Oil & Gas Corporate News
San Leon Energy (LON:SLE) (SLE, 32.75p, ? (0.96%)) announced that the Albanian Government Council of Ministers has approved the Durresi Block Licence Petroleum Complimentary Agreement for San Leon and its partner, Beach Energy Limited ("Beach Energy"). San Leon, through a subsidiary, holds a 75% interest in the block and is the operator. Beach Energy holds the remaining 25% interest. With the approval of Durresi now gained, San Leon will focus on acquiring over 300 km2 of 3D seismic data during the remainder of Q1 2011. The 3D seismic programme will evaluate the A4-1X discovery as well as prepare for a 2012 appraisal drilling programme in the undeveloped gas condensate field. Beach Energy has also agreed to pay 50% of the costs, rather than their 25% working interest requirement, for the upcoming 3D seismic programme in exchange for an option which, if exercised, will allow them to hold a 50% working interest in the licence going forward. The A4-1X field was discovered in 1983, 30 km off the southern coast of Albania. The discovery indicated circa 38 mmbbls of circa 51 API condensate and 150 BCF of gas.
Comment: Positive news but unlikely to have much impact at such an early exploration stage, even though it seems like a prospective asset.
JKX Oil & Gas (JKX, 297.3p, ? (1.02%)) provided an update on the development of the Koshekhablskoye field in southern Russia. Highlights include: installation and construction of gas processing facility and buildings is nearing completion with hook-up and commissioning of the plant scheduled to commence by the end of the first quarter; first commercial gas production remains on target for mid-year; the twin export lines have been installed tested and tied-in to the Gazprom trunk line and are awaiting connection to the manifolds at the GPF; development Wells 20 and 27 have been successfully completed and tested in the Oxfordian limestone reservoir and are suspended ready for production, together they have a potential delivery capacity of 30 MMcfd; and the project is on track to commence gas production by the end of H1 at the plant design capacity of 40 MMcfd.
Aurelian Oil & Gas (AUL, 83p, ? (6.41%)) provided an operational update. Equipment has now been mobilised to allow the fracture stimulation and flow test of the Trzek-2 well in the Siekierki Tight Gas project . The…
