Oil & Gas Corporate News
Nostra Terra Oil Gas Co Plc (LON:NTOG) (NTOG, 0.49p, ? (3.96%)) announced the results of the redevelopment work conducted on an Austin Chalk well located in the Giddings Field in Lee County, Texas, in which the Company has a 2% interest. A new lateral section extending just over 1900ft horizontally from the original wellbore has been drilled into the Lower Austin Chalk. In an initial 24- hour flow test the redeveloped well produced at a gross rate of 994bopd and 0.8MMcfd. The well has sustained those production levels during the initial 3-day production period although we anticipate production levels to decrease in line with the relatively steep decline curves typical of the area and so will provide an update at a later date.
Nighthawk Energy Plc (LON:HAWK) (HAWK, 25.5p, ? (1.92%)) announced the details of a Farmout Option agreement at the Jolly Ranch project, in which it owns a 50% interest. Running Foxes, as operator, has entered into a Farmout Option agreement with Anadarko E&P Company LP and Anadarko Land Corporation. Nighthawk will participate in the Agreement through the terms of its joint operating agreement with Running Foxes. Under the terms of the Agreement, Running Foxes and Nighthawk have the option, prior to 1 September 2010, to commence drilling a First Option Test Well at a location of their choice on the land subject to the Agreement. Following completion or abandonment of the First Option Test Well, Running Foxes will have an option of 120 days from the date of the release of the drilling rig from the First Option Test Well to commence drilling the Second Option Test Well. Running Foxes will be operator of the well(s) if the option is exercised. Should the well(s) be successfully completed, Anadarko will receive a 20% royalty from production. Subject to that royalty, Nighthawk and Running Foxes will each retain a 50% interest in the well(s).
Cairn Energy Plc (LON:CNE) (CNE, 425.9p, ? (0.28%)) has been notified that the Government of Greenland Cabinet has announced the formal approval for the first two wells of Cairn's 2010 planned four well exploration programme in the Disko West area, offshore Western Greenland.
Mining Corporate News
Coal Of Africa (LON:CZA) (COA, 110.25p, ? (0.68%)) announced its intention to place up to 50 million new ordinary shares in the Company to raise up…
