Oil and Gas Corporate News
Heritage Oil (LON:HOIL) (HOLD, £4.20) (HOIL, 218.3p, ? 1.91%) announced the publication of its interim results for the six months ended 30 June 2011. Operational highlights: Miran West-3 well in the Kurdistan Region of Iraq ("Kurdistan"), commenced drilling on 7 August 2011; Miran 3D seismic acquisition is nearing completion and 2D seismic acquisition in the southern portion of the Miran Block has commenced; Miran Field conceptual engineering studies have been completed for early development in 2013, followed by full field development in 2015; An initial gas marketing study for the Miran Field has been completed; Completed drilling well 363 in Russia which is producing 1,205 bopd; Completed acquisition of 2D seismic data in both Mali and offshore Malta; Seismic data being processed and interpreted for Tanzania, Mali and Malta; and net average daily production of 420 bopd in the first half of 2011. Corporate highlights: Strong balance sheet with cash of approximately $468 million, excluding $405 million related to the tax dispute; Share buy back programme commenced in April 2011 and to date 28,556,281 Ordinary Shares have been bought back and held in treasury; 12.46% of PetroFrontier Corp. acquired for investment purposes; and arbitration proceedings have commenced in London against the Government of the Republic of Uganda (the "Ugandan Government") to resolve the tax dispute. Outlook: Multiple reservoir intervals to be tested and evaluated in the Miran West-3 well during the second half of 2011 as the well is drilled to a target depth of c.4,400 metres; Exploration drilling on the Miran East structure planned to commence in December 2011, at which time two rigs will be operational in the field; and final processing of 3D seismic data on the Miran Field is scheduled to be completed in the fourth quarter of 2011.
Cadogan Petroleum (LON:CAD) (CAD, 40.5p, ? 1.22%) announced its unaudited results for the six months ended 30 June 2011. Highlights: Major transaction with Eni completed on 6 July 2011; Pokrovskoe and Pirkrovskoe licences extended by five years; Continued gas production from the Zagoryanska, Debeslavetska and Cheremkivska licenses at a combined rate of approximately 62 mcm/day; Pokrovskoe 1 well deepening recommenced; Board restructuring underway; Total capital expenditure of £1.8 million during the first half of 2011 (30 June 2010: £1 million); Net cash and cash equivalents at 30 June 2011 of…
