Oil and Gas Corporate News
Antrim Energy (LON:AEY) Inc. (AEY, C$0.53, ? 1.9%) announced that Antrim and Valiant Petroleum plc ("Valiant") have agreed to the early completion of the Sale and Purchase Agreement of Antrim Causeway (N.I.) Limited (as previously announced March 04, 2010), subject to the approval of the UK Department of Energy and Climate Change ("DECC"). Antrim Causeway (N.I.) Limited holds 30% interest in UK Northern North Sea Blocks 211/22a South East Area and 211/23d, which contain the Causeway Field. With the sale of Antrim Causeway (N.I.) Limited, Antrim will receive US$21.75 million contributed to Antrim's development expenses towards its remaining 35.5% interest in the Causeway Field. This transaction was originally conditional on final approval of the Field Development Plan by DECC. Early completion of the sale, however, allows the Causeway joint venture to expedite field operations in preparation for an estimated production start-up in the second half of 2012.
Matra Petroleum (LON:MTA) plc (Buy, 7p) (MTA, 1.4p, ? 0.0%) announced its results for the six month period ending 30 June 2011. Highlights: Production and sales of oil achieved from both A-12 and A-13 wells; The reservoir quality confirmed at well A-12 (side-track) supports the likelihood of robust economics for the overall development of the Sokolovskoe Field; Placing to raise £1.55m completed in February 2011; Cash and cash equivalents totalling 1.27 million at the period end; 3D seismic survey to be carried out across the entire field; and plans for further appraisal and development starting with well A-14.
Oilex (LON:OEX) Ltd (OEX, 21.1p, ? 1.7%) advises that all eight stages of the fracture stimulation program of the horizontal section in the Cambay-76H well were pumped successfully and according to plan. The well is currently being prepared for flow to surface to remove stimulation fluids from the formation (well clean-up phase). After the completion of the clean-up operations a flow test will be conducted. The Cambay-76H "proof of concept" horizontal well is evaluating the production potential of the Y Zone interval of the extensive deep Eocene "tight" reservoirs in the onshore Cambay Production Sharing Contract area, Gujarat, India.
Nostra Terra (LON:NTOG) Oil and Gas Company plc (NTOG, 0.52p, ? 7.2%) announced that it has disposed of its 2% interest in the Austin Chalk re-entry well in…
