Oil & Gas Corporate News
Global Petroleum (LON:GBP) (GBP, 20.38p, ? 9.40%) announced that that Texon Petroleum Limited has advised that the eight Leighton Olmos well in which GBP has an interest, Peeler #2, has begun to flow oil and gas at the gross rate of 252 boepd from the Olmos reservoir (comprising 192 bopd and 360 mcf of gas per day). Texon advised that Peeler #2 will be connected to oil tanks and a gas sales pipeline in the next two weeks. GBP has a 15% working interest (11.25% net revenue interest) in the well.
Mining Corporate News
No relevant UK corporate news.
Oilfield Services Corporate News
Lamprell (LON:LAM) (HOLD) (LAM, 340.9p, ? 5.12%) has confirmed that it has entered into a letter of understanding with Maritime Industrial Services (MIS) in respect of a potential offer to purchase 100% of the shares in MIS at a price of NOK38 per share, equivalent to $344M. Discussions with MIS are at a very preliminary stage. Any potential offer remains subject to the fulfilment of a number of conditions, including the satisfactory completion of due diligence. Consequently, there is no certainty that an offer will be made. It is anticipated that any offer that is made would be financed from an issue of equity to Lamprell's shareholders and new debt facilities. We consider that any such deal would be a good strategic move for Lamprell, acquiring a smaller competitor and would not be too financially onerous given that Lamprell is in a strong financial position with net cash of $210M. The medium/long term prospects remain encouraging and we retain our neutral stance.
Industry News ? Continued positive rig data: Baker Hughes announced yesterday that the worldwide rig count for March 2011 was 3,436, down 102 from 3,536 in February 2011 and up 555 from 2,879 in March 2010. The US rig count for March 2011 was 1,720, up 2 from February 2011 and up 301 from the 1,419 in February 2010. The international rig count for March 2011 was 1,147, down 42 from the 1,189 in February 2011, and up 115 from the 1,074 counted in March 2010. The international offshore rig count for March 2011 was 295, down 14 from the 309 counted in February 2011 and flat from the 295 counted in March 2010. All this data, despite some…
