Oil & Gas Corporate News
Range Resources (LON:RRL) Limited (UNDER REVIEW) (RRL, 17.38p, ? 3.5%) announced that its joint venture partner and operator Africa Oil has signed a letter of intent with a drilling subcontractor, paving the way for the milestone exploration well in Puntland to be drilled in Q3 2011.
Petroceltic (LON:PCI) (PCI, 11.25p, ? 4.7%) announced its intention to raise approximately US$60 million (GBP37 million) through an issue of new ordinary shares of EUR0.0125c each ("Ordinary Shares") by way of a placing (the "Placing") with both new and existing institutional investors to advance the Company's enlarged drilling and appraisal programmes in Algeria, to advance drilling plans for the Rovasenda prospect in Italy and for general corporate purposes, including new ventures. The timing of the closing of the book, the identity of Placees, pricing and the basis of the allocations are at the discretion of the Company and the Joint Bookrunners. The number of Ordinary Shares to be issued in the Placing and the price will be agreed by the Company with the Joint Bookrunners at the close of the book-building process.
Empyrean (EME, 6.38p, ? 1.9%) provided the following update on operations at the Sugarloaf Project within the Sugarkane Gas & Condensate Field, Texas. Hollman #1H (3% WI) has achieved average daily equivalent oil rate of 850 boe/d over a 60-day period. Buehring #1H (3% WI) commenced production on 8/04/11 has achieved average 726 boe/d over a 30-day period. Best Fenner #1H (3% WI) has been drilled within the Sugarloaf AMI and reached a total depth of 18,020 ft on the 27/04/11. This well has been successfully cased and will be fracture stimulated in due course. Well PMT #1H (1.11% WI) has been fracture stimulated and for operational reasons production tubing was run prior to unloading the well; the well is now cleaning up to flare. Davenport #1H (1.4% WI) reached a total depth of 18,220 ft on the 23/04/11. The well will be fracture stimulated shortly.
Petrel Resources (LON:PET) (PET, 15.88p, ? 0.8%) announced that the company has received the final US$2.5m payment due in relation to the Engineering, Procurement and Supervision of Services (EPC) contract on the Subba and Luhais oil field development. The company retains a 10% profit interest in the project. Completion meetings with the Iraqi…
