Oil & Gas Corporate News
Chariot Oil & Gas Limited (CHAR LN, 126.50p, ? 0.20%) today provided an update with regard to its drill rig contract negotiations. As reported in the Interim statement on 24 October 2011, the Company has been aggressively pursuing various rig options for drilling its Tapir South prospect (located in Northern Block 1811 A offshore Namibia), which included an option that would have enabled the well to spud prior to the 2011 year end. As Chariot noted previously, the market for deepwater rigs has tightened markedly, making it more challenging to secure an appropriate rig to carry out a one-well programme in Namibia without paying a significant premium. As mentioned in the Interim statement, Chariot's Tapir South prospect is drill ready - all long lead items have been delivered, all service contracts signed, the support base secured and the drill permit granted. However, the rig anticipated to be available for the Q4 2011 spud has been contracted by another operator for a longer programme. As a result of this change in programme, the rig will no longer be coming into the area in the requisite timeframe. The Company is in active negotiations regarding a number of other available rigs and now expects to spud the Tapir South exploration well in Q2 2012. This timing is subject to ongoing negotiations and further to a rig contract being formally signed, the Company will update the market with the anticipated spud date.
Nostra Terra (LON:NTOG) Oil & Gas Co. PLC (NTOG LN, 0.46p, ? 13.36%) today announced that it has commenced the development of its own plays within an established hydrocarbon region in Oklahoma. The Company has identified areas within several Oklahoma counties which it believes to be highly prospective for oil and liquids-rich gas in a number of geological formations. Several experienced geologists and petroleum landmen have been engaged to identify attractive targets throughout the area. This has resulted in the Company pursuing leases under several drilling prospects in the first of the project areas. Leasing and pre-drilling activities will continue through 2012. The Company plans for the first wells to be drilled in the fourth quarter of 2012. Nostra Terra intends to acquire full interest leases in the prospect areas. When drilling begins, Nostra Terra may invite other companies to participate in specific prospects. Geologically, the project area lies within…
