Oil and Gas Corporate News
Gulf Keystone Petroleum (LON:GKP) Ltd. (BUY, £2.75) (GKP, 145.25p, ? 1.36%) announced yesterday that Excalibur Ventures LLC ("Excalibur") confirmed in the English Commercial Court in London today that it no longer intends to pursue the International Chamber of Commerce Arbitration in New York (the "ICC Arbitration") against Gulf Keystone and two of its subsidiaries (the "Companies"). Excalibur also confirmed today that it is content that all its claims against the Companies should be determined in the English Commercial Court in London. Consequently, there will not be a trial in the English Commercial Court in London to determine whether the Companies are required to take part in the ICC Arbitration. A provisional date of October 2012 has been set for a trial in the English Commercial Court of Excalibur's claims.
Enegi Oil (LON:ENEG) plc (UNDER REVIEW) (ENEG, 13.13p, ? 0.13%) announced that a programme for the next stage of the workover of its PAP#1 ST#3 well (the Well), onshore Newfoundland, has been submitted to the Department of Natural Resources (DNR). The well was drilled in 2008 and, following flow tests in 2009 and an extended well test in 2010, reworked in late 2010 and early 2011. The first phase of this workover programme has increased the pressure recovery rate and improved reservoir connectivity, and the encouraging results have moved the company to undertake a second phase in the hope of achieving further improvements. The proposed programme should commence in the next 2 weeks and take a maximum of 4 weeks to complete. The Proposed Workover entails: Flow the Well for a 3 day period to gather data to confirm the full effects of the first chemical soak; Squeeze paraffin solvents and dispersants, followed by dead crude, down the Well; and Shut in the Well to monitor pressure recovery over 60 hours and flow the Well for a further 2 day period to gather data before squeezing further chemicals, dead crude and acid down the Well. The results of the programme will also be accounted for in a revised resource estimate for the Company's assets in the region, which is currently being undertaken by AJM Deloitte of Calgary.
Oilex (LON:OEX) Ltd (OEX, 23.50p, ? 1.94%) announced that the mobilization for the large volume multi-stage fracture stimulation of the horizontal…
