Oil & Gas Corporate News
Mediterranean Oil & Gas plc (MOG, 7.88p, ? 0.0%) announced that gas production commenced on the offshore Guendalina gas field on the night of 25th October 2011. The commencement of production at Guendalina will have a material positive impact on the Company's revenues. In 2012, MOG's share of gas sales at Guendalina is likely to be approximately three times the Company's last reported annual revenues of ?3.49m for the year ended 31 December 2010. ENI have also notified the Company that the anticipated final project cost is likely to be approximately 7% higher than original estimates provided by them. As a consequence, the final project capex, net to MOG, is expected to be approximately ?15.5m (VAT excluded). The Company has a 20% interest in this project with the operator ENI holding 80%. The field has independently certified 2P gas reserves of 22bcf. The aggregate gas production is approximately 20MMcf/d (gross).
Premier Oil (LON:PMO) plc (PMO, 370.50p, ? 1.75%) announced that the exploration well, 104-QMV-1X, known as Qua Mit Vang, in Block 104-109/05 offshore Vietnam has drilled to a total depth of 3,832 metres in fractured basement rock. A Drill Stem Test was conducted across the basement interval and the well flowed gas with 99% carbon dioxide. The well is being plugged and abandoned as a dry hole.
Nostra Terra (LON:NTOG) Oil and Gas Company plc (NTOG, 0.47p, ? 0.0%) announced the results of the initial well in the Verde Prospect Unit, which covers 636 acres in south-eastern Colorado and in which the Company has a 16.25% working interest. During the initial 30 days of production, the well produced an average rate of 64 bopd (barrel of oil per day gross), with 100% of production being oil. Once a minimum of 6 months production has been established, this initial well, together with potential off-set locations will allow the Company to post an increase in its aggregate reserves.
Mining Corporate News
Argentina's government said yesterday it will compel oil, gas and mining companies in the South American country to repatriate all export revenue, in a strong move to put a break on dwindling central bank reserves. The move comes just days after President Cristina Fernandez won a landslide re-election victory where she vowed to deepen the model that has included interventionist policies and…
