Oil & Gas Corporate News
Caza Oil & Gas (CAZA, 46.5p, ? (9.41%)) announced that the Caza 162 #1 well in Upton County, Texas, reached a total depth of 11,287ft on October 11, 2010. Electric logs indicate potential pay zones in the Clearfork, Spraberry, Wolfcamp and Atoka formations. Production casing has been set, and the operator is preparing the 162 well for fracture stimulation. Caza also announced that the completion process has commenced on the Caza 158 #1 well, which was fracture stimulated in the Atoka formation at a depth of approximately 11,000ft on October 11, 2010. The company will issue an update once the fracture fluid is recovered and test rates are established. Caza has a 25.0% non-operated working interest and a corresponding 18.75% net revenue interest in each well.
Nighthawk Energy Plc (LON:HAWK) (HAWK, 15.75p, ? (7.35%)) announced that it has secured a three year Equity Finance Facility of up to £25 million with Darwin Strategic Limited, a part of the Evolution Group (LON:EVG). The funds available to draw down under the EFF will be used to continue the development of the Company's asset base. Although a five well drilling programme has been permitted at Jolly Ranch, the Company's lead project, the immediate operational focus is the completion and recompletion of a number of wells that have already been drilled. The objective will be to obtain a better understanding of the completion techniques required to deliver a commercial project with the added benefit of increased near-term production.
Europa Oil & Gas (EOG, 12.75p, ? (3.77%)) announced that it has raised approximately £1.5m before expenses through an institutional placing of 13,360,810 new ordinary shares in the Company at a price of 11.5p per ordinary share. The proceeds from the Placing will be utilised to bridge the shortfall between oil revenue and capital expenditure to allow for further drilling at West Firsby and at the Barchiz-1 well, in addition to funding ongoing working capital requirements for the Company's other prospects. The company has also appointed finnCap as appointed Nomad and Broker.
Amerisur Resources Plc (LON:AMER) (AMER, 13.75p, ? (0.0%)) provided an update on operations in Colombia. After a successful production enhancement programme in the Alea-1 and Platanillo-2 wells, Platanillo Contract, the…
