Oil & Gas Corporate News
Heritage Oil (LON:HOIL) (HOLD, £4.20) (HOIL, 224.3p, ? 3.78%) announced that a wholly owned subsidiary has acquired a controlling 51% interest in Sahara Oil Services Holdings Limited which holds the necessary long term permits and licences to provide oilfield services in Libya, for cash consideration of US$19.5M. Through this acquisition Heritage is looking to play a significant role in the future development of the oil and gas industry in Libya. Sahara Oil Services has the necessary long term permits and licences to provide onshore and offshore oil field services in Libya as well as the rights to own and operate oil and gas licences.
Lochard Energy Group (LON:LHD) (LHD, 12.13p, ? 2.02%) announced that, following extensive seismic re-mapping and interpretation it has opened a data room for the purpose of attracting potential farm in partners for the Thunderball prospect on UK North Sea block 14/26b. Lochard's 100% owned subsidiary Zeus Petroleum Ltd has a 90% interest in this block. Zeus has remapped this prospect after purchasing new seismic data which has been recently acquired by TGS. This new seismic shows a marked improvement in data quality. The new interpretation undertaken by the Company has identified most likely recoverable prospective resources of 620 BCF of gas in the Scapa sands (c.50% on block) and most likely recoverable prospective resources of 74mmbbl of oil in the Buzzard sand member (c.90 % on block).
Coastal Energy (LON:CEO) (CEO, 552.5p, ? 8.68%) announced the successful results of the Bua Ban North A-07 appraisal well. The Bua Ban North A-07 well was drilled to a depth of 3,750 ft TVD on the eastern flank of the Bua Ban North A field 1.3 miles south of the A-05 discovery well. The A-07 encountered 48 ft of net pay sands in the primary Upper Miocene objective with 26% average porosity. Pressure data indicate that the A-07 well is in communication with the A-05 well. The A-07 well intentionally did not penetrate the lower section of the reservoir, in order to stay away from the oil water contact. Based on correlations from other wells in the field it is estimated that an additional 15 - 20 ft of sand exists below the bottom of the logged interval and should be above the known…
