Oil & Gas Corporate News
Enegi Oil (LON:ENEG) (UNDER REVIEW, 0.25p) (ENEG, 14.75p, ? 2.48%) provided an operational Update. All farm-in agreements with Fire Horse Energy Limited that relate to PL2002-01 have been terminated by the Company to enable the work programme to be moved forward in a more timely fashion. The results of the work-over to date are encouraging with the implication being that: Connectivity has improved; Deliverability will improve further as the latter stages of the work-over are implemented; and the well is in contact with more oil than previously thought. Other highlights include: Enegi now holds all rights to the PL2002-01 acreage and production from the PAP#1-ST3 well thereon; The Company now controls all activities involved with and the timing of future work-over activities; The Company intends to commission within a week a new resource report to update the Competent Person's Report prepared in 2007; The Company is seeking funds through Canadian markets to complete the work-over programme via 'flow-through shares'; The Company intends to raise approximately GBP1.4 million, the money is expected to be raised in units which will consist of one share at a price of 18p, and one half purchase warrant; Each full warrant will allow the subscriber to purchase one additional share at a cost of 30p for a period of 18 months from the date of closing; and upon completion of fundraising activities the Company will immediately initiate the remaining elements of its work programme.
Caza (LON:CAZA) Oil & Gas, Inc. (CAZA, 23.25, ? 6.90%) provided an operational update on the Company's San Jacinto, Bongo and Windham projects. The Company is currently drilling the Caza Elkins 3401 well on the San Jacinto (Wolfberry) property. The well has reached the intermediate pipe point at 4,670 feet. Caza will run electric logs and cement the 9 5/8ths inch casing prior to drilling ahead. The well should take approximately 25 more days to drill to a total depth of 11,200 feet and is targeting the Wolfberry, Strawn and Devonian formations, which produce oil in the immediate area. Caza has a 100% working interest before completion and an 85% working interest after completion in the first well with a 63.75% net revenue interest. In all subsequent wells on the San Jacinto property, Caza will have a 75% working interest and a 56.25% net revenue interest.…
