Tullow Oil (LON:TLW) revealed this week that its Teak-1 exploration well off the coast of Ghana had hit 73 metres of oil and gas in five separate reservoirs. Teak-1 is in the West Cape Three Points area and is 4.6 kilometres north-east of the company’s Mahogony-2 well.
Shares in BG (LON:BG) opened in positive territory on Tuesday as the oil and gas explorer weighed in with better than expected fourth quarter results. Earnings grew 13 per cent to US$1.056 billion, buoyed by the rising oil price. Dividends tracked earnings growth to 11.78 cents a share. Full-year net profits advanced 18 per cent to US$4.01 billion.
Amec (LON:AMEC) has entered into an agreement to acquire Zektingroup (Zektin), an Australian-based specialist engineering consultancy for the oil and gas and resources industries for a total cash consideration of AU$48 million.
JKX Oil & Gas PLC (LON:JKX) updated on its operations in Hungary, saying that following the successful workover of the Hn-2 well in the 50 percent held Hernad licence and recompletion of the Gh-1 well in the fourth quarter of 2010, current gross production is approximately 7 million cubic feet of gas per day and 180 barrels of condensate per day.
Tower Resources (LON:TRP) now plans to drill the first well in Namibia in late 2011, while the final GGI interpretation report in Uganda confirmed the quality of its oil prospect. Investors cheered the update, driving Tower Resources shares up 10% in early deals on Friday.
The Regal Petroleum (LON:RPT) takeover saga seems to be coming to an end, as the investment vehicles of Ukrainian businessman Victor Pinchuk declared they would not make an offer for the group.
While it is not the first time an exploration well in the Falklands has raised more questions than found answers, investors were hitting the sell button on Rockhopper Exploration (LON:RKH) on Friday.
The company revealed the result of the second well to target the Sea Lion target in the North Falkland basin. It hit four separate reservoir section with 64 gross metres of ‘good quality’ reservoirs. Oil and gas shows were detected throughout drilling and live oil was recovered to surface. However on further testing three of the four reservoirs were found to have high water saturation (above 90 percent).
Sefton Resources (LON:SER) is planning to buy more assets in Eastern Kansas, through a deal with Cholla Production. Last year Sefton acquired a pipeline from Cholla. Now it has agreed a deal to buy around 1,200 net leasehold acres, which already has 18 wellbores that could be ‘re-completed’. It will pay US$200,000 for the assets.
Shares in Solo Oil PLC (LON:SOLO) were lifted by news that its Canadian joint venture partner Reef Resources Ltd (TSX-V:REE) spudded the Ausable # 5 well in South Western Ontario. Drilling and coring will continue over the next three weeks with completion expected before break up.
Matra Petroleum (LON:MTA) plans to raise £1.55 million through a placing of 50 million new shares at 3.1 pence each. The new capital will help it finalise its development plans for the Sokolovskoe field in Russia, near the border with Kazakhstan. Sokolovskoe has recoverable contingent resources (C2) of 15.1 million barrels.
Gulfsands Petroleum PLC (LON:GPX) has now completed testing operations on the Twaiba-1 exploration well in the 50 percent held Block 26 in Syria. The well has been suspended.
Baobab Resources (LON:BAO) told investors that it has now begun a new phase of drilling on the South Zone, which is part of the Tete project in Mozambique. Two reverse circulation (RC) drill rigs are now drilling the South Zone in Blocks 1 and 7.
Range Resources (ASX:RRS, LON:RRL) has received the results from the helium survey across three prospects in Block VIa and Block VIb in the Republic of Georgia. The helium survey indicates active oil and gas presence in the first two drill targets (as identified following the RPS Seismic Report) with the survey identifying priority zones which are most likely to contain potentially productive systems.
Madagascar Oil’s (LON:MOIL) standoff with the government is still continuing and the group said it remains extremely concerned by the delays that have been incurred since the initial meeting on December 16 2010 in which the island’s Ministry of Mines and Hydrocarbons (MMH) said it was interested in buying the company's licences. The stock remains suspended at 75 pence.
Nighthawk Energy (AIM:HAWK, OTCQX:NHEGY) revealed this week that quarterly production had fallen by over 1,000 barrels of oil to 3,086 barrels in the three months ended December. The group, which owns the Jolly Ranch Project in Colorado, said the reduction from 4,092 barrels of oil in the third quarter was the result of the increased number of work-overs and recompletions.
Circle Oil PLC (LON:COP) reported that the DRJ-6 exploration well has been successfully tested in the Sebou Permit, Rharb Basin, Morocco. DRJ-6 was drilled in April 2009 and, as previously announced, not tested due to local logistical problems at the time of drilling.
EnCore Oil (LON:EO) will plug and abandon the Catcher North appraisal well 28/9-3 in the Central North Sea block 28/9 as the reservoir development at the location turned out to be towards the low end of expectations. Shares in the company, which holds a 15 percent stake and operates the Central North Sea block 28/9, dropped 13% on the news.
West African explorer BowLeven (LON:BLVN) revealed this week that its Sapele-1 well in the Douala Basin off the coast of Cameroon has confirmed the presence of oil, condensate and gas at the cretaceous level.
Cove Energy’s (LON:COV) joint venture partner Anadarko Petroleum (NYSE:APC) has made a fourth gas discovery in the Rovuma Basin, offshore Mozambique. The latest discovery well, Tubarão, was drilled to 4,237 meters in deep water (898 meters), about 29 kilometres from the Mozambique coastline. Tubarão encountered more than 110 feet of natural gas pay in a high-quality Eocene-age reservoir.
Cove Energy’s 8.5 percent stake in the ‘Offshore Area 1’ of the Rovuma Basin could have net reserves in the region of 170 million barrels of oil equivalent, according to research by Ambrian Capital analyst Werner Riding.
Providence Resources (LON:PVR) told investors that it has signed a preliminary agreement with Shell (LON:RDSB) regarding the Barryroe and Hook Head oil discoveries offshore Ireland.