Valiant Petroleum (LON:VPP, 575p, ? (0.0%)) announced that a farm-out has been agreed between its wholly owned subsidiary, Valiant Exploration Limited and Apache North Sea Limited for the Viola North prospect (Licence P1629, Block 30/18b) which is anticipated to drill in the summer of 2010. Apache will pay 75% of the well costs for a 50% stake in the prospect, subject to a cap on the promoted costs. Apache will also participate in the drilling of a second exploration well, (expected to be in the Viola South prospect) if approved by the operating committee, on the same terms. The agreement also provides for Apache to become Operator in the event of a commercial development.
Independent Resources (LON:IRG, 54.5p, ? (1.80%)) announced that the Company's wholly-owned subsidiary, Independent Energy Solutions, has reached the target coal sequence at FB2 in the Fiume Bruna coal seam, Italy, and has under-reamed to 9" the 6" open hole section from 336-341.5m. A short term production test began following sufficient de-watering of the well. Well stimulation operations (hydraulic fracturing with sand used as proppant) will follow a planned leak-off test using 3 ½" drill pipe string and packer. The well will then be put on a long duration production test.
President Petroleum (LON:PPC, 59.5p, ? (1.65%)) announced an update on its drilling programme at the East White Lake field in Louisiana, USA, in which President Petroleum acquired a working interest in January 2010. Net oil and gas reserves to President Petroleum from the A-52 well are now anticipated to be around 100mboe compared to an original forecast of 55mboe. Initial production is from the lower sands with current rates of 100bopd and 70-100mcfd of natural gas (gross). The more prolific R sands are likely to be brought on-stream next year with forecast gross flow rates of 250 b/d of oil and 200-250 mcfd of gas. Work on finalising the A-41 sidetrack well is underway. The deeper Db-3 target was tighter than expected, and is not expected to be productive. The well encountered 25ft of hydrocarbon pay in the shaloowed F-4 sand.
Petroneft Resources (LON:PTR, 30.5p, ? (1.61%)) announced it had signed an initial US$5m debt facility with Macquarie Bank to fund its 2010-2011 exploration and delineation programme on Licence 61, Tomsk Oblast, Russia. Work is expected to…
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