Oil and Gas Corporate News
Victoria Oil & Gas Plc (BUY, £0.15) (VOG, 3.50p, ? 2.94%) announced that it has acquired one third of a 6.8% royalty interest in its 95% owned Logbaba gas and gas condensate project in Cameroon (the 'Acquisition'.) This is anticipated to increase Company Operating Income from the Logbaba project by 2.9%. The royalty interest has been acquired from PR Marriott Drilling Limited ('PRM'), by the purchase of their one third interest in Cameroon Holdings Limited, ('CHL.'). As disclosed previously, Rodeo Development Limited, a wholly owned subsidiary of VOG entered into an agreement with CHL part of which provided for a royalty payment on production from the Logbaba gas and gas condensate project in Cameroon. The royalty is calculated on a sliding scale averaging 6.8% of project revenues over a 20 year anticipated project life. Under the terms of the Acquisition, VOG has purchased 58% of PRM's shares in Cameroon Holdings Limited for a consideration of US$2.5 million in cash and drilling equipment to the value of $1 million. VOG has also agreed to purchase the remaining 42% of PRM's interest in CHL in 90 days for a cash consideration of US$2.5 million.
Bowleven (LON:BLVN) plc (BUY, £5.50) (BLVN, 116.25p, ? 7.00%) announced that drilling has commenced on the Sapele-3 well, Douala Basin, offshore Cameroon, with the Sapphire Driller jack-up rig. The Sapele-3 well, located around sixteen kilometres North West of the Sapele-1 location, is targeting the Tertiary interval and is to be drilled to an estimated target depth of circa 3,550 metres in water depths of around 30 metres.
Europa Oil & Gas (Holdings) plc (EOG, 11.25p, ? 5.75%) announced the appointment of Hugh Mackay as a director and Chief Executive Officer with effect from 10 October 2011. Mr Mackay was more recently founding Chairman of Avannaa Resources, a mineral exploration company focused on grass roots exploration in Greenland.
Kea Petroleum (LON:KEA) plc (KEA, 4.25p, ? 8.11%) announced that testing of the Wingrove well has now ceased. As previously advised, production during testing was compromised by excessive water flow and other issues. A total of 347 barrels of oil were produced during the test with average production rates of approximately 20 barrels of oil per day. The test was of a number of thin sands within the shallow Urenui formation between 1,150 and 1,300…
