Oil and Gas Corporate News
Circle Oil (LON:COP) (BUY, £0.90) (COP, 34.5p, ? 3.37%) announced its results for the year ended 31 December 2010. Full year Operating Profit for the year was of US$12.6M, up from an Operating Loss of US$0.34M last year, which resulted in a Net Profit of US$10.4M for the year. The year included a 100% success in five well Egyptian drilling campaign, and a 100% success rate from tested Moroccan wells in second exploration drilling campaign. An Independent Resource Assessment increased Egyptian recoverable resource estimate by 65.10%, and Moroccan recoverable resource estimate by 83.50%. New pipeline infrastructure installation is currently underway to increase Moroccan production.
Cadogan Petroleum (LON:CAD) (CAD, 39p, ? 5.45%) announced, that further to the announcement made on 16 June 2011 at the Annual General Meeting concerning the GPS Settlement, information received subsequently from GPS has indicated that a payment will not now be voluntarily made by them prior to the sale of the gas plants. Cadogan continues to retain legal title to the gas plants during the sale process and will obtain a further valuation shortly, so that the Board can accurately assess whether any impairment to their value is necessary in the Half Yearly Report. Although Cadogan may continue to allow GPS to market the plants as per the settlement agreement, the Company will also commence efforts to market the plants directly to end users and will enforce its rights under the agreement for any shortfall, against the $30 million currently outstanding under the settlement agreement. GPS are currently following up several opportunities for near term requirements for gas processing facilities with similar specifications to Cadogan's gas plants. The Board remains optimistic that payment in respect of its rights against GPS will be received in 2011.
Nostra Terra (LON:NTOG) Oil & Gas (NTOG, 0.9p, ? 3.72%) announced that it has entered into an agreement with Plainsmen Partners to acquire a 16.25% working interest in the Verde prospect, located in south-eastern Colorado. The leases cover approximately 636 net acres in which an initial test well will be drilled into the Mississippian formation to a projected total depth of 5300ft. The total estimated cost of the well is US$1,131,691, of which Nostra Terra's estimated portion is US$183,900. The net revenue interest of Nostra Terra's 16.25% working…
