Oil & Gas Corporate News
Sterling Energy (LON:SEY) (SELL, £1.00) (SEY, 120p, ? (3.0%)) announced that the repairs to the Sakson drilling rig have now been completed and the rig has resumed operations. Sterling's plan is to continue testing the prospectivity of the Sangaw North #1 exploration well previously identified from the wire-line log data and drilling shows over the open-hole interval of 1,450m to 2,395m. It is estimated that the testing will take approximately 10 days to complete, after which the plan is to drill ahead through the remaining Cretaceous section and then to the deeper potential reservoirs in the Jurassic. Due to the delays incurred whilst the rig was undergoing repairs, the well is now expected to reach its planned depth of 3,660m during the 4th quarter of 2010.
Gulfsands Petroleum (LON:GPX) (HOLD, £3.00) (GPX, 293.25p, ? (0.77%)) announced that the 8 1/2" section of the Lambouka-1 well was successfully drilled from 2219m through the Abiod formation, the main target section in this well to the current depth of 2785m.
Max Petroleum (LON:MXP) (BUY, £0.50) (MXP, 12.75p, ? (2.0%)) announced that the Ministry of Oil and Gas of the Republic of Kazakhstan has advised the Company that they will extend the exploration period of the Company's Blocks A&E Exploration and Production Licence for two years until March 2013.
Petro Matad (LON:MATD) (MATD, 157.5p, ? (3.37%)) announced that the Davsan Tolgoi-2 exploration well was spudded on 28 August 2010, it is being drilled vertically to an estimated target depth of approximately 1,300m by the Chinese company Ansai Yuehua Oil Tech Company Ltd. Drilling operations are expected to take approximately 25 days and a further announcement will be made once drilling is completed, or as appropriate. DT-2 is the second exploration well to be spudded as part of Petro Matad's three well drilling programme for 2010 on its Production Sharing Contract on Block XX in Eastern Mongolia, one of three exploration blocks owned and operated by the Company in Mongolia. DT-2 is located approximately 930m south-southwest of DT-1, where the Company encountered a 71m thick section of Tsagaantsav formation with oil shows and elevated mud gas over the entire interval. The previous concept for siting the second well 4km west of DT-1, on a separate structure known as Davsan Tolgoi West, was reconsidered. In view of the…
