Empyrean Energy (EME) received a nice surprise at its Sugarloaf project in Texas when preparing to fracture stimulate the TCEI JV Block A-1 well. The well unexpectedly began to flow commercial quantities of gas and condensate. The well will now be fracced at a later date.
Maple Energy (MPLE) said its competent persons report for 2007 had attributed proved reserves of 2.5 million barrels of oil equivalent to its assets in Peru.
Timan Oil and Gas (TMAN) is still trying to secure funding for the development of the NGPT field and trading in its shares remain suspended. The company also appears to have raised the for sale sign as it added that it was reviewing the strategic options for the company and its shareholders.
PetroLatina (PELE) has however agreed a $25 million cash injection, subject to due diligence.
Serica Energy (SQZ) has drilled the Kambuna 4 development well, offshore North Sumatra to complete the drilling phase of the Kambuna development.
Ascent Resources (AST) has abandoned the TIK-1 exploration well in Szolnok, central Hungary. The well found a gas reservoir however the gas composition was approximately 90% CO2 with only traces of methane.
ERG Power & Gas SpA, will help develop Independent Resources' (IRG) underground gas storage facility at Rivara in the Po Valley. ERG will become a 15% equity shareholder by investing £7.7 million.
Rockhopper Exploration (RKH) has appointed well engineering and farm-out consultants in the expectation of drilling 2-4 wells on its North Falkland Basin acreage.
Sefton Resources (SER) has completed the on-site facilities infrastructure for four new wells in the US. One is on production and the remainder will shortly go into production.
Pan Andean (PRE) has restarted production on High Island 30 in the Gulf of Mexico. Production is currently about 75 barrels a day which is below expectations.
Still in the US, Meridian Petroleum (MRP) has completed extended testing of the Milford 36 well in Michigan. Gas production has stabilised at 80mcfd however Meridian intends opening up a further ten feet of pay to see if there is oil at a slightly deeper level. Meridian Petroleum will also undertake an acidisation of its Orion 36 well.
Gulf Keystone Petroleum (GKP) has completed the acquisition of 171 kilometres of 2D seismic data in the Shaikan Block, Kurdistan. In Algeria the HBHN-1 well was dry. The rig will now move to the third well of a six well commitment on the HBH Permit and drill the RM-1 exploration well.
Ithaca Energy (IAE) announced that well 14/18b-17 on the Athena prospect is currently being suspended pending evaluation and possible sidetracking after failing to encounter commercial hydrocarbons in the primary horizon.
Offshore Hydrocarbon Mapping (OHM) has had a "challenging" first half with no large proprietary surveys completed in the winter season. OHM believes the marketing reach from its strategic tie-up with CGGVeritas will help bring in new business.
EnCore Oil has agreed a farm-out agreement with Fairfield Acer, part of Fairfield Energy Ltd, that will see Fairfield buy a 25% interest and operatorship of UKCS Block 9/27a. EnCore will retain a 62.5% interest in the block.
Dominion Petroleum (DPL) has farmed out the Kisangire PSA, onshore Tanzania to Heritage Tanzania Kisangire Limited. Heritage will be appointed as Operator subject to receiving approval from the authorities in Tanzania.
Coastal Energy (CEO) announced a significant upgrade to its reserve and resource base in Thailand. Proven reserves stand at 19 mmboe with proved and probable reserves of 26.7mboe.
Mediterranean Oil and Gas (MOG) said the Ombrina Mare 2 appraisal well has encountered significant gas shows in the secondary target zone, the middle-upper Pliocene gas sands complex. The well is continung through the secondary target zone. Mediterranean Oil and Gas reported less good fortune in Tunisia where the TEB-1 well exploration well produced only formation water.
At its AGM, Black Rock Oil and Gas (BLR) announced a range of overhead cost reductions, including Directors remuneration, and said it "plans to embark on an active process of identifying potential merger opportunities, and seeking additional business partners, some of whom may in any event regard the Company as a merger or acquisition opportunity for themselves".
And finally, Matra Petroleum (MTA) told shareholders at its AGM said that road access to the Arhangelovskoe-12 well site, in Russia, had been reestablished and the acid treatment is dependent on availablilty of equipment. Matra's second well in Russia is nearing target depth. In addition two wells will be drilled in Hungary starting in May.
Source: SmallCapNewsUK