Oil & Gas News
Northern Petroleum (LON:NOP) (NOP LN, 79.0p, ? 3.27%) today announced that NP Solent Limited, a wholly owned subsidiary, has been awarded part blocks 98/13 and 98/14 in the UK 26th Licensing Round. The new licence is located offshore adjacent to Northern's Isle of Wight onshore licence, PEDL 240, awarded in May 2008. The part blocks 98/13 and 98/14 cover the offshore extension from PEDL 240 of a prospect that has been mapped prior to 2008 using both seismic and well data and is located in the same petroleum basin as the Wytch Farm oil field. There is no firm drilling commitment attached to the licence award. The licensees in part blocks 98/13 and 98/14 are: NP Solent Ltd 62.5% (Operator), Magellan Petroleum (UK) Ltd 22.5%, Encore Oil Plc 7.5%, Montrose Industries Ltd 5.0%, Oil & Gas Investments Ltd 2.5%
Cove Energy (LON:COV) (COV LN, 112.5p, ? 0.88%) announced on 13 December 2011 that, in line with its stated strategy of value creation through exploration and appraisal, it had opened a data room to certain parties who expressed an interest in Cove's 8.5 per cent participating interest in the Mozambique Offshore Area 1 block ("Rovuma Area 1 Interest"), the gas LNG project which is moving towards the development stage. Rovuma Area 1 Interest represents a substantial portion of Cove's asset value within the portfolio of focussed and complementary assets which the Company has built in East Africa. As such the Directors have unanimously agreed that a sale of the Company may be appropriate at this time. The Directors have decided to conduct a formal sale process for the entire issued and to be issued share capital of the Company, running alongside other strategic options outlined in the press release on 13 December 2011, including a transaction involving the sale of the Rovuma Area 1 Interest, in line with the Company's stated strategy.
President Petroleum (LON:PPC) S.A. (PPC LN, 36.63p, ? 2.45%) today announced that following completion of all regulatory requirements, the Company has now been registered as an Argentine Oil Operator with the Registry of Oil Companies of the National Secretary of Energy.
Mining News
Patagonia Gold (LON:PGD) PLC (PDG LN, 46.0p, ? 4.17%) announced that through its 100% owned…
