Oil & Gas Corporate News
Ithaca Energy (LON:IAE) Inc. (IAE, 119.00p, ? 1.71%) announced that it has acquired Challenger Minerals (North Sea) Limited ("CMNSL"), thereby increasing its interests in the Stella / Harrier fields, obtaining a non-operated interest in the producing Broom field and access to additional undeveloped North Sea discoveries.
The Company has acquired the entire share capital of CMNSL from Transocean Drilling U.K. Limited for a consideration of US$35 million; US$25 million payable immediately and US$10 million upon approval of the Stella / Harrier Field Development Plan by the Department of Energy and Climate Change ("DECC"). The Company also announced that it has signed an agreement with Dyas to divest a 25.34% interest in Block 29/10b, which contains the Hurricane field, with an effective date of 1 January 2011. In consideration for the interest, Dyas will pay its pro-rata share of costs incurred since the effective date. Ithaca has signed a rig contract letter of intent to drill an appraisal well on Hurricane commencing in Q1-2012. The Company has also concluded its development concept select process for the Greater Stella Area (GSA) fields, with the decision to create a production hub based on a floating production unit located over the Stella field. The GSA development concept involves the introduction of Petrofac as a new strategic partner.
Matra Petroleum (LON:MTA) plc (UNDER REVIEW) (MTA, 0.825p, ?13.16%) provided an operational update on Sokolovskoe Field, Russia. The additional data acquisition on Well-12, as recommended by the Gaffney Cline review, has been completed. The well temporarily produced under gas lifting with Nitrogen and a series of production logs and pressure surveys have been acquired. Matra has undertaken a detailed review of the data acquired and reported that the pressure data showed that the reservoir recovered to its initial pressure and showed no signs of depletion. The data also showed signs of pressure support from another (water) zone. Analysis of the production logs showed indications of water influx from behind the liner possibly from the higher Franski zone that is a known water bearing reservoir in this well. As a result of this, the workover rig has recommenced operations and is currently undertaking preparatory works before setting a plug and perforating the liner to ascertain if a remedial squeeze cementation on the liner section, between the Franski water bearing zone and…
