Oil & Gas Corporate News
Heritage Oil (LON:HOIL) (HOLD, £4.20) (HOIL, 244.3p, ? 1.49%) announced that it is commencing with immediate effect, a buy back programme to spend up to $100 million to acquire its Ordinary Shares, as the Board of Directors considers that the current share price is trading at a significant discount to the intrinsic, underlying value of the Company. Heritage shareholders passed a resolution at the last Annual General Meeting on 17 June 2010, allowing the Company to buy back up to 28,786,693 Ordinary Shares, representing approximately 10% of the Company's voting share capital. The Company is actively identifying prospects in 2011, through acquiring or processing seismic in Tanzania, Mali and Malta whilst also continuing with the appraisal of the Miran field in Kurdistan. Further wells will also be drilled on the Zapadno Chumpasskoye Field in Russia which could add a material increase to production levels.
Rockhopper (LON:RKH) Exploration (BUY, £5.00) (RKH, 241.25p, ? 2.72%) announced that it has entered into a further assignment agreement to secure an additional well slot on the Ocean Guardian drilling rig. Rockhopper now intends to utilise four well slots in succession.
Max Petroleum (LON:MXP) (BUY, £0.50) (MXP, 18.25p, ? 0.0%) announced that the Company has commenced drilling the ZMA-ET2 appraisal well further to the south of the recently drilled ZMA-ET1 well with the objective to further extend Triassic production and reserves in the Zhana Makat Field on Block E in Kazakhstan. The total depth of the well will be approximately 1,500 metres targeting Triassic reservoirs.
Argos Resources (LON:ARG) (ARG, 32.25p, ? 2.27%) announced its financial results for the year ended 31 December 2010. Highlights: Successfully listed on AIM on 29 July 2010 raising GBP22 million (gross); Sea Lion oil discovery, in adjacent licence PL032, successfully tested in September 2010, producing first oil to flow to surface in Falkland Islands waters, and successfully appraised in March 2011; Vintage 2D seismic data, together with seismic from adjacent licences, was reprocessed and reinterpreted during 2010 yielding seven prospects with estimated resource potential of up to 747 mmbo in the Most Likely Case and 1.75 billion barrels in the Upside Case; and MV Polarcus Asima contracted in late 2010 to undertake a 3D seismic survey over the entire licence plus open acreage…
