Rockhopper Exploration (LON:RKH) (HOLD, £1.10) (RKH, 145p, %u25B2 (55.08%)) announced that wireline fluid and pressure testing has been completed on its 14/10-2 well on the Sea Lion prospect in the North Falkland basin. Multiple pressure readings and multiple fluid samples have been successfully obtained. The Ocean Guardian is not equipped with facilities to analyse the fluid samples, so analysis of the fluid samples will take place after the sample containers are shipped to a dedicated laboratory. However, the fluid sampling process suggested a good quality reservoir with no evidence of any free water as the sample chambers filled. Filling characteristics suggest a mobile crude oil.
Valiant Petroleum (LON:VPP) (602.5p, %u25BC (7.73%)) announced that its operated Tybalt exploration well 211/8c-4 (License P1632) has discovered hydrocarbons in the targeted Upper Magnus Sand Formation within the eastern 'T2' pinch-out prospect, having intersected a gross oil column of 278ft. Initial log while drilling data indicates at least 63ft of reservoir, which is lower than assumed in pre-drill estimates at this location. Net pay over the section drilled remains to be determined and Valiant is currently running an extensive data collection programme having cored the reservoir and running extensive suite of wireline logs, fluid sampling, pressure readings and a vertical seismic profile.
Independent Resources (LON:IRG) (62p, %u25BA (0.0%)) announced that drilling is expected to commence in June 2010 and operations are expected to continue for an estimated 12 weeks in the Ksar Hadada Licence, Tunisia. The operator Petroceltic has been notified by the drilling company that the planned CTF Rig 06 will be available to begin mobilizing towards the end of May. The joint venture still expects operations to begin in June. Independent assessments of gross prospective contingent resources and chances of success for the 2010 drilling targets on Ksar Hadada have been carried out by Blackwatch Petroleum Services Ltd. The two prospects idebntified Sidi Toui and Oryx have P50 of 161MMbbl and 47MMbbl with Cnahce of success of 40% and 34% respectively. Independent Resources has 18.97% interest (0.0% Paying Interest during the 2010 work programme), Petroceltic 27.03% (Working Interest and 0.0% Paying Interest during the 2010 work programme) and PetroAsian Energy Holdings Ltd 51% (Working Interest and 100% Paying Interest during the 2010 work programme).
Mining Corporate News
Minera Irl Ltd (LON:MIRL) (BUY, £0.94) (63p, %u25BC (2.33%)) announced an…
