Oil & Gas Corporate News
Desire Petroleum (LON:DES) (BUY, £2.00) (DES, 66.75p, ? (5.99%)) signed a contract for marine seismic acquisition services with Polarcus Limited for the use of the seismic vessel MV Polarcus Nadia. Under the terms of the contract Desire will acquire a 3D survey over (a) the areas of Tranches C and D not previously covered by 3D and (b) most of Tranche F to ensure that the east flank fan play fairway, on Desire acreage, has complete coverage. In addition, it is intended to acquire 3D data over the northern part of Tranche I and adjacent areas. A contract to process the data will be the subject of a separate invitation to tender, which will be issued shortly. Monarch Geophysical Services Limited has been retained to provide specialist acquisition and processing supervision throughout the project.
Rockhopper Exploration (LON:RKH) (BUY, £5.00) (RKH, 300p, ? (3.38%)) has simultaneously signed an identical contract with Polarcus allowing Desire and Rockhopper to share the vessel for acquiring seismic data in each company's adjacent licences and other areas. The vessel is expected to commence the joint survey in December with completion by end-April with the Desire share of the survey lasting around 90 days. This contract is in addition to Rockhopper's contract for the MV Polarcus Asima vessel announced on 21 October 2010. Under the contract Rockhopper will acquire a 3D seismic survey over areas of its licence PL024 (100% Rockhopper) and adjacent areas, which were not previously defined by 3D seismic, as well as participating with Desire Petroleum plc on areas of licences PL003 and PL004, in which Rockhopper has a 7.5% working interest. Nadia is expected to commence the joint survey in December 2010 with completion by end of April 2011.
Gold Oil Plc (LON:GOO) (GOO, 4.1p, ? (0.73%)) announced an update in relation to Block Z34, located in the offshore Talara Basin, Peru. The Company continues to be in discussions with potentially interested farm-in partners and has received interest from a number of international oil companies. The Company continues to evaluate historic 2D seismic data and proposes to acquire 3D in 2011 with its chosen farm-in partner(s). The Company notes some recent speculation about the status of the licence and…
