Oil & Gas Corporate News

Gulfsands Petroleum (LON:GPX) (HOLD, £3.00) (GPX, 259.5p, ? (1.14%)) announced that further to the announcement on 18th May 2010, the Company has exercised its option to increase from 20% to 30%, the working interest position it is acquiring in the Kerkouane Exploration Permit, offshore Tunisia and in the adjacent Pantelleria exploration permit in Southern Italy (G.R15.PU) from subsidiaries of AuDAX Resources Ltd. Gulfsands' decision to increase its working interest in these permits follows from an assessment of the "fast-track cube" processed from the recently completed 3D seismic survey carried out over the Lambouka Prospect. Data from the 3D seismic survey was also used to select several potential drilling locations for the Lambouka-1 exploration well, with final location selection determined following completion of a survey of the seabed at the alternate locations. The Tunisian government approval to move the "Atwood Southern Cross" drilling rig onto location at the selected Lambouka-1 well location is expected shortly with drilling anticipated to commence in the second half of June. Tow vessels are now en-route to Tenerife on the Canary Islands to begin the tow of the Southern Cross to the Lambouka -1 well location. The gross cost of the Lambouka exploration well is estimated at approximately $20m with drilling anticipated to take approximately 30 days. AuDAX has estimated the mean prospective resource for the Lambouka Prospect at 270Mmboe with the primary objectives for the well being the Miocene aged Birsa Formation and the Cretaceous aged Abiod Formation. Following the exercise of Gulfsands' option and completion of all earn-in obligations, the respective interests of the parties in the "Lambouka Prospect Area" being the limited area defined to be over the Lambouka prospect within both the Kerkouane Permit and the Pantelleria Licence, will be AuDAX 30% (operator), Gulfsands 30%, Bombora Energy 10%,Carnavale Resources 20%, PharmAust 10%.

Aurelian Oil & Gas Plc (LON:AUL) (AUL, 41.75p, ? (4.38%)) announced that the Climauti-1 well has encountered a gas bearing reservoir in the Suceava Block in Romania. The reservoir, which should yield approximately 2Bcf gross of recoverable gas reserves and increase the Company's production by approximately 18% over its expected seven year life, is on the same interval as the producing Vicsani-1 well 3km to the south west. The gas column which was encountered in Sarmatian sands at a depth of 456.5-463.6m, 7.1m gross, 6.3m net, will be perforated and completed…

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