Oil & Gas Corporate News
Regal Petroleum (LON:RPT) plc (RPT LN, 14.8p, ? (0.0%)) announced that, despite receiving a written confirmation that all matters referable to the Ministry of Environmental Protection Order had been rectified and eliminated, and despite the expectation that this would lead to the matter being resolved expeditiously, to date the Company has not received a definitive timeframe from the Ukrainian Authorities for the progression of the Ministry's standard procedures required to bring this matter to a conclusion. Given the continued uncertainty the Company now considers it prudent to commence the shut-in of its operations at its MEX-GOL and SV fields in Ukraine, which will result in a suspension of production. It is envisaged that such shut-in operations will be substantially completed today. The Company continues to review the situation with its legal advisors and, based on such advice, will take appropriate steps to protect the status of its MEX-GOL and SV fields and to seek a resolution of the issues raised by the Ministry of Environmental Protection Order.
Petroceltic International (LON:PCI) plc (PCI LN, 12.5p, ? (0.0%)) has commenced appraisal drilling operations on the Isarene permit in Algeria. Drilling began at the AT-4 well on the Ain Tsila discovery on 16th November 2010. The overall programme of 4 wells planned for the Isarene permit by Petroceltic (Operator, 75% equity interest) and its co-venturer Sonatrach (25% equity interest), is focused on the large Ain Tsila gas condensate discovery made on the permit in 2009. The wells are being drilled as part of a two-year appraisal extension programme awarded to Petroceltic following the discovery. The first 3 wells of the programme have already been approved for drilling by the co-venturer and are focused on demonstrating commercial production rates from the reservoir and extending the proven gas area beyond that already discovered in the initial 5-year exploration period. Allowing for rig moves and drilling times, the second well of the programme (AT-5) is expected to begin drilling operations in 8 to 9 weeks time. AT-4 is a vertical well that is being drilled on the eastern flank of the field where mapping indicates the potential to significantly enhance proven gas volumes. It is planned to take up to 60m of core within the reservoir and then to log and…
