Oil & Gas Corporate News
Amerisur (LON:AMER) Resources (AMER, 22.5p, ? 2.27%) announced that the following points will be made during the AGM meeting to take place today: 24-year exploitation period commenced for the Platanillo Block in Colombia; 3D3C survey completed which has significantly improved field understanding detecting new potential in the southern and northern parts of the field; Post 3D3C mapping prospective resources of 45mmbo (P90), 69mmbo (P50) and 95mmbo (P10); 2010 production average of 452bopd; Environmental permit extension for relevant sector expected end May 2011 followed by 7.5km road construction; Rig and services secured for 4 to 6 new wells in H2 2011 targeting 35mmbo 2P reserves and a year-end production rate of 5,000bopd; Farm-out deal signed with Reto Petroleum Limited Colombian Branch (Reto) under which Reto has the right to acquire a working interest in Fenix Block in Colombia; Agreement contemplates drilling of 10 wells to appraise and develop the Isabel structure, funded 100% by Reto in return for a 20% working interest; In Paraguay the San Pedro Aeromagnetometry survey to define basement anomalies, measure sedimentary thickness and detailed data of the San Pedro leads completed; Processing underway - interpretation of results in H2; and the company has cash Balance at 6 May 2011 of approximately US$19m, having paid US$7.6m for 3D3C survey of Platanillo.
Dragon Oil (LON:DGO) (DGO, 517.5p, ? 0.86%) announced the completion and initial testing of the Dzheitune (Lam) 28/154 development well. The Dzheitune (Lam) 28/154 well was drilled to a depth of 1,830 metres and completed as a single producer by the NIS rig. The initial test result from the well was 3,081 barrels of oil per day ("bopd"). The NIS rig has skidded to the next slot and spudded the Dzheitune (Lam) 28/156 well. The Iran Khazar rig is currently drilling the Dzheitune (Lam) B/155 well, which we expect to put into production towards the end of 2Q11.
EnQuest (LON:ENQ) (ENQ, 130p, ? 0.46%) announced a farm in agreement with Fairfield Acer Limited ('Fairfield') for UKCS Block 9/28a - Area B, which contains the Crawford oil field and the 9/28a -18 Porter oil discovery. EnQuest already holds a 19% interest in the block, through its acquisition of Stratic Energy Corporation ('Stratic') and with this agreement it will acquire a further 32% interest in return for carrying…
