Oil & Gas Corporate News
Rockhopper Exploration (LON:RKH) (BUY, £4.00) (RKH, 290.25p, ? (9.01%)) announced the placing of 17,320,000 new ordinary shares at a price of 280p each to raise £48.5m before expenses. Placing proceeds will be used to progress Rockhopper's current drilling programme in the North Falkland basin, including flow testing of its Sea Lion exploration well and drilling an exploration well on its Ernest prospect.
Petroneft Resources (LON:PTR) (PTR, 31.5p, ? (2.33%)) announced that drilling of the first three of nine production wells at the Lineynoye oil field planned for 2010 have now been completed ahead of schedule. Preliminary log and survey data indicate that the results of these wells are in line with expectations. Well 109 encountered 10.2m of net oil pay, and the interval was completely saturated with oil. Well 110 encountered 8.9m of net oil pay, and the interval was saturated with oil, with the bottom 2.7m appearing to be tight reservoir. Well 112 had 12m of net oil pay, and the interval was completely saturated with oil. The field wide oil-down-to in the reservoir is at 2,430 metres true vertical depth which is well below the oil-down-to in any of the production wells drilled thus far. Production casing has been run in the wells and successfully cemented. The drilling rig has been moved along its rails and the fourth well, No. 113, has been spudded. A work-over rig has begun the process of perforating and installing electrical submersible pumps in wells 109, 110 and 112. Well No. 111 will be the final well drilled in the 2010 programme as an operational decision was made to re-order the drilling of wells.
Nighthawk Energy Plc (LON:HAWK) (HAWK, 26p, ? (16.85%)) announced that, in conjunction with Running Foxes Petroleum Inc., it has engaged Macquarie Tristone (Houston), to seek a purchaser for part of the working interest in the Jolly Ranch Project in Colorado. Nighthawk and Running Foxes currently each hold a 50% working interest in the Jolly Ranch project. The percentage working interest to be divested, which is likely to be an equal amount from each of the two partners, will be determined during the marketing process. Macquarie Tristone has commenced the marketing programme and, although there is no guarantee that a suitable partner will be identified, initial feedback is encouraging. Further announcements will be made as appropriate.
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