Oil & Gas Corporate News
Gulfsands Petroleum (LON:GPX) plc (UNDER REVIEW) (GPX, 196.75p, ? 0.38%) provided an update on oil production in Syria. As previously referred to in the Company's news release of 6th October, 2011, Gulfsands Petroleum was instructed by the Syrian Oil Ministry to reduce Block 26 production in line with reduced availability of crude storage capacity within the country. In addition, routine refinery maintenance operations are currently underway within Syria, with the result that the Company has been instructed by the Syrian authorities for the time being to continue to confine Block 26 gross daily production to approximately 6,000 barrels of oil per day ("bopd"). It is expected that this reduced level of production will continue until the end of October at the earliest and therefore average Block 26 gross production for the month is anticipated to be approximately 6,000 bopd. The Company and its partner in the Block 26 joint venture, Sinochem, have received payment in full for all production through the end of July. Receipt of payment for August production (average 24,112 bopd) would routinely have been expected in the course of the past week but at the date hereof remains outstanding. In the context of the inevitable short term disruption occasioned by the EU imposition of sanctions on Syrian oil exports, the Board anticipated some corresponding dislocation to the historical pattern of production and payment. The Company's strong cash position means that it is well-placed to manage the consequential short term diminution in revenue.
Rockhopper (LON:RKH) Exploration plc (BUY, 600p) (RKH, 207.75p, ? 2.34%) announced that it has entered into a further assignment agreement to secure an additional well slot using the Ocean Guardian drilling rig. Rockhopper intends to utilise the additional well slot to drill a well on the north-western acreage of licence PL004, which the Company believes contains the extension to the Sea Lion field and has farmed-in with operatorship, subject to all regulatory consents, to earn an aggregate 60% interest. The well will be located in "Area 1" of the proposed farm in area, which will become known as licence PL004b once all regulatory consents are obtained. Prior to drilling the well in "Area 1", Rockhopper will shortly drill well 14/10-9, the eighth well on the Sea Lion feature in licence PL032 (100% Rockhopper) and a further announcement will…
