Oil & Gas Corporate News
Rockhopper (LON:RKH) Exploration plc (BUY, 600p) (RKH, 206.75p, ? 2.35%) announced that the 14/10-9 well (the "Well") was spudded on 25 October 2011. The Well, situated on Licence PL032, which is 100% owned and operated by Rockhopper, is the eighth well to be drilled on the Sea Lion feature. It is located approximately 5.9 km to the south west of the 14/10-2 discovery well and is designed to investigate reservoir presence and hydrocarbon charge within the Sea Lion Main Complex towards the southern edge of the Company's acreage and is also an exploration well on the Eastern side of the Casper prospect. Drilling operations are expected to take approximately 33 days.
Exillon Energy (LON:EXI) plc (EXI, 267.60p, ? 0.15%) issues its Interim Management Statement for the period beginning 1 July 2011. Key highlights: The Group's average daily production in the period was 9,137 bbl/day, an increase of 53% over the comparable period in 2010 (5,985 bbl/day); The Group's daily peak production was 10,276 bbl/day during the period; As at 30 September 2011 the Group had a cash balance of US$126.9 million and US$48.7 million of debt, in addition the Group holds a AAA-rated EBRD Eurobond with nominal value of RUR 410 million and carrying value of US$13.5 million (at 30 September 2011) maturing in February 2012; and capital expenditure for the period from 1 January to 30 September 2011 was US$70.0 million (2010: US$ 26.9 million).
Frontera Resources (LON:FRR) Corporation (FRR, 1.51p, ? 6.21%) announced an operational update related to the recent discovery of gas resources in the undeveloped northwestern portion of the Mtsare Khevi Field within its Shallow Fields Production Unit, Block 12. Testing operations associated with approximately 33 metres of gas bearing net pay have continued at the Mtsare Khevi #32 well that was drilled to a depth of approximately 370 meters in the undeveloped northwestern portion of the field. Ongoing testing of Zone I, a 14 meter section of the lowest portion of the identified pay zones, has indicated that gas deliverability from this horizon is potentially larger than recently assessed. Based on results obtained from analysis of pressure drawdown/buildup testing of the well that was conducted subsequently to the Company's announcement of 11 October 2011, reservoir modelling simulations of this new down-hole pressure…
