Oil and Gas Corporate News
Max Petroleum (LON:MXP) (BUY, £0.50) (MXP, 12.75p, ? 2.0%) announced an update on its operations in the Blocks A&E licence area in the Republic of Kazakhstan. The Kazakh government has approved an extension of the trial production project for the Zhana Makat field until 15 December 2011, while the Company seeks final regulatory approval to convert Zhana Makat to full field development ("FFD") status under its Blocks A&E exploration and production contract (the "Contract"). FFD approval will allow the Company to develop and produce the field for up to 25 years, as well as grant the Company a right to sell 80% of its crude oil production on the export market under the terms of the Contract. Current oil sales into the domestic market are generating after-tax net proceeds that are approximately $15-$17 per barrel lower than comparable export sales. The Company does not anticipate any material adverse impact to its financial condition or its ability to implement its ongoing post-salt and pre-salt drilling programmes as a result of selling domestically during this period. The Company is currently producing approximately 2,200 barrels of oil per day ("bopd"), generating approximately $3.5 million in net proceeds per month from domestic oil sales. The Company expects daily production to increase to more than 3,000 bopd during the third quarter of 2011 as four additional wells are brought onto production, including the ZMA-ET1 and ZMA-ET2 wells recently drilled in Zhana Makat, the BOR-3 well in the Borkyldakty Field, and the ASK-1 well in the Asanketken Field.
Ithaca Energy (LON:IAE) (IAE, 133p, ? 0.0%) announces that stable production from the Jacky field has been restored in the J01 well ("the well") at approximately 3,120 barrels of oil per day ("bopd")(1,482 bopd net to Ithaca). Production has been restored to this level through the replacement of a dual ESP system with slightly larger pumps providing greater operational flexibility and prolonged run life. The well was producing at approximately 2,800 bopd (1,300 bopd net to Ithaca) before the loss of pump assisted flow, as previously announced. Jacky Joint Venture Partners are Ithaca (Operator, 47.5%), Dyas UK Ltd (42.5%), North Sea Energy (UK) Limited (10%).
Lansdowne Oil & Gas (LOGP, 20.63p, ? 1.79%) announced that it has commenced 3D seismic operations on its Amergin, Rosscarbery and Midleton Prospects in the North…
