Oil & Gas Corporate News
Oilex Ltd (OEX, 9.5p, ? (2.56%)) announced that the log evaluation of the primary objective Elang/Plover Formation sandstones in the Lolotoe-1 well indicates that no commercial hydrocarbon zones are present. The zones where shows were recorded in the Flamingo Formation are also not commercial. On completion of well operations the Songa Mercur drilling rig will be demobilised to Singapore. Further wells are planned later in 2010 to evaluate the remaining potential in the contract area.
San Leon Energy (Research restricted) (SLE, 23.5p, ? (1.05%)) announced that the irrevocable undertakings to Platinum and Gartmore in regards to San Leon’s offer for Island Oil & Gas have been extended on the existing terms until 14 April 2010. Discussions between San Leon and Island are continuing and both companies are working towards an agreement on an offer for Island, which the Directors of Island currently intend to recommend.
Stratic Energy (SE/, 13.5p, ? (5.88%)) announced the signature of loan facility amendment agreements with its banking syndicate incorporating an additional line of credit. The amendments provide, inter alia, for the deferral of year-end 2009 scheduled debt repayments totalling approximately $25 million, until receipt of the proceeds of the previously announced sale of the Company's Italian business, expected around the end of the first quarter, 2010. In addition, the amendments provide an additional line of credit of approximately $10 million available for general corporate purposes, also to be repaid from the proceeds of the sale of the Italian business.
Great Eastern Energy Corp (GEEC, 485p, ? (0.52%)) announced it has entered long term Gas Sale Agreements with three additional customers for the supply of 1.84mmscfd of gas. The signing of these additional GSAs brings the total amount of gas currently under contract to 22.96mmscfd.
Bowleven (BLVN, 106p, ? (4.69%)) has signed a letter of intent for a rig for its planned drilling campaign on the Etinde Permit, offshore Cameroon, and completion of legal documentation is expected shortly, with the drilling program scheduled to commence as planned in April or May 2010 with the spudding of the IE appraisal well. Well locations have been selected for the first two wells in the program, IE-3 and the exploration well on MLHP-5. Exact location and timing of the IF-2 well will depend upon the outcome of the additional seismic activity on MLHP-7 with extensive seismic activities planned on Etinde…
