Oil & Gas Corporate News
Ascent Resources (LON:AST) (BUY, £0.15) (AST, 3.25p, ? 2.99%) announced its final results for the year ended 31 December 2010. Highlights include: Advanced the Petisovci/Lovaszi/Ujfalu tight gas project in Slovenia/Hungary towards production - P50 gas in place estimates of 412 Bcf. (11.7 Bm3; 68.7 MMboe); Confirmed gas in all of the six Middle Miocene Badenian reservoirs and flow tested gas from the Lower Miocene Karpatian reservoir at Petisovci project - potential to increase gas in place estimate by in excess of 100 Bcf, with preliminary results of Pg-11A expected to be released shortly; established active development programme at Frosinone/Strangolagalli project in Italy; Sold 90% interest in Hermrigen/Essertines/Linden project in Switzerland to eCORP Europe International Ltd. for EUR8 million cash - retained various back-in options on specific potentially successful discoveries; Strengthened balance sheet post year end with a GBP17 million placing to institutional investors at 5 pence per share; and continued production at 48.8% held Peneszlek project in Hungary, currently generating gross gas sales of approximately EUR300,000 per month.
Gulfsands Petroleum (LON:GPX) (Under Review) (GPX, 265p, ? 0.19%) provided an update on the operations in Syria. Drilling and testing operations have recently been completed on the Abu Ghazal-1 ("AGZ-1") exploration well. Potentially significant hydrocarbon columns were encountered within the Triassic aged Butmah and Kurrachine formations. However, a series of drill-stem tests ("DST") undertaken on the well resulted in the recovery of sub-commercial quantities of heavy/viscous oil. The well has now been suspended pending detailed analyses of well results. The Crosco E-401 rig will now be moved to the Khurbet East No. 19 ("KHE-19") well location on the northwest flank of the Khurbet East field. This well is planned as a further step-out from the successful KHE-18 delineation in the northwest, which encountered high quality karst reservoir in the Massive formation. The KHE-19 well will evaluate an area estimated to contain oil-in-place of approximately 30 MMstb and if the well is successful there will exist an opportunity for possible (3P) Khurbet East reserves to be matured to probable and proven reserves categories at year end 2011. Gulfsands drilling operations in Syria Block 26, using the Crosco E-401 and E-501 drilling rigs, are continuing as planned and have continued without interruption during recent months.
Range Resources (LON:RRL) (Under Review) (RRL,…
