Oil & Gas News
Range Resources (LON:RRL) Limited (BUY, 27p) (RRL LN, 11.25p, ? 0.0%) and Red Emperor Resources (TRADING BUY, 19p) (RMP LN, 18.25p, ? 0.0%) have announced that site construction has commenced in readiness for the spudding of the second exploration well in Georgia, the Namakhvani well at the Kursebi 6 Prospect. Spudding is expected in early to mid February now that Range have reviewed all seismic and geological data across the top 3 Kursebi prospects, given the unexpected geology encountered at the first exploration well, and Kursebi 6 has been identified as the most robust prospect. The estimate for undiscovered STOIIP for the prospect is 99.2 Mmbbls (mean). Range has a 40% interest and Red Emperor a 20% interest in the prospect.
Gulf Keystone Petroleum (LON:GKP) (BUY, 300p) (GKP LN, 275.25, ?0.72%) has provided an operational update for its exploration and appraisal programme in the Kurdistan Region of Iraq, including the Shaikan block. Highlights include: ongoing well testing at the Shaikan-4 Appraisal Well, with two well tests completed in the Triassic and 5 further planned in both the Jurassic and Triassic; Shaikan-5 Appraisal well is currently drilling at a measured depth of 1571 metres in the lower Cretaceous; Shaikan-6 Appraisal Well has drilled to a measured depth of 844 metres in the Cretaceous and 20? casing has been set; the Aqra-1 Appraisal Well designed to assess the Bikell discovery has spudded and is on track to be tested in H2 2012; the Ber Bahr-1 Exploration Well has been drilled to a measured depth of 2778 metres.
Afren (LON:AFR) (AFR LN, 124.60p, ? 1.74%) provided a trading statement and operations update. Highlights include: net group working interest production average of 19,200 boepd in 2011 with average production of 42,000 to 46,000 boepd expected in 2012; commission and ramp up of all 14 production wells in the Ebok field development successfully completed; up to 15 exploration wells due in 2012 in the Okoro East exploration campaign; acquisition of 60% and 20% interest in the Barda Rash and Ain Sifni PSC?s respectively, increasing 2P and 2C resources from 136 mmboe to 1026 mmboe; 2011 sales of US$600 M expected.
Roxi Petroleum (LON:RXP) (RXP LN, 5.13p, ? 7.89%) announced pilot production has commenced…
