Oil & Gas Corporate News
Borders & Southern Petroleum Plc (BUY, £1.50) (BOR, 58p, ? 2.52%) announced its preliminary results for the year to 31 December 2010. Highlights: Signed rig contract for unit Leiv Eiriksson drilling unit; Selected drilling locations on the Darwin and Stebbing prospects; Initiated detailed well designs; Procured long lead items; Advanced logistical planning for operations; Signed rig assignment agreement; and cash balance of $194 million. Technical work on Darwin and Stebbing prospects is complete. The Company?s recoverable resource estimates for Darwin is 300 MMbbl (amplitude anomaly only) or 760 million barrels (down to the structural spill point). The Company?s recoverable resource estimate for Stebbing is 710 million barrels in the Tertiary alone or 1,280 MMbbl for combined Tertiary and Cretaceous reservoirs. The Company plans to spud the first well in December this year and believes it has sufficient funds, with contingency, to complete the programme.
Melrose (LON:MRO) Resources plc (MRS, 245p, ? 0.0%)) issued its Interim Management Statement for the first quarter 2011. MRS continued to progress its various exploration initiatives, preparing for wells to be drilled in Turkey, Bulgaria and Egypt during 2011 and advancing a number of seismic study programmes. MRS's production averaged 40.7 Mboepd on a working interest basis. This represents a 7% increase compared with the same period in 2010. The total working interest production volumes were 18.7 Bcf of gas and 440 Mbbl of oil, condensate and LPG. On a net entitlement basis, first quarter production totalled 9.9 Bcf of gas and 190 Mbbl of oil, condensate and LPG giving an average daily rate of 21.0 Mboepd. Total capital expenditure in the first quarter amounted to $14.0 million, of which $11.8 million was on development and $2.2 million on exploration activities. There have been no major changes in the Company's balance sheet since 31 December 2010 and the net debt at 31 March was $412.8 million with a net debt to equity ratio of 121%. The Company has recently updated its 2011 production guidance to 40.5 Mboepd on a working interest basis. This equates to 19.9 Mboepd on a net entitlement basis assuming a Brent oil price of $90 per barrel. The 2011 capital expenditure forecast remains at $112 million of which approximately 50% is dedicated to exploration and field development activity.
Roxi Petroleum (LON:RXP) (RXP, 3.88p, ?…
