Oil & Gas Corporate News

Global Energy Development (LON:GED) (GED, 108.5p, ? (0.91%)) announced that the Verde 2 exploratory well within the Colombian Rio Verde contract has been successfully drilled to a final depth of 12,340ft and log evaluation indicated commercial hydrocarbons present and total net productive pay of 23ft in the Middle Gacheta formation and 10ft in the Lower Gacheta formation. Shortly after beginning to test the Middle Gacheta formation the Company experienced some mechanical problems which have caused delays and the Company now expects full testing to occur in June.

Nostra Terra Oil & Gas (NTOG, 0.88p, ? (8.0%)) announced it has made considerable progress in reworking the wells on its Boxberger, Hoffman and Bloom properties in Kansas, and has sold its first oil from all three properties. As of 25 May, the combined production rate from 7 reworked wells was 73bopd gross, which is gradually increasing as the performance of each well continues to be optimised. Having accelerated activities that were previously delayed by the severe winter weather, the Company is now cash flow positive operationally on the basis of current production and pay out levels, and is confident that it will achieve its previously stated objective of bringing 15 wells online by the end of 2010. In addition to its redevelopment activities in Kansas, Nostra Terra has participated in an exploration venture in Northern sector of the Paxton Thrust of the Central Utah Overthrust. Drilling of the Liberty #1 exploratory well has now been completed, and the results are being evaluated by the Company and its partners, HPI and Freedom Oil & Gas.

Exillon Energy (LON:EXI) (EXI, 175p, ? (0.0%)) announced the successful completion of well EWS-8 and well EWS-100 on the south-western part of the EWS I field and north-western part of the EWS II field. EWS-8 well, spudded on 17 April 2010, was drilled on the south-western part of the EWS I field. The well flowed water-free oil naturally to the surface with a flow rate of 450b/d on a 10mm choke, and was drilled on a turn key contract in 31 days for a total consideration of $1.4m. The well reached target depth within the Jurassic P reservoir at 1827-1833m, confirming the presence of 6m of net oil pay within the Jurassic. The well was drilled directionally 0.5km to the west from the existing well pad 3…

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