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Proactive weekly oil and gas summary ft IGas, Afren, LGO Energy, Lansdowne and others

IGas readies fracking applications, Afren board quits, LGO upgrades and Lansdowne looks forward to summer drilling

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Lansdowne looks forward to drilling offshore Ireland this summer

IGas (LON:IGAS) told investors it is preparing to submit planning applications for several well sites.

"Over the next twelve months we anticipate acquiring further seismic data, securing new sites and submitting several planning applications for exploration wells and flow tests,” chief executive Stephen Bowler said in its results statement.

“We will also drill further exploration/appraisal wells including at our site in the East Midlands and anticipate this will start in the first half of 2016.”

Afren’s (LON:AFR) soon to be ex-chairman Egbert Imomoh and all other members of the board revealed they will leave the company.

LGO Energy (LON:LGO) has revealed a new independent assessment of the Goudron field, in Trinidad, which delivers a five-fold increase in oil-in-place resources.

The new ‘best’ estimate for Goudron was provided by consultant LR Senergy, and it now stands at 805mln barrels of oil in place.

In terms of currently recoverable oil, the new assessment more than doubles proven (1P) reserves within the producing Goudron sandstone and C-sand reservoirs to 1.5mln barrels of oil. Proved and probable (2P) reserves, meanwhile, increase by almost 60% to 11.37mln barrels.

Lansdowne Oil & Gas (LON:LOGP) shares advanced in early deals as investors look forward to drilling operations offshore Ireland this summer.

Petronas unit Kinsale Energy has now contracted the Ocean Guardian drilling rig to drill a well on the Midleton Prospect in the Celtic Sea. It is anticipated that drilling operations will begin at Midleton in August.

Independent Oil & Gas (LON:IOG) believes the gas resources across its Southern North Sea (SNS) acreage could be larger than previous estimates.

Consultant Baker Hughes has been working on a re-mapping of the Cronx and Elgood discoveries, with a view to removing certain uncertainties, and the scope of this work has now been extended.

Trapoil (LON:TRAP) lost more than a third of its market value on Thursday as it agreed to hand over future revenues in return of leeway on its debt.

Aminex (LON:AEX) has secured £1.67mln (US$2.64mln) to help fund drilling plans in Tanzania.

The company is to issue 88mln new shares at a price of 1.9p each, a discount of about 10% to Wednesday’s closing price of 2.1p. "We are delighted with the support we have received for this placing,” said chief executive Jay Bhattacherjee.

Andrew Bell says Red Rock Resources (LON:RRR) is starting a new phase, as he teams up with Matt Lofgran for an oil exploration venture in West Africa.

RRR has secured an option to invest nearly £700,000 into Elephant Oil, a privately owned company, which has a production sharing contract for 4,500 square kilometres onshore Benin.

Quick facts: Afren

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AIM:AFR
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