Oil & Gas Corporate News
Ascent Resources (BUY, £0.20) (AST, 3.88p, ? (6.06%)) announced its final results for the year ended 31 December 2009 with a gross loss of £219,000 vs a gross profit of £38,000 in 2008. Cash at period end is £4.6m.
Comment: More importantly the Company highlighted the opportunities for 2010 with a focus on the Petisovci-Lovsázi project in Slovenia and Hungary where substantial gas reserves are estimated following positive 3D seismic processing and interpretation. A number of important transactions have been completed cleaning up the portfolio and providing much needed cash while preserving some upside for the future, e.g. sale of Swiss subsidiary as well as the sale of share in Perazzoli Drilling.
Gulfsands Petroleum (HOLD, £3.00) (GPX, 285.25p, ? (1.04%)) announced that, further to the announcement on 22 March 2010, the Company has signed the farm-in agreement to acquire working interest positions in an exploration permit in Tunisia (Kerkouane Permit) and an adjacent exploration permit in Southern Italy (G.R15.PU, known as the Pantelleria Licence) from subsidiaries of AuDAX Resources Ltd. Gulfsands has earned the right to acquire a 20% working interest in both permits by paying 30% of the cost of the recent 3D seismic programme, and has the option to earn an additional 10% in both permits with payment of an additional 15% of the initial well cost, with this option required to be exercised prior to the spud of the first exploration well. The gross cost of the seismic programme was approximately US$5.2m and the gross cost of the Lambouka exploration well is approximately US$20m.
Enegi Oil (SELL, £0.10) (ENEG, 20.25p, ? (9.0%)) confirmed that preliminary analysis suggests that "Green Point Shale" extends offshore from EL1070 to onshore PL2002-01, and covers an area of approximately 24km2 in the north-eastern part of PL2002-01. Having Green Point Shale in PL2002-01 adds the possibility of an unconventional shale play to the Company's assets, and furthermore, the play can be accessed from onshore. However, further analysis is required to determine more accurately the full areal extent, total thickness, and thermal maturity levels of the Green Point Shale in the Company's assets and its significance. The Company continues to prepare the Garden Hill South site for the acid fracturing previously announced and will update the market in the near future.
Heritage Oil (HOIL, 464.9p, ? (0.02%)) published an interim management statement in which it indicated that the approval…
