Global Petroleum (GBP) has terminated a Farm-in agreement with Woodside Energy following Woodside's refusal to drill a second exploratory well in the Lamu Basin, offshore Kenya. Gobal and its joint venture partner Dana Petroleum intend to issue legal proceedings to recover losses suffered as a result.
Valiant Petroleum (VPP) has spudded its first operated exploration well on the Globe prospect in UK North Sea blocks 9/22 and 9/23c.
Aminex (AEX) commenced a well test at the Kiliwani North-1 well in Tanzania while Gold Oil (GOO) started the workover of a well at Azar, Colombia.
Empyrean Energy (EME) said that fracture stimulation operations at the TCEI JV Block A-1 well have commenced and the well was flowing at "spectacular" rates of approximately 2.5 million cubic feet gas per day with approximately 950 barrels of condensate per day.
Matra Petroleum (MTA) has successfully treated the Arkhangelovskoe - 12 discovery well in Russia with acid to remove formation damage. A series of flow tests were conducted and the last of which was on a 7mm choke and the well flowed at a stabilised rate of 820 bopd with a flowing wellhead pressure of 650psi.
Nautical Petroleum (NPE), reported that the Selkie exploration well in the UK North Sea was dry.
Northern Petroleum (NOP), Providence Resources (PVR), EnCore Oil (EO.), Egdon Resources (EDR), Europa Oil and Gas (EOG) all received offers of exploration licences in the 13th UK Onshore Round. On the coalbed methane front, Island Gas (IGAS) partnered with Nexen and privately owned Composite Energy, partnered with BG also received offers of licences in the 13th Round.
Serica Energy (SQZ) has signed gas sales agreements for the Kambuna Field, offshore North Sumatra, Indonesia. Production is targeted to commence by the end of 2008.
Meridian Petroleum (MRP) has committed to shoot a seismic programme, probably 3D, over some 70-90 square kilometers of the PEL 82 licence in Australia.
Valiant Petroleum (VPP) announced that approval of the Field Development Plan for the Don Southwest and West Don fields, in the North Sea, had been received from the UK Department of Business, Enterprise and Regulatory Reform. Valiant has a 40% interest in Don South West field and a 17.275% interest in the West Don field while Stratic Energy (SE.) has a 17.25% interest in the West Don field. Valiant added that Bank of Scotland has completed syndication of the US$200m Senior Debt Facility to a number of international banks.
Ithaca Energy (IAE) is in a 90 day period of exclusive negotiations to develop the Athena Field using the Uisge Gorm Floating Production, Storage and Offloading vessel.
Caspian Holdings (CSH) is to complete the acquisition of the Serri Pine Meadows lease in California and has raised £200,000 in a placing of new shares to fund it.
Pantheon Resources (PANR) has farmed-in to a 25% participation in a 25,000 acre Austin Chalk and Woodbine formation play located in the Brookeland Field in Tyler County, Texas. Pantheon has also raised, subject to EGM approval, £4.54 million in a placing of new shares at a price of 20p to fund the Tyler County drilling.
Caspian Energy (CEK) has completed its $4.4 million rights offering. The net proceeds will be used for the development of Caspian's oil and gas projects in Kazakhstan.
Irvine Energy (IVE) has agreed a US$50.12 million advancing term credit agreement with GasRock Capital LLC.
Antrim Energy (AEY) is to undertake a private placement offering of up to US$100 million senior unsecured convertible debentures. Antrim plans to use the proceeds to fund its appraisal and development projects.
And finally, Gordon Brown, Prime Minister and possibly Chancellor, and Alistair Darling who may or may not be the Chancellor, swooped into Aberdeen this week to press the oil industry to increase production. At current oil prices its a fairly safe bet that the fields are pumping as fast as possible!
Source: SmallCapNews UK