Oil & Gas 
News
Geopark Holdings (GPK, 399p, ? (0.0%)) announced an operational and trading update in which the company outlined its 2010 investment program. The company announced it would use approximately $50m in capital expenditures this year to complete a program which includes; drilling between 14-18 wells, performing 5 to 7 workovers, expanding its production facilities, and carrying out 550km of 2D and 500km² of 3D seismic work. The company also announced that production in 2009 was up 86% to 6,320boepd, and that operating cashflow had increased 17%.
Green Dragon Gas(GDG, 6.63p, ? (0.0%)), one of the largest independent companies involved in the production of CBM gas and the distribution and sale of wholesale gas in China, published its 2009 year end gas reserves and value estimate, conducted by NSAI. Total gas in place was reported at 25.5 Tcf with net 1P reserves of 32.9 Bcf, net 2P reserves of 261.3 Bcf and net 3P of 2,333.1 Bcf, corresponding to NPV10 values of US$168.2m, US$1.25bn and US$9.35bn respectively. The reserves and value increase result mainly from the employment of SIS technology which increases coal in-seam drilling efficiency, as well as the improving gas pricing environment in China.
Providence Resources (PVR, 3.35p, ? (0.0%)) announced that it has been awarded Licensing Option 10/1 over the Baltimore heavy oil discovery located in block 48/19(p) in the North Celtic Sea Basin, offshore Ireland. The 48/19-2 discovery well is situated approximately 30km off the south coast of Ireland in around 100m water depth.
Salamander Energy (SMDR, 249p, ? (0.8%))said APICO, the operator of the L13/48 license onshore Thailand, in which Salamander has a 16.3% interest, is reviewing the license's prospects after unsuccessful testing at a well. Although gas flowed to the surface during testing of the Si That-3 well in the license, it was determined the gas was coming out of solution and would dissolve under reservoir conditions. Salamander said drilling is expected to start at a well on another license, Bang Nouan-1, within days.
Shell (RDSA, 1727.5p, ? (0.06%)) is looking to raise $10bn through the disposal of a number of assets, including its North Sea oilfields, European liquefied petroleum gas (LPG) business, a network of petrol stations across at least 17 African countries, onshore fields in Nigeria, an exit from Sweden, and a $1.2bn auction of three European refineries. Exclusive…
