Oil & Gas Corporate News
Circle Oil (LON:COP) (BUY, £0.90) (COP, 34.75p, ? (6.08%)) confirmed that its operations and oil production in the NW Gemsa Concession (40% Working Interest) remain unaffected by current events in Egypt. The Company continues to monitor the situation in Egypt and further updates will be made as appropriate.
Desire Petroleum (LON:DES) (Under Review) (DES, 38.5p, ? (0.0%)) announced it will shortly update the market on the drilling results, the prospectivity of the licences, future drilling plans, the status of the 3D seismic acquisition programme and the current funding position. The next well to be drilled by Desire is now likely to be on the Ninky prospect, subject to all regulatory approvals, when the rig returns to Desire in March/April.
Gold Oil (LON:GOO) (GOO, 4.73p, ? (6.34%)) has signed a farm-out agreement with Vale S.A. for its onshore Block XXI located in the Sechura basin in Peru. Vale will make an upfront payment of US$2m and will carry GOO through the remaining exploration programme capped at US$10m. In return Vale will receive 70% interest and becomes the operator of the Block. GOO also announced that the Rosablanca-2 well has now been plugged and abandoned. The well reached a total depth of 2,883 feet and a DST in the Rosablanca formation failed to flow indicating the reservoir to be tight and non-commercial. A second DST in the Tablazo formation flowed formation water only. GOO was effectively free carried on the well. GOO also announced an operating loss of GBP790,000 or 0.14p per share.
Nighthawk Energy (LON:HAWK) (HAWK, 10p, ? (2.44%)) has raised net proceeds of GBP1.899m by drawing down on its Equity Financing Facility with Darwin Strategic Limited, part of the Evolution Group. The EFF agreement was arranged by Darwin and was announced by Nighthawk on 14 October 2010. The proceeds from the draw down, which is the second undertaken by the Company since the announcement of the EFF, will allow Nighthawk to continue the completion and recompletion of a number of wells that have already been drilled at Jolly Ranch. This work will allow the Company to obtain a better understanding of the completion techniques required to deliver value at the project. Application will be made to the London Stock Exchange…
