Oil & Gas Corporate News
Afren (LON:AFR) PLC (AFR LN, 86.45p, ? 0.76%) provided its Interim Management Statement in respect of the period 1 July 2011 to 15 November 2011. Highlights: group net production currently circa 28,000boepd; expecting circa 50,000 boepd 2011 exit rate; US$223 million cash at bank; net debt US$519 million (gearing 45%); acquisition of OML 26 (Nigeria) - following government and other customary approvals, formal completion expected shortly; Ebok (Nigeria) - Phase 1 production currently at 15,800 bopd, steadily being increased towards upper end of targeted 17,000 bopd; four out of five wells available for production at Ebok Phase 2, with well test rates of 5,000 bopd, supporting developed capacity of 20,000 bopd; three additional D1 producers expected onstream by end 2011; Okoro (Nigeria) - production stable at 18,000 bopd following debottlenecking work; Barda Rash (Kurdistan) - Field Development Plan submission expected end 2011; phased development with production start-up mid-2012. Initial phases to target 506 mmbbls recoverable light oil.
JKX Oil & Gas PLC (JKX LN, 160.00, ? 0.79%) provided its Interim Management Statement for the third quarter ending 30 September 2011. Highlights: construction and commissioning of the Gas Processing Facility (GPF) at the Koshekhablskoye field in Russia is nearing completion and the project remains on-track for production start-up by year-end, with gas sales expected to commence in the first quarter 2012; liquefied petroleum gas (LPG) production and sales commenced on schedule and on budget in July at Poltava, Ukraine with LPG prices yielding higher returns than expected; good progress has been made in the preparations for the multi-stage frac operation at Rudenkovskoye field, Ukraine in spring 2012; recent workover activity in Hungary indicates that production rates should be restored to around 1,300 boepd gross this month following the temporary shut-in of the field due to water influx; and interpretation of newly acquired seismic data in Hungary, Bulgaria and Slovakia continues with exploration drilling scheduled for late 2011 and early 2012 in Ukraine, Hungary and Slovakia. JKX also announced the appointment of Cynthia Dubin as Finance Director of the Company with effect from 21 November 2011. Michael Kayser, who acted as Interim Director of Finance since September, will remain with JKX until Christmas to ensure a smooth transition.
Parkmead (LON:PMG) Group PLC (PMG LN, 12.75p, ? 0.63%) today announced that it has completed an agreement with…
