Oil and Gas Corporate News
Range Resources (LON:RRL) Limited (UNDER REVIEW) (RRL, 13.75p, ? 2.80%) announced that drilling of an initial 8 ½" pilot hole has reached its planned depth of 700m and has been successfully logged with the results confirming the anticipated lithology. The pilot hole is currently being opened up to 17 ½" after which the 13 3/8" casing will be run and cemented and drilling will then resume with a target total depth of approximately 3,500m expected to be reached in mid-September.
Bankers Petroleum (LON:BNK) (BNK, 307.50p, ? 9.82%) announces its 2011 Second Quarter Financial and Operational Results. Production averaged 12,152 bopd, an increase of 24% compared to the same period in 2010. Production at June 30, 2011 was 13,150 bopd. Revenue increased 17% to $85.2 million ($77.03/bbl) in the second quarter of 2011 from $72.7 million ($67.95/bbl) in the first quarter of 2011 and by 102% from $42.1 million ($47.12/bbl) in the second quarter of 2010. Current production at the Patos-Marinza oilfield is 13,400 bopd. Of the 1,750 bopd of reported shut-in production in early July, 800 bopd have been put back on production and the additional oil inventory available for sale at the end of the second quarter was sold during the month of July reflecting record sales of 494,000 barrels. A new service rig was delivered in early August and another is due for delivery in October.
Antrim Energy (LON:AEY) Inc.(AEY, 59.0p, ? 7.27%) announces 2011 Second Quarter Financial and Operational Results. Some of the highlights include: Sale of Antrim Causeway (N.I.) Limited completed, farm out completed on Erne Prospect, rig contract signed to drill East Fyne well, average oil and gas prices in Argentina increased 23% and 19% respectively and cash position of $73.4 million and no bank debt.
Premier Oil (LON:PMO) Plc.(PMO, 350.60p, ? 12.0%) announced it will abandon Belut Laut-1 Exploration Well. The Belut Laut-1 exploration well has reached the planned total depth of 4,948 metres. Oil shows with high gas readings were reported from a depth of 4,740 metres throughout a gross 155 metre Oligocene sandstone interval. However, logs indicated that the sandstones at this depth were of poor porosity. The well will therefore be plugged and abandoned with oil and gas shows.
Mining Corporate News
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