Oil & Gas Corporate News
Aurelian Oil & Gas (AUL, 47p, ? (0.53%)) announced results from the Trzek-2 horizontal well in Poland. The well encountered a 100m gas column at 3,752m, in the Rotliegendes Sandstone, and after coring and logging, the well will be sidetracked towards Trzek-1, which has a 91m gas column. It is envisaged that the Trzek-2 Frac and Flow Test will be completed during December, in line with the original schedule. The company also announced it has agreed a EUR75 million, four year, Credit Facility with Macquarie Bank Limited. The Credit Facility can be used to fund the second MFHW and Gas Processing Facility at Siekierki as well as further appraisal, development and infrastructure expenditure throughout Aurelian's wider portfolio. A survey to acquire a further 300 km of 2D seismic has also commenced in the Company's Bieszczady licence in the Carpathian (LON:CPT) Thrust Fold Belt. Completion of this survey will take block coverage to approximately 40%.
Regal Petroleum (LON:RPT) (RPT, 26.5p, ? (0.93%)) announced drilling results from the MEX-120 well in Ukraine. The well was completed with a 7 inch liner over the B-sand sequence, and after testing, was hooked up to the gas processing plant. Production rates are showing a decreasing trend that has not yet stabilised; a well test on 22 September 2010 recorded a flow of 78boepd. The company also announced that the SV-69 well has reached target depth at 5,420m. Completion, testing and hook-up operations are expected to be concluded by early November 2010.
President Petroleum (LON:PPC) (PPC, 60.75p, ? (0.41%)) announced it has conditionally placed 63,291,140 new Ordinary Shares with institutional investors at a price of 50 pence per share to raise gross proceeds of £30.2M net of expenses. Net proceeds of the Placing will substantially be used to fully fund two high impact exploration wells scheduled for drilling in the next six months, and possible further exploration and appraisal drilling and development on the Kafoury acreage in Louisiana and on PEL 82 in South Australia dependent on success.
Mining Corporate News
Hochschild Mining Plc (LON:HOC) (HOC, 448p, ? (0.67%)) announced positive results from a scoping study completed by an independent party at its…
