Oil & Gas Corporate News
San Leon Energy (LON:SLE) Plc (BUY, 80p) (SLE, 14.5p, ? 0.0%) announced the appointments to the Board of Dr John Buggenhagen as Director of Exploration and Daniel Martin as a Non Executive Director. Both of these appointments take place with immediate effect. Dr John Buggenhagen (41) has been Vice President of Exploration at San Leon and managing the exploration office in Warsaw, Poland, since 2009. He is an exploration geophysicist and proven "oil finder" with more than 15 years experience developing exploration opportunities in North America and Europe. John has a B.S. in Geophysics from the University of Arizona and a M.S and Ph.D. in Geophysics from the University of Wyoming. Daniel Martin Jr. (52), is a London based commercial lawyer and graduate of Cambridge University, the University of South Carolina, and The American University Law School in Washington, DC. He has extensive legal and corporate finance experience in London and Washington DC and has been a political advisor to two British MP's and two US senators. Additionally he was former legal advisor to Nissan, Chrysler and Texaco.
Heritage Oil (LON:HOIL) Plc (BUY, 600p) (HOIL, 304.6p, ? 0.13%) published its interim results for the six months ended 30 June 2010. It indicated that the Miran West-2 well in Kurdistan is drilling ahead close to the base of the Jurassic section where initial results from wireline logging, shows and sampling indicate the presence of hydrocarbon-bearing fractured reservoir intervals. In addition to intervals already secured behind casing in the Cretaceous section of the well, which are designated for testing, further intervals have been identified for testing in the Jurassic after reaching total depth. The well is drilling ahead at 3,468m and total depth, estimated at 4,600m, will be reached in the Triassic. Full results from the Miran West-2 well are expected late September/early October. 336 km of seismic was acquired during the first quarter of 2010 on the Zamzama North Licence, Pakistan, and planning for an exploration well has commenced. Recent floods in the licence area have delayed the well into Q1 2011. The balance sheet is strong with cash of approximately US$700m, excluding amounts related to the tax dispute, stated after the receipt of US$1.045bn from the sale of the Ugandan assets and the payment of the special dividend. Net average daily production of 583bopd in the first half of 2010 and…
