Oil & Gas Corporate News
Bahamas Petroleum Company (BPC, 13p, ? (13.33%)) has signed an agreement with Osprey Navigation Company Inc, a subsidiary of SeaBird Exploration FZ LLC, to acquire a close grid 2D seismic in the Company's four southern licences using the M/V Osprey Explorer. Prior to 2010 the existing vintage seismic dated back to 1987. The Company acquired further seismic data in June 2010 using modern, more advanced seismic acquisition technology and the data obtained proved up the existence of potential super-giant traps, with seismic indications of the presence of hydrocarbons. The Company anticipates that the 2011 survey will define drillable prospects and resource potential in place. This is the first prospect-level survey in the Bahamas. In addition, the Company has the option to acquire seismic, using Osprey Navigation, in its northern licence area.
Range Resources (LON:RRL) (BUY, £0.08) (RRL, 7.6p, ? (7.88%)) has acquired an additional 8.1875% working interest in its East Texas Cotton Valley project for a total of $148,000 in lease acquisition costs and an overriding royalty retained by the seller. Range's participating interest in the shallow oil project now totals 21.75%. The acquisition represents an opportunistic additional investment in the prospect as Range and its partners prepare to spud the Ross 3H horizontal appraisal well in the coming weeks. The well will be the Company's first in the project area. The acquisition is expected to provide an immediate increase to the Company's oil reserves, such increase to be reported at a later date.
Leed Petroleum (LON:LDP) (LDP, 2.48p, ? (0.0%)) provided an operational and financial update. The highlights include: the Company's total net attributable production for the quarter ended 31 December 2010 averaged 1,210 boepd (65% gas); Main Pass oil sales line returned to service, #1 Sidetrack placed on production during the quarter; amended credit facility with UniCredit Bank AG; commenced review of strategic alternatives; and 1 January 2011 third party reserve audit completed. Collarini Associates has audited Leed's reserves, effective as of 1 January 2011: 1P reserves of 10.1 MMboe; 2P reserves of 19.7 MMboe; and 3P reserves of 40.4 MMboe. As announced on 25 November 2010, the Company has amended its fully utilised credit facility with UniCredit. The facility is comprised of two tranches totalling US$26.25m, namely a revolving credit line fully utilised at US$25m (subject to semi-annual re-determination) and…
