Oil and Gas Corporate News
Victoria Oil & Gas plc (BUY, £0.15) (VOG, 4.15p, ? 1.66%) announced the Company has drawn down a further £600,000 of its £10 million Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd (YA), announced by the Company on 17 June 2009. Under the terms of the SEDA, the Company has allotted, conditional on admission, 14,690,827 ordinary shares of 0.5 pence each in VOG to YA at a price of 4.08 pence per share. This price is calculated by a formula under the terms of the SEDA based on the prevailing market price. Following admission, the Company will have 2,153,531,098 ordinary shares in issue.
San Leon Energy (LON:SLE) plc (BUY, £0.60) (SLE, 24p, ? 4.0%) announced that its Polish subsidiary Vabush Energy Sp. z o. o. (Vabush) has signed with Poszukiwania Nafty i Gazu Jas?o Sp. z o. o. (Jas?o) to contract a rig for its upcoming two well programme in Poland's Nida Trough. Both wells are planned to reach a total depth of 1,000 meters and test multiple targets on trend with the prolific P?owowice and Grobla oil fields. The first well, Chopin-1, is set to spud in early September immediately followed by the Belvedere-1 well. Vabush has secured land access agreements for the first location, Chopin-1, and is finalizing the Belvedere-1 agreements. Both Vabush and Jas?o are finalizing the permitting process with plans to start building a location in early August.
Valiant Petroleum (LON:VPP) plc (VPP, 589p, ? 3.17%) announced that drilling has commenced on its first Norwegian exploration well, 6407/5-2S, on PL471 located in the Norwegian Sea. The well is targeting Chamonix, a potentially large Cretaceous stratigraphic prospect, and the secondary Cortina prospect in the Jurassic. The well is being drilled by semi-submersible rig Borgland Dolphin and is anticipated to take around 60 days to complete. The partners in license PL471 are OMV Norge (50%, operator), Noreco (30%) and Valiant (20%).
Oilex (LON:OEX) Ltd (OEX, 26.50p, ? 3.41%) released its quarterly report for the period to 30 June 2011. Highlights: Successfully drilled and completed 2,740 metre Cambay-76H well onshore Gujarat, India; This well has a 610 metre horizontal section, the longest horizontal well drilled in Cambay Basin; Well log data while drilling indicated porous hydrocarbon-bearing intervals with elevated gas readings throughout the…
