Roxi Petroleum (RXP, 6.13p, ? (4.26%)) announced that Galaz and Company LLP has received confirmation from the Ministry of Oil and Gas that it will receive a two year extension to the Subsoil User Contract for the NW Konys Contract Area. This extension period will allow continued appraisal of NW Konys field during Pilot Production and the exploration of the North Konys structure in the Area Extension announced on 12 January 2011. It is now estimated that Galaz will receive all permits and approvals to start pilot production in H2 2011. Following completion of the SSUC amendment, Galaz will apply for Pilot Production consent for the extension period. Upon receipt of all emissions and production permits, production will begin immediately from the available wells, which have individual facilities. Tendering for camp, pilot production facilities, and the first stage, development drilling campaign will commence after completion of the extension award.
Providence Resources (PVR, 273.5p, ? (0.37%)) provided an operational update on its activities across its two frontier exploration licences (FEL 2/04 & FEL 4/08) in the Main Porcupine Basin, c. 200 km off the west coast of Ireland. These licences are operated by Providence (56%) with partners Chrysaor E&P Ireland (30%) and Sosina Exploration (14%). Providence has formally notified the Irish Department of the Communications, Energy and Natural Resources that they have elected to enter the second phase of FEL 2/04, which contains the Spanish Point gas condensate and Burren oil discoveries. This second phase carries a firm well commitment and will form part of Providence's previously announced multi-year, multi-basin drilling programme offshore Ireland. PVR and the partners the partners have agreed to acquire a new c. 200 sq km 3D survey over FEL 4/08 and integrate these data with the recent 2009 Spanish Point 3D survey. It is planned that this survey will be acquired during the summer 2011. Senergy has carried out a competent persons report (CPR) on the resource potential of FEL 2/04 and FEL 4/08. This study has independently assessed gross un-risked recoverable prospective resources of up to c. 750MMboe. This resource potential covers a number of prospects including "Wilde", the newly identified "Cama" prospect as well as the "Burren" oil discovery (up to c. 66MMbo recoverable). The CPR also evaluated the contingent resource potential at "Spanish Point" and has attributed gross contingent resources that are in line with the previously reported volumes of up to c.…
