Oil & Gas Corporate News
Providence Resources (LON:PVR) (PRV, 237.5p, ? (0.0%)) has increased its equity stake in, and assumed Operatorship of, the Barryroe oil discovery in the North Celtic Sea, offshore Ireland. Separately, Providence has agreed to assign a 10% non-operated interest in the Helvick oil field, contained in Standard Exploration Licence (SEL) 2/07 in the North Celtic Sea Basin, to Lansdowne Oil & Gas plc. Subject to Irish governmental approval, the revised equity partnership in Barryroe will be Providence (50%), San Leon Energy (30%) and Lansdowne (20%), whilst at Helvick, the revised equity participation in SEL 2/07 will be Providence (62.5%), Atlantic Petroleum (18.333%), Lansdowne (10.0%) and Sosina (9.1667%). Having agreed this revised Barryroe equity participation, the partners have commenced planning for a new 3D seismic survey over the eastern flank of Barryroe. This survey, which is expected to be acquired during the first half of 2011, will be used to plan for an appraisal/pre-development well designed to progress Barryroe to first oil. Previous studies have indicated that complex reservoir architecture together with the waxy nature of the Barryroe crudes could pose a challenge to commercial development. However, the partners believe that modern 3D seismic data, in tandem with horizontal artificially lifted well completions in the current oil price environment, should help to circumvent these issues. The partners have also commenced discussions with other Irish operators on potential rig availability for a pre-development well on Barryroe in 2011. A third party audit carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP estimates for Barryroe of 373mmbo and 893mmbo, respectively. The corresponding 2C and 3C Barryroe recoverable contingent resources are 59mmbo and 144mmbo, respectively.
Geopark Hldgs (LON:GPK) Holdings (GPK, 785p, ? (0.0%)) has successfully completed the private placement of US$133m of Reg S Notes announced on 2 December 2010. The net proceeds of the Notes will be used to fund GeoPark's strategic growth plans which include a combination of acquisition led growth in Latin America and the exploration and development of its asset base in Chile.
Indus Gas (LON:INDI) (INDI, 505p, ? (1.0%)) announced a dramatic increase in its reserves and resources following an updated Competent Persons Report provided by Senergy Oil & Gas. Gross 'Proven plus Probable' reserves…
