Oil and Gas Corporate News
Aminex (LON:AEX) (BUY, £0.13) (AEX, 7p, ? 5.08%) announces the spudding of the Nyuni-2 well, offshore Tanzania. The well spudded shortly after 00:00 hours this morning, local time, Friday 17th June.Nyuni-2 is being drilled from a surface location on the small Nyuni Island, approximately 30 kilometres off the mainland of Tanzania, to the south of the Rufiji River delta, using the Caroil-6 land rig. The well will target the same Neocomian sandstones which form the reservoirs in the nearby Songo-Songo gas field and in the Company's own Kiliwani North gas field reservoir. An additional target is an Aptian/Albian sandstone reservoir which was logged as gas-bearing in the Nyuni-1 well, which was drilled but not tested in 2004. Total measured depth is likely to be 3,325 metres and total vertical depth 2,964 metres subsea. It is estimated that drilling to target depth will take 9-10 weeks.
Solo Oil (LON:SOLO) (SOLO, 1.5p, ? 3.83%) announced the commencement of testing at the Ausable#5 well in South Western Ontario by its Joint Venture partner Reef Resources Limited. The completion program comprises drilling out cement and a bridge plug in the production casing, swab testing of the lower Goat Island zone and completion of the Guelph formation using a multi-stage selective acid treatment. After acidization the well will be flow tested over a period of several days to ensure clean up. These operations are expected to take between 15 to 25 days to complete.
Valiant Petroleum (LON:VPP) (VPP, 600.5p, ? 1.09%) provided an update with regard to its offer to the shareholders of Sagex Petroleum ASA to acquire the entire issued and to be issued share capital of Sagex for a total consideration of NOK 64.1million (£7.1 million). As at the close of the Offer on 10 June 2011 Valiant had received acceptances in excess of 94% of the total number of voting shares in Sagex on a fully diluted basis, significantly in excess of the two thirds acceptance condition. Working in close collaboration, Valiant and Sagex have also made progress on seeking all necessary corporate, third party and regulatory consents, which remain key conditions to the Offer. Valiant remains confident that the transaction will reach completion ahead of the long stop date of 31 August 2011. Valiant has also been informed by…
