Oil & Gas Corporate News
Aminex (LON:AEX) (AEX, 8.5p, ? 0.0%) announced that it has received a formal extension of 6 months to the Nyuni East Songo-Songo Productions Sharing Agreement ('Nyuni PSA') from the Tanzanian Ministry of Energy and Minerals. This extension is to cover the likely eventuality that the Nyuni-2 well, due to be spudded in the next few weeks, will not be completed within the life of the existing Nyuni PSA which expires this year. As announced on 12 April, the Minister of Energy and Minerals has now signed a 25-year Development Licence for the Kiliwani North Gas Field. This licence area has been carved out from the Nyuni PSA. Terms for a new and expanded PSA to replace the expiring Nyuni PSA have been negotiated and agreed and are expected to be formally concluded in due course.
Petrolatina (PELE, 39p, ? 1.27%) announced a production update in respect of the first quarter of 2011. The Company achieved total gross production from its Tisquirama, La Paloma and Midas licence blocks located in the Middle Magdelana Valley, Colombia, in the three months to 31 March 2011 of 193,790 bbls (2010 equivalent period: 155,323 bbls) and total net production of 90,536 bbls (2010 equivalent period: 72,465 bbls) at an average gross production rate of 2,154 bopd (2010 equivalent period: 1,726 bopd) and an average net production rate of 1,006 bopd (2010 equivalent period: 805 bopd). As announced previously, the Serafin-1 gas well located in the Company's Tisquirama licence block is currently on an extended 6 month production test at a flow rate of 5.5 MMscf/d of gas and a well pressure of 1,850 pounds per square inch ("psi"). The well has, during the test period to date, achieved total gross production of 95.98 MMscf of gas (15,997 barrels of oil equivalent ("boe")) and total net production of 44.15MMscf (7,359 boe). Gas produced during the 6 month extended test period is being sold to Ecopetrol S.A. at 90% of the regulated price for Texaco for Barranca-Ballena's gas (as regulated by CREG, the Regulatory Commission of Energy and Gas of Colombia). The regulated price is currently $4.2562/million British thermal unit ("BTU"). The Serafin-1 well is jointly owned by PetroLatina (50%) and PetroSantander Corporation (50%). The Company expects to release the results of an updated independent reserves report commissioned from Ryder Scott Company, L.P. and various geological and…
