Edge Resources (LON:EDG) announced this morning it has successfully drilled, cased and completed two wells in Primate. One of the wells has resulted in the discovery of a new pool. Production testing and pressure buildup analysis will commence simultaneously.
The Company also announced that it acquired 100% of the land it posted at a recent Crown land sale; adding 395 net acres of contiguous property to its existing Grand Forks oil asset.
Brad Nichol, President & CEO, commented, "We are very happy with the initial geological results from these wells. We are especially pleased with the well drilled in the eastern section, which was previously given zero value on our reserve report.Our Primate asset continues to represent a wonderful opportunity to increase both oil production (and associated cash flow) and asset value. It was nice to drill the first two wells early and establish production in eastern section before drilling the rest of the programme."
"Given this initial success, we have already commenced a plan to shoot 3D seismic over the sections in Asset East. This will help us delineate this oil pool and assist us in choosing locations for additional wells. We hope to commence a seismic programme in Q4 of this year, after the crops are off the fields."
Edge Resources are currently trading at 24.75 pence a share, up 26.92% on opening.
Serica Energy (LON:SQZ) announced this morning that it has made good progress in all its operations throughout the first half of 2012. Serica announced that it had ended the quarter with no debt and US$23.3 million unrestricted cash balance. An application to the Department of Energy and Climate Change ("DECC") for the grant of project sanction for development of the Columbus field had been submitted on schedule.
Broker FoxDavies said: 'With non-leveraged balance sheet and revenue flow from the Indonesian assets, we believe Serica Energy is comfortably placed to develop its existing resources and also expand its portfolio base.'
Serica Energy are currently trading at 29.31 pence a share, up 12.72% on opening.
Matra Petroleum (LON:MTA) shares have risen by 11.11% this morning and are currently trading at 2.00 pence a share.
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More