Oil & Gas Corporate News Global Energy Development plc (GED.L, 103.5p, ? (2.36%)) announced today that following the successful partnering of its Block 95 project in eastern Peru, where planning has commenced to begin drilling operations later this year, the Company will now focus on identifying other qualified companies suitable for partnering in the development of Global's Colombian reserves. To accompany this change of strategy the Company is pleased to announce today that Stephen C. Voss has been reassigned from Vice Chairman to Managing Director.
Dragon Oil (LON:DGO) plc (DGO.L, 531p, ? (0.0%)) provided an operational update and financial highlights for 2010 as well as the results of the latest reserves assessment. Dragon Oil expects to publish its 2010 preliminary financial results on 22 February 2011. The Company highlighted that 2010 was a very active year with major pipeline and processing facilities completed, 11 wells put into production and contracts for a Super M2 jack-up rig and two new platforms awarded. A number of concrete steps have been taken to secure production growth in the years ahead, with continued investment in infrastructure and drilling. Financial results were solid despite last year's production growth falling short of expectations due to infrastructure bottlenecks. This situation has now been resolved with the introduction of the new facilities, resulting in the year-end exit rate of 57,013 bopd, which is almost 10,000 bopd higher than the average daily production rate for 2010. Capex 2010 amounted to US$454m and cash position was US$1,337m at the end of 2010.
Empyrean Energy (LON:EME) plc (EME.L, 1.63p, ? (3.39%)) provided an operational update for its Sugarloaf Project within the Sugarkane Gas & Condensate field, Texas. The following wells have been on production for a period of 30 days: Urrutia-1H (3% working interest) produced a total of 53mmscf of gas and 19,395bbl of condensate (average daily equivalent oil rate of 830 boe/d); and Kowalik -1R (10.2% working interest) produced 50mmscf of gas and 16,131bbl of condensate (average daily equivalent oil rate of 710boed). The following wells have been on production for a period of 60 days: May-1H (3% working interest) produced 115mmscf of gas and 32,674bbl of condensate (average daily equivalent oil rate of 745 boe/d); and Luna-1H (3% working interest) produced 120mmscf of gas and 39,518bbl of condensate (average daily equivalent oil rate of 866 boe/d). These…
