Oil & Gas Corporate News
Oilex (LON:OEX) Ltd (OEX, 29.75, ? (4.80%)) advises that, on behalf of the Cambay Field Joint Venture (JV), it has agreed with Indian Oil Corporation (IOC) to revise the existing Cambay Field Crude Offtake Sales Agreement. The revised agreement includes a new price structure whereby the price paid by IOC to the JV for Cambay crude oil and condensate will be based on new international benchmark crude of similar assay quality. The new price structure will be applied retrospectively so that the Cambay Joint Venture will receive an adjustment payment for a portion of the field's past production. In future, Oilex will sell any future condensate and crude production from the Cambay Eocene "tight" reservoirs under the favourably revised agreement, including any liquids produced from the initial "proof of concept" well Cambay-76H planned for the first Quarter 2011. The agreement is subject to final signature of ONGC which facilitates transportation of the crude on behalf of IOC.
Valiant Petroleum (LON:VPP) plc (VPP, 15.25, ? (0.0%)) announced that its Don Southwest 'E' Panel exploration well (211/18a-S7) has reached total depth of 3,517m and has encountered a hydrocarbon bearing Brent sand formation indicating a gross recoverable accumulation of 5-7 mmbbl of oil or 2-3 mmbbl of oil net to Valiant. The well will now be suspended as a future production well which is anticipated to be brought on-stream in the second half of 2011, representing incremental volumes on current 2011 production guidance. Following its success on the 'E' Panel, the field partners have decided to drill a low cost pilot-hole into Area 26 to appraise the commerciality of the 211/18a-26 discovery originally drilled in 2007. Following completion of the Area 26 well, drilling will commence on the Don Southwest Area 6 development which is anticipated to come on-stream during the summer of 2011. Average production rates net to Valiant for 2010 were in excess of 7,400 bopd representing the upper end of production guidance and current production rates, oil prices and operating cash flow are running ahead of internal forecasts.
Mining Corporate News
Stratex International (LON:STI) (STI, 9.20, ? (-1.87%)) announces positive initial copper, gold, molybdenum, and rhenium intersections from recent drilling at the Muratdere Project in Turkey. The best intersections include 82.45 metres grading 0.54% Cu, 0.23 g/t Au,…
