Caza Oil & Gas' (LON:CAZA, TSE:CAZ) chief executive this week declared himself pleased with the drilling progress at its Jacinta, OB Ranch and Windham properties in Texas. At Jacinta it secured a rig early and the Caza Elkins 3401 well has now been drilled to a depth of 4,670 feet. It will take another 25 days to get to a total depth of 11,200 feet, the company said.
Europa Oil & Gas (LON:EOG) put out an encouraging update this week noting that operational and weather related issues which hurt production in the UK earlier in the year have been alleviated.
Enegi Oil (LON:ENEG) is taking back control of the PL2002-01 licence in Newfoundland Canada because of the encouraging results from a work-over programme. The licence hosts the Garden South field and the Garden Hill Central and Garden Hill North as well as other leads. Enegi’s partner, Fire Horse Energy, has fallen behind the agreed schedule and the AIM-listed firm has decided to take decisive action.
Shore Capital called this week’s presentation by Aminex (LON:AEX) very encouraging as it remains on track and fully funded to achieve its objectives during a “very exciting period of drilling”. The company presented to investors in London on Thursday following an annual general meeting in Dublin the day before.
Shares in oil and gas group Northern Petroleum (LON:NOP) suffered badly late last month after it cut reserve estimates for its Dutch assets but broker Edison believes the sell-off has been overdone and the shares are now undervalued. This week, Northern Petroleum sounded a confident note on outlook, pointing in particular to the “significant” upside potential of projects in Italy. The company, which announced a profit warning last month, revealed a small loss over its full year.
Leni Gas & Oil (LON:LGO) told investors this week that production has now resumed from the Eugene Island-184 (EI-184) platform in the Gulf of Mexico. The company has a 7.25 percent working interest in the EI-184 field where the former operator, Leed Petroleum (LON:LDP), suspended operations after it decided to cease its business operations at the end of March.
Petro Matad (LON:MATD) told investors that it has spudded thet DT-6 exploration well in Mongolia to test a very thick section of the Tsagaantsav formation at Block XX. This week, the company reported that drilling operations on the DT-5 well were completed with numerous thin zones of hydrocarbons identified; however, now oil shows were observed during drilling.
Nostra Terra Oil & Gas (LON:NTOG) chief operating officer Alden McCall confirmed the company is still in negotiations to land a potentially transformational deal in the US, adding “we will announce it as soon as we can”.
Oilex Ltd (ASX:OEX, LON:OEX) has spudded the Cambay-76H horizontal well in India. The Cambay-76H proof-of-concept well will evaluate the production potential of the Y Zone interval of the extensive Eocene tight reservoirs in the onshore Cambay Production Sharing Contract in Gujarat State.
Shares in Latin America focused Global Energy Development (LON:GED) were lifted on Wednesday on the news that a successful workover programme at its Tilodiran 2 and 3 wells within the Colombian Rio Verde contract has led to a significant rise in production.
Global Petroleum (LON:GBP) has received approval from the Namibian competition commission - a key step in its purchase of Jupiter Petroleum. The AIM-listed firm says it is now working towards satisfying the remaining conditions as soon as possible.
Shares in SacOil (LON:SAC), the oil group focused on Africa, edged up on Wednesday after it confirmed it currently has 684 million shares in issue and reiterated independent assessments of the value of its oil and gas interests.
Falkland Oil & Gas (LON:FOGL) revealed this week it is in early talks with firms interested in taking part in its exploration programme south of the islands. But the company said it did not expect to conclude any farmout agreement until later this year.
Investment bank Renaissance Capital highlighted the potential for significant growth for Beacon Hill Resources (LON:BHR) as its Moatize coal project in Mozambiquenears completion. Jim Taylor, analyst at the Moscow-based bank, released a research note on the mine developer this week. The broker started coverage on Beacon Hill with a ‘buy’ recommendation, targeting 27 pence a share.
New World Oil and Gas PLC (LON:NEW) said the competent person's report (CPR) from RPS Energy highlights the prospectivity of the Blue Creek project, consisting of two concessions in the productive Petén Basin in Northwest Belize.
Bowleven (LON:BLVN) said this week that its Sapele-1 sidetrack appraisal well off the coast of Cameroon flowed at what it believes to be a commercial rate. Production was 3,101 barrels of oil equivalent a day, and the gas to oil ratio was similar to that seen at the original Sapele-1 well. With an API of 39.2, the crude produced is an high-quality light oil.