEL,TSX-V:XEL) has secured the jack-up rig for the first stage production of the Bentley field, having entered into a binding contract for the N-Class "Rowan Norway" jack-up unit. The company signed a letter of intent (LOI) for the rig with British American Offshore Limited (BAOL), part of Rowan Companies, back in November 2010.