Oil & Gas Corporate News
Matra Petroleum (LON:MTA) (MTA, 4.175p, ? (0.0%)) announced that production equipment has now been installed on site well-13; the well is now producing on clean-up flow and oil sales will start shortly. Once a stabilised rate is established a further pressure build-up survey will be acquired. Well-12 has been successfully side-tracked to a location 50m from the original hole and the well has been terminated in the oil reservoir. The well has been completed with a pre-perforated and un-cemented liner across the reservoir interval that should reduce formation damage. The well will now be completed for production and the rig will be moved off location before commencing production. Once the rig has been moved off we will begin production testing the well to ascertain its productivity.
Comment: With the water ingress issues firmly behind them, Matra can now concentrate on establishing the productivity of those wells which will have a bearing on future development of the field. Oil sales will also bring cash flows to the Company. Overall very positive.
Valiant Petroleum (LON:VPP) (VPP, 636p, ? (0.39%)) announced that its wholly owned subsidiary, Valiant Exploration Limited, has reached a series of agreements to farm-down and swap part of its 100% holding in blocks 210/29c and 210/30b which contain the Cladhan South prospects and sit directly to the south and east of the existing Cladhan discovery. The three separate transactions are with Sterling Resources (U.K.) Ltd, Wintershall (UK North Sea) Limited, both of whom are existing equity holders in the original Cladhan discovery, and Agora Oil and Gas (UK) Limited. As a net result of the separate transactions, Valiant will hold: 30.0% interest in Cladhan South promoted for the full cost of an initial exploration well, subject to an agreed cap on the promoted costs; and 40.0% interest in Blocks 21/30f and 22/26c located in the Central North Sea operated by Sterling which contain a number of exploration and appraisal opportunities. Following completion of the Transactions, Sterling will become operator of Cladhan South bringing with it strong subsurface knowledge of the area following the original Cladhan discovery in 2008 and subsequent appraisal in 2010. Further appraisal on Cladhan is currently underway and is likely to provide more information regarding the prospectivity of Cladhan South.
Nighthawk Energy (LON:HAWK) (HAWK,…
