Oil & Gas Corporate News
Lansdowne Oil & Gas (LON:LOGP) (LOGP, 33p, ? (1.49%)) announced details of an updated Competent Persons Report covering all of its Celtic Sea Acreage. The main conclusions are as follows: The economics of potential oil projects have improved as a result of higher current and forecast oil prices and the Cretaceous gas prospects remain robust at current and forecast gas prices. In the two oil discoveries in which Lansdowne has an interest Barryroe ( 20%) and Helvick (10%), Lansdowne's net combined P50 technically recoverable oil amounts to 12.3MMBbl. In two oil exploration prospects, Amergin (100%) and Rosscarbery (99%) (Basal Wealden Level) Lansdowne's net combined P50 technically recoverable oil amounts to 80.8MMBbl. In the three main gas exploration prospects in which Lansdowne has an interest, Rosscarbery (99%), Midleton (100%) and East Kinsale (100%), Lansdowne's net combined P50 technically recoverable gas amounts to 331BCF. The Jurassic Helvick oilfield was assessed for the first time following the swap transaction with Providence announced in December 2010. Although Helvick contains a relatively small oil volume (3MMBbl Gross, 0.3MMBbl net 2C Contingent Resources) the evaluation carried out by RPS supports the conclusion of the previous work by Providence that, under the current conditions of high oil price, commercial production could be achieved, which could lead to first oil within 2 years of project sanction.
Bahamas Petroleum (BPC, 19p, ? (2.70%)) announced the results of two recently completed independent consultant studies on fully processed Pre-Stack Time Migration (PSTM) data along with preliminary mapping results of shipboard analysis of the January 2011 2D seismic survey. Both provide evidence of 'giant' size structures in the southern licences held by the Company's subsidiary, Bahamas Offshore Petroleum Ltd., capable of holding several hundred million barrels of oil. They provide the first structure maps documenting the size and extent of closure of these features, based on 1,120 km of seismic data and demonstrate the consistency of fold formation, the continuity of folds along the structural trend, the ability to seismically map internal stratigraphic consistency (i.e., continuity of reservoir-seal strata) across the folds and the geometric form of the folds. These results are preliminary and the full PSTM processing of the 2011 2D seismic data is due for completion by end April 2011 and will form the basis for detailed structural interpretation and prospect evaluation. In addition to the seismic…
