Oil & Gas Corporate News
Gulfsands Petroleum (LON:GPX) Plc (HOLD, 300p) (GPX.L, 277.8, ? 0.9%) announced that ADX Energy Ltd the operator of the Kerkouane Exploration Licence offshore Tunisia has advised of the commencement of drilling operations on the Lambouka-1 well on the Lambouka Prospect in the Sicily Channel. ADX Energy 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. Drilling of the Lambouka-1 well is being carried out by the Atwood "Southern Cross" semi-submersible drilling rig and it is expected to take approximately 35 days to drill and evaluate this well. Gulfsands is acquiring a 30% participating interest in the Kerkouane Licence and the adjacent Pantelleria Permit which lies in the Sicily Channel in Italian waters.
Falkland Oil and Gas Limited (BUY, 400p) (FOGL.L, 147.5, ? 26.9%) confirmed that the Toroa F61/5-1 exploration well has been drilled to a total depth of 2476 metres and logging operations have now been completed. The well did not encounter any reservoired hydrocarbons and will now be plugged and abandoned. Further detailed evaluation of all data and information gained from this well will now be carried out. An update will be provided once this work has been completed.
Resaca Exploitation (LON:RSOX) Inc. (RSOX.L, 2.5p, ? 0.0%) announced that the board of directors of Resaca is actively involved in ongoing discussions with Cano Petroleum, Inc. regarding alternative financing structures that would permit the consummation of the merger of the two companies. While the Agreement and Plan of Merger previously entered into by Resaca and Cano remains in full force and effect, there can be no assurance that the merger will be consummated upon the same terms as originally agreed by the parties or at all. Resaca will provide a further update on the proposed merger in due course.
Gulf Keystone Petroleum (LON:GKP) Ltd. (BUY, 200p) (GKP.L, 68.5p, ? 0.7%) announced the commencement of workover/testing operations on the Shaikan-1 discovery well. The Company will execute the re-testing of Zones 3&2 two high permeability but low energy zone using a 350 hp Electric Submersible Pump as well as complete the well for long term production testing (18 to 24 months) in the original discovery Zone 1, the Sargelu in the Upper Jurassic at depths of 1,450-1,510m. This zone…
