Oil & Gas News
Gulf Keystone Petroleum (BUY, £2.00) (GKP, 85.75p, ? (0.29%)) announced that it has negotiated an agreement with BG North Sea Holdings Limited ("BG") that settles, on confidential terms, the claims and counterclaims between the parties in the previously announced arbitration. The agreement provides for the immediate stay of the arbitration and the proposed transfer of the Company's interests in the Hassi Ba Hamou Permit for a net cash payment from BG of $9.9m to GKP. The agreement is subject to the conclusion of separate transfer documentation which will require the approval of Sonatrach and any necessary Algerian governmental authorities. Whilst the Company is confident that the necessary approvals will be forthcoming, there is no guarantee this will be the case. The Company indicated that, following this transaction, further announcements will be made with respect to the orderly disposal of the Company's other interests in Algeria.
Nostra Terra Oil Gas Co Plc (NTOG, 0.94p, ? (1.08%)) announced that its wholly- owned subsidiary, Nostra Terra Overseas Ltd ("NTOL"), has entered into a contract with Crimea Nadra Invest (CNI) relating to its assets in Ukraine. Under the terms of the contract, CNI will acquire all the rights and obligations associated with the Joint Activity Agreement of 27 January 2001 (the "JAA") covering NTOL's operations in Ukraine and in particular the Oktyabrskoe field licence, while NTOL will retain a right to payment of 25% of any net profits generated by CNI from the JAA, which runs for a period of 25 years from 27 January 2001. The consideration for the transaction is to be settled by the deferred payment from future oil sale proceeds of approximately £29,000, which will be applied towards general working capital.
Roxi Petroleum Plc (RXP, 9.25p, ? (2.78%)) announced that exploration well NK22, drilled by its subsidiary "Galaz and Company" LLP, has encountered 12.8m of net pay, determined from wireline logs, in good quality lower Cretaceous, and Upper Jurassic aged reservoir formations. The well was drilled to a total depth of 2840m to evaluate Middle Jurassic potential on the block. Casing will be run, prior to testing the well. This represents the sixth consecutive oil well drilled by Roxi in the past 14 months. It is an…
