Oil & Gas Corporate News
Aurelian Oil & Gas plc (AUL, 66p, ? 0.0%) announced its final results for the year ended 31 December 2010 and provided an operational update. Key financial highlights: Two equity placings completed raising EUR139.0 million; EUR16.9 million loss for year (2009: loss of EUR0.4 million); EUR7.2 million loss on discontinued non-core Romanian operations and EUR4.6 million of provisions for other non Core Area assets; Ongoing Administration costs of EUR4.3 million and a net Finance cost of EUR0.7 million account for remainder of loss for the year; and cash ouflow from operating activities EUR8.3 million (2009: inflow of EUR1.5 million). Key operational update highlights: Previously announced mechanical issues at Trzek-2, Siekierki Multi Fracced Horizontal Well ("MFHW"), restricts production to 3mmscf/d in 15 day stabilised flow rate test; Trzek-2 to be sidetracked and fracced in Q4 2011 at a cost of EUR6 million to achieve target stabilised flow rate of 8 mmscf/d and accelerate recovery of 16-28 bcf; Second MFHW, Trzek-3, encounters 140 metre gas column in Rotliegendes reservoir; Gas Processing Facility progressing well, first gas targeted H2 2012; Krzesinki conventional exploration well to spud in Greater Siekierki Area Q3 2011; Constructing site for well targeting 45-465 bcf (gross) prospective resources; and first Bieszczady well produces gas and condensate from potentially commercial zone above primary targets.
Dragon Oil (LON:DGO) plc (DGO, 546P, ? 1.4%) issued its Interim Management Statement for the period from 1 January 2011 to date. Key highlights for 1Q 2011: Three new wells were put into production in the period from 1 January 2011 to date; The average daily production rate was approximately 57,800 bopd in 1Q 2011; and Capital expenditure on infrastructure and drilling was approximately US$74 million for 1Q 2011.
Providence Resources (LON:PVR) plc (PVR, 280.5p, ? 0.0%) announced that its Singleton X11 development well has commenced production. This new well, together the recently completed X8v lateral development well, formed part of the company's 2010 drilling programme at the Singleton field, onshore UK. The Singleton field is located in the Weald Basin in the south of England and is operated by Providence (99.125%) with partner Noble Energy (0.8725%). The X11 horizontal development well was recently brought on-stream at an initial rate of 200 boepd (150 bopd & 300 mmscfd), which is in-line with pre-drill expectations. An updated Singleton third…
