Oil & Gas Corporate News

Roxi Petroleum (LON:RXP) PLC (RXP LN, 4.63p, ? 2.78%) today announced that the well NK-9 spudded on 27 October 2011 has reached a total depth of 1,505 metres on 16 November 2011. The preliminary interpretation of wireline logging indicates that the well encountered oil bearing reservoir sands in the Upper Jurassic section at a depth of 1,294 metres Measured Depth. Upon final interpretation of the wireline logs data, the well will be perforated and tested. The rig is currently being moved to the second well location, NK-10, which will be drilled to appraise the Upper Jurassic sands on the same structure in early December. The results of drilling NK-9 have confirmed Roxi?s understanding of the oil in place on NW Konys.

Gold Oil (LON:GOO) PLC (GOO LN, 2.51p, ? 13.49%) provided an operational update on its projects in Peru and Colombia. In Peru, the marine 3D seismic survey over Block Z34 Southern and Northern areas is now being processed by CGGVeritas and fast track results from the Erika South survey are beginning to become available with encouraging initial results. It is expected that the full volume data for the Erika South and North surveys will be available by the year end at the latest. Interpretation will commence immediately and is expected to take four to six weeks. In preparation for drilling next year, the Company has submitted the initial consultation document and terms of reference to the Ministry of Energy and Mines, which is the first step in the Environmental Impact Assessment approval process,in order to be prepared for drilling late in 2012. Initial results of the 3D seismic processing are assisting in the delineation of these drilling locations.

In Columbia, Invepetrol, Gold Oil's 100% subsidiary in Colombia, has commenced formal discussions with Ecopetrol regarding a possible extension of the Nancy Burdine concession contract which currently expires in 2015. The drilling of the Nancy -2 well, which had been provisionally planned for the year end 2011 but was subject to contract extension, will now be delayed until negotiations with Ecopetrol have been finalised and the contract terms for additional investment in the fields agreed. Also, the Company has now been informed by the operator of the Azar block that the drilling of the La Vega East prospect has now been delayed…

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