Oil & Gas Corporate News
Melrose (LON:MRO) Resources PLC (MRS, 111.00p, ? 0.89%) announced that it has commenced the acquisition of the planned 3D seismic survey on the Galata exploration block in the Western Black Sea, Bulgaria. Approximately 500 square kilometers of seismic data will be acquired over the central area of the concession which contains the Chaika prospect, with prospective resources of 80 Bcf (P50) and a chance of success of 26 percent, and two other exploration leads. The survey is expected to be completed in late November.
Melrose Resources (LON:MRS) PLC also announced that the North East Abu Zahra-2 production well in Egypt has been successfully drilled at the crest of the reservoir structure. The well was drilled as a high angle well bore to maximize gas productivity and will be perforated across 112 feet of high quality sandstone with an average porosity of 17 percent. The well will shortly be tied back for production and will be flowed at a restricted rate of approximately 15 MMcfpd to maximize gas recovery.
Victoria Oil & Gas (BUY, 13p) (VOG, 3.98p, ? 0.76%) announced that it has completed the acquisition of one third of a 6.8 per cent. royalty interest in its 95 per cent. owned Logbaba gas and condensate project in Cameroon by making a final cash payment of US$2.5 million. The royalty interest has been acquired from PR Marriott Drilling Limited ('PRM'), by the purchase of their one third interest in Cameroon Holdings Limited ('CHL.'), the company entitled to the royalty.
Mining News Anglo American (AAL, 2356.5p, ? 2.48%) has entered into an agreement with CHL and Centhold International Limited, together representing the Oppenheimer family interests, to acquire their 40% interest in and De Beers for a total cash consideration of US$5.1 billion. Under the terms of the existing shareholders' agreement between Anglo American, CHL and the Government of the Republic of Botswana (GRB), the GRB has pre-emption rights in respect of the CHL Group's interest in De Beers, enabling it to participate in the transaction and to increase its interest in De Beers, on a pro rata basis, to up to 25%. In the event that the GRB exercises its pre-emption rights in full, Anglo American, under the proposed transaction, would acquire an incremental 30% interest in De Beers, taking its total interest…
