Oil & Gas Corporate News
Antrim Energy (LON:AEY) (AEY, 61.50p, ? 1.65%) released its interim financial report for the first quarter 2011. Highlights: Antrim to drill three wells in the UK North Sea; Joint venture with Premier Oil on the Fyne Field proceeding; Heads of Terms export agreement signed for Causeway oil production; Average gas price in Argentina increased 12% to $2.08 per mcf; Antrim raised Cdn $48.5 million from equity financing; and current cash position of $76 million and no bank debt. In the first quarter 2011, average production in Argentina was 1,640 barrels of oil equivalent per day ("boepd") compared to 1,835 boepd in the first quarter 2010. The decline in production is attributable to the sale of the Puesto Guardian property in February 2010, as well as scheduled gas plant maintenance and service rig repairs in Tierra del Fuego. Oil and gas revenue, net of royalties, was $2.4 million for the three months ended March 31, 2011 compared to $2.7 million for the same period in 2010.
Empyrean Energy (LON:EME) PLC (EME, 6.13p, ? 0.0%) announced its results for the year ended 31 March 2011. Highlights: Continued growth in revenue and number of wells participated in; Independent reserves report at the Sugarloaf Project underpinning management valuation; Independent reserves report estimates net future revenues at the Sugarloaf Project to total US$179.7 million; Potential for further growth of 1P and 2P reserves at the Sugarloaf Project as on-going drilling and field development program continues; Hercules Project - stable production and a number of development well locations; and Empyrean maintains a blend of exploration and production assets providing potential for future success.
Sound Oil (LON:SOU) (SOU, 4.30p, ? 0.58%) announced its audited final results for the year ended 31 December 2010. Highlights: Successful Acquisition of Consul Oil & Gas Ltd with a number of existing assets in Italy; The Italian assets give the Company a second geographic area of focus and access to 17 permits containing a variety of promising opportunities; The Company has commissioned a drilling rig to undertake the development at Marciano where an existing gas well needs to be completed as a producer; During the remainder of the year the Company will work up a number of exploration and appraisal prospects with a view to operating up to three…
