Oil & Gas Corporate News
Gulfsands Petroleum (LON:GPX) (HOLD, £3.50) (GPX, 342.75p, ? (2.70%)) announced that civil works at the Sidi Dhaher well site have progressed well and are expected to be completed around the beginning of February. Present indications are that all required contractor services for the drilling of this well, including the Challenger rig, will be available as planned and provided there is no change to that status, the Sidi Dhaher well is expected to spud during the second half of February.
Egdon Resources (LON:EDR) (EDR, 19.25p, ? (10.47%)) has reached agreement to acquire the entire interest of Valhalla Oil and Gas Limited in two onshore UK Petroleum Exploration and Development Licences. The interests to be acquired comprise 50% of PEDL180 and 50% of PEDL181, which are located in the East Midlands Petroleum Province in the County of Lincolnshire. The consideration for the acquisition will be the grant to Valhalla of a Net Profit Interest of 10% of the acquired interest in each of the licences. The NPI will be payable from any revenues after recovery of allowable exploration, development and production costs. PEDL180 and 181 were awarded in the 13th UK Landward Licensing Round in 2008 and are located adjacent to Egdon's operated licences PEDL182 and PEDL241 where the Company holds a 50% interest. PEDL180, covering an area of 100km2, contains the Wressle Lead, mapped as extending into Egdon's existing PEDL182 and located to the South East of the Crosby Warren producing oil field and between oil discoveries at Brigg and Broughton . PEDL181, located to the East of Egdon's existing licences, is a large licence covering over 540 square kilometres and contains among other interesting structures the Caistor Lead, defined on 3D seismic data. Both licences are operated by Europa Oil and Gas and are subject to a drill or drop decision during 2011. The acquisition is subject to regulatory approval from the Department of Energy and Climate Change (DECC), and approval from the joint venture partner.
Afren (LON:AFR) (AFR, 144.5p, ? (0.42%)) announced today the successful pricing of its offering of US$450m aggregate principal amount of its 11 [1/2]% senior secured notes due 2016. The Notes will be senior secured obligations of Afren plc and will be guaranteed on a senior basis by certain subsidiaries of Afren plc…
