BowLeven (LON:BLVN) reported that a stabilized flow rate of 3,101 barrels of oil equivalent per day (boepd) was produced on test at Sapele-1ST appraisal well in the Douala Basin, offshore Cameroon.
High quality light oil was produced, while oil quality and gas-oil ratio comparable to that encountered at the original Sapele-1 well.
A testing programme is currently underway at Sapele-2.
Home Retail Group (LON:HOME) released a trading statement for the 13 weeks to 28 May. The group said that trading conditions, particularly at Argos, have proved to be more difficult and volatile than anticipated. Despite this the Group has gained or held market share in its businesses.
“Trading conditions, particularly at Argos, have proved to be more difficult and volatile than anticipated. Despite this the Group has gained or held market share in its businesses,” said chief executive Terry Duddy.
“While we remain cautious for the balance of the financial year, we are focused on our operational performance while continuing to invest across the businesses.”
Halfords Group (LON:HFD) said that revenues in the year to 1 April 2011 climbed 4.6 percent to £869.7 million and underlying pre-tax profits rose 7.2 percent to £125.6 million.
“This has been a challenging year for customers. Nonetheless we have increased profits through a clear focus on costs and margins,” said chief executive of Halfords David Wild.
“We are pleased with the positive trend in early weeks' sales that benefited from good weather and the late Easter. While the tough trading environment is likely to continue, we seek to build on this momentum through our clear strategy that delivers value for customers by a combination of great prices, expert service and innovative products with appropriate margin investment,” he added.
Vallares announced today that it intends to float on the London Stock Exchange and raise £1 billion to acquire or establish a major company, business or asset that has significant operations in the resources sector.
The company will focus on the oil and gas industry. The founders are Nat Rothschild, Tony Hayward, Tom Daniel and Julian Metherell.
“We have assembled a high quality board, with great expertise, to build a significant London listed resources company focused on the oil and gas sector. Together, we believe the company is well positioned to capture value in a sector with attractive fundamental supply-demand dynamics,” said Rothschild.
New World Oil and Gas (LON:NEW) received a competent person’s report from RPS Energy, which is said highlighted the prospectivity of the Blue Creek Project, consisting of two concessions located in the productive Petén Basin in Northwest Belize.
It said that the Spanish Lookout and Never Delays fields, each of which has reported reserves in the range of 25 million barrels, are thought to be structurally similar to the leads developed on the Blue Creek Project thus far.
Key risks will be the identification of subtle traps and the timing of maturation/migration relative to trap formation.
Source is low risk, migration itself is low risk, seal is low risk and reservoir presence and effectiveness in the Yalbac Y1 and Y2 is considered low risk.
Leni Gas & Oil (LON:LGO) announced the resumption of production from the Eugene Island-184 platform in the Gulf of Mexico. All previously active wells (A1, A3, A4, A5 and A8) were returned to production and operational reporting to the Joint Venture partners has now been resumed.
“We are pleased that production and revenue has been restored so quickly and that all the wells have come back on-line after the shut-down. We now look forward to working with the new operator to plan for sidetracking and recompleting wells in the field to increase production,” said chief executive of Leni Gas & Oil Neil Ritson.