Oil and Gas Corporate News
San Leon Energy (LON:SLE) (BUY, £0.60) (SLE, 28p, ? 10.90%) announced its audited final results for the year ended 31 December 2010. Losses for the year decreased to EUR3.98M (2009: EUR5.52M) with a resulting decrease in loss per share to 1.02 cent per share (2009: 1.92 cent per share). Cash balances increased to EUR67.17M at 31 December 2010 (2009: EUR1.98M), following an equity placing of $93M earlier in the year. During the year the company signed a Farm-in Agreement with Talisman across the Baltic Basin acreage, was awarded the 1,167 km2 Nida Concession, Poland, and the 603 km2 Szczawno Concession, Baltic Basin, Poland, signed the Iraq Joint Venture Agreement with Al Meinaa Oil Services Company and acquired the Gora, Winsko and Rawicz Concessions totalling 1,314 km2, Southern Permian Basin, Poland. The company also completed a 300 km2 3D seismic acquisition programme, offshore Ireland, and commenced a 480 km2 Baltic Basin 2D seismic acquisition programme. It is forseen that the company will drill up to 13 wells in 2011, with a three well drilling programme commencing in Q3 2011 on Baltic Basin acerage, and the first of a three well programme targeting conventional oil in Poland in Q3 2011. The drilling of two wells at Tarfaya Oil Shale project began in Q2 2011, and a third well is currently being planned. A 1,200 km 2D seismic survey is to be acquired over Tarfaya and Zag licences which is expected to be completed by the end of 2011, and the company is also acquiring 220 km2 of 3D seismic over Barryroe licensing option and seeking Farm-in partners to drill wells / acquire seismic data on Atlantic Margin licences.
Jubilant Energy (LON:JUB) (JUB, 68p, ? 0.0%) announced its audited consolidated results for the year ended 31st March 2011. On the producing Kharsang field, average gross production was 1,809 bopd in FY 2010-11, equating to 452 bopd net to Jubilant. Multiple work programmes are in place to achieve increased production, and development drilling programmes of five commitment and two contingent wells, to further increase production will commence in July 2011. The programme also includes the drilling of a deeper exploration target in August 2011. Management estimate of the gross un-risked prospective resources is 450 Bcf. In Exploration, the appraisal well DDE-APP-1 in KG, spudded on 1…
