Oil & Gas Corporate News
Gulf Keystone Petroleum (LON:GKP) Ltd. (BUY, 300p) (GKP LN, 168.50p, ? 14.82%) announced the appointment of Mark Hanson as a Non-Executive Director effective immediately. Mark Anthony Crump Hanson, 58, who is a qualified barrister and solicitor, was formerly Chief Executive Officer of Global Banking Corporation in Bahrain from 2006 to 2008. Mark brings with him extensive regulatory and corporate governance experience having served as a director on several boards and having advised a number of clients in the Middle and Far East during his 34 year career. His experience includes the listing in Hong Kong and New York of Shanghai Petrochemical Company, the first mainland upstream Chinese oil company to list outside of the People's Republic of China, and oil and gas projects in Saudi Arabia. Previous roles include Chief Executive of Bain Securities Limited, Managing Director of Peregrine Capital Limited, Deputy CEO at the Hong Kong Stock Exchange and COO of Crosby Financial Holdings. In addition, Mark was responsible for the establishment of ABN AMRO's investment banking and equity capital market operations in Saudi Arabia.
Ascent Resources (LON:AST) plc (AST LN, 1.65p, ? 1.54%) announced that it has completed the fracture stimulation of the Pg-10 well at the Petiovci Project in Slovenia. The preliminary testing of the shallowest of two stages has flowed at a stabilised rate of 8.5 MMscfd (240,000 m3; 1,420 boepd) on a 20/64" choke, with a flowing well head pressure of over 290 barg (4,260 psia). Stimulation work on both the Pg-10 and Pg-11A wells is now complete. It is planned that both wells will be recompleted during January and February 2012 and that a further testing phase will be undertaken to better understand the long term productivity performance of the reservoir. The recompletions planned will involve the replacement of the large diameter fracture treatment work-string with smaller diameter production tubing and the installation of production packers and a flowhead (Christmas tree). Options are being studied to allow the production and associated cash flow generation of the Pg-10 and Pg-11A wells by mid 2012. The producing interval in Pg-10 is between 3,125 and 3,175m in the 'F' sands of the Middle Miocene, a reservoir interval that has not previously been produced. A deeper zone that was stimulated within the 'K' sands produced water and a detailed analysis…
