Oil and Gas Corporate News
Aurelian Oil & Gas (AUL, 52p, ? 0.48%) provided an operational and corporate update. Highlights: First Siekierki South-West well, Krzesinki-1, spudded on 24th June 2011; Target depth of 4,150 metres expected to be reached in early Q4 2011; Targeting mid case of 44bcf net to Aurelian; Well on trend with conventional producing fields and at present horizontal drilling and fraccing are not planned; Completion of disposal of Romanian non-core interests generates initial payment of EUR6.85 million plus future upside potential; Consideration made up of EUR6.85 million initial proceeds, plus future potential payments depending on on-going exploration success of Aurelian Oil & Gas Romania SRL; Deal structure also adjusts up and down depending on future gas prices and final production achieved from the Bilca and Climauti Gas Project Areas; and disposal allows Aurelian's resources to be redirected towards Romanian Carpathian Thrust Fold Belt Core Area.
Exillon Energy (LON:EXI) (EXI, 400.2p, ? 1.55%) announced the preliminary results from Exploration Well 4 (EWS-10274). Exploration Well 4 was designed to test an area between the EWS I and EWS II fields. Preliminary results of wire line logging confirmed the presence of 6.7 meters of effective net oil pay in an area that has not been previously studied. These results have expanded the management's understanding of the outline of the EWS fields in a manner which may support further reserve growth. The well encountered the Jurassic reservoir at 1,883 meters, and is currently being drilled deeper to assess the potential for further oil pay within the Pre Jurassic. Testing of the well is expected to be completed by the end of Q1 2012.
New World Oil & Gas (NEW, 6.5p, ? 1.96%) announced that, subject to the passing of certain resolutions at the Company's AGM to be held later today and admission of the new shares to trading on AIM, has raised GBP3 million before expenses via a placing of 50,000,000 new ordinary shares of no par value (the 'Placing' or 'Placing Shares', as appropriate) at a price of 6 pence per Placing Share. It is intended that the funds raised will be used to invest in and advance additional oil and gas projects, to build a portfolio of assets which will include New World's first project, the Blue Creek Project in the Peten Basin in NW Belize.
