Tullow Oil Plc (LON:TLW) (LON:TLW, 1250p, ? (0.40%)) announced that the Likonde-1 well, located onshore in the Lindi Block in the Ruvuma Basin of Southern Tanzania, has encountered thick sands with hydrocarbon shows. The well has been drilled to a total depth of 3,647m and results of drilling, wireline logs and side-wall coring have shown that the well has intersected two sandstone intervals of over 250m combined thickness with evidence of residual oil and gas. Drilling had to be terminated in the deepest objectives due to high gas influx. The well, which is now being plugged and abandoned, is the first of a two-well programme within the prospective Ruvuma delta region. The results will be followed up with detailed technical work prior to selecting the next drilling location. Tullow (50%) operates the Lindi and Mtwara blocks in partnership with Aminex. Solo Oil is earning an interest through farming into 12.5% of Aminex's 50% interest in the well and has an option to elect to become a full joint venture partner. If Solo exercises its option, Aminex's interest in the Ruvuma Licence will be reduced to 37.5%.
Ascent Resources (LON:AST) (LON:AST, 4.88p, ? (4.88%)) through its subsidiary PetroHungaria kft, announced that it is currently drilling the PEN-106 well, part of the Penészlek Project in the Penészlek area of the Nyírség exploration permits in eastern Hungary. The target of the well is the Miocene tuffaceous formation within a structure defined on 3-D seismic of the area acquired in 2008 and similar to that proven by the PEN-105 well. The well is planned for a total depth of approximately 1,500m and, if productive, will be connected to the existing Penészlek facilities by a 2km pipeline, for which the permit has already been obtained. Ascent has a 48.8% interest in the project.
Comment: All is proceeding according to plans announced recently. We expect the Penészlek project to be delivered successfully and also expect additional positive newsflow from Italy, Slovenia and Hungary during the course of this year.
Ariana Resources (LON:AAU) (LON:AAU, 3p, ? (0.0%)) announced the placing of 50,000,000 Ordinary Shares with institutional investors at a price of 2 pence per share, raising £1,000,000 before expenses. Funds will be used to continue exploration and development work on existing projects in…
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