Oil & Gas Sector:
6 November 2011 | 16:18pm StockMarketWire.com - Shares in Aminex rose after it announced that it expected to spud the Ntorya-1 exploration well in Tanzania next month.
[FONT=inherit !important][FONT=inherit ! important][/FONT][/FONT][FONT=inherit !important][FONT=inherit ! important][/FONT][/FONT] Company says it is making significant progress in strengthening its position in the highly prospective Rufiji Delta and Ruvuma Basin regions of Tanzania.
It says that through extensive seismic reprocessing in its licence areas, the company believes it is now able to recognise feeder channels supplying the deep-water fan systems where BG, Anadarko and ENI have recently made world-class gas discoveries.
Aminex believes that its acreage in the Ruvuma and Nyuni are part of the same play fairway.
The company's 2012 work plan includes seismic acquisition commitments to better image and de-risk these plays.
Aminex is well funded to meet its commitments for drilling and seismic exploration in these core licences.
DEO UK (LONEO) and its partners Atlantic Petroleum UK and Faroe Petroleum have agreed, subject to regulatory approvals, to assume Maersk Oil UK's 19.11% interest in the Perth field.
DEO will then have just over 52.03%, Faroe Petroleum over 34.6% and Atlantic Petroleum more than 13.35%.
EnQuest (LON:ENQ) is on track to deliver its full year average production guidance of 23,000-24,500 barrels of oil equivalent per day.
Production to the end of October averaged 23,944 boepd, up 20% on the 19,876 boepd last year.
It said the Thistle well A57/58 was completed and was producing over 1,500 boepd, in line with expectations, and operations had started on Dev-P1, the first well in the Deveron field for over 20 years.
CEO Amjad Bseisu said: "I am pleased to report that EnQuest continues its growth [FONT=inherit !important][FONT=inherit !important][/FONT][/FONT]with a 20% year on year production increase to the end of October 2011, all three of our hubs achieved strong production growth over the same period in 2010.
"EnQuest is now concluding its active ten well drilling programme for 2011, five new production wells have been brought onstream during the year, one on Don Southwest, one on Conrie and three on Thistle."
Heritage Oil (LON:HOIL) was down slightly despite claiming that it is making great progress across its portfolio and has a strong balance sheet to pursue its programmes.
The company said it had a cash position of approximately $353m at the end of September - excluding amounts related to a tax dispute in Uganda of approximately $405m - which was more than sufficient to cover the work programme into 2013.
It said a tax tribunal in Uganda and a domestic process were ongoing and in May it began international arbitration proceedings in London against the Ugandan [COLOR=#00b1f7 !important][FONT=inherit !important][COLOR=#00b1f7 !important][FONT=inherit !important]government[/FONT][/FONT][/COLOR][/COLOR].
Heritage is seeking a decision requiring, among other things, the return of approximately $405m currently on deposit either with the Ugandan Revenue Authority or in escrow with Standard Chartered [COLOR=#00b1f7 !important][FONT=inherit !important][COLOR=#00b1f7 !important][FONT=inherit !important]Bank[/FONT][/FONT][/COLOR][/COLOR] following the sale sale of its interests in blocks 1 and 3A in Uganda on 26 July 2010.
CEO Tony Buckingham said: "We are making great progress across the portfolio by adding exciting new exploration acreage, [COLOR=#00b1f7 !important][FONT=inherit !important][COLOR=#00b1f7 !important][FONT=inherit !important]investing[/FONT][/FONT][/COLOR][/COLOR] in hydrocarbon prolific areas such as Libya, conducting seismic across existing licences and moving ahead with exploration, appraisal and development work across the Miran Field in Kurdistan.
"We have a strong balance sheet to pursue these programmes whilst also considering further opportunities."
Source. Stockmarketwire.com
6 November 2011 | 16:18pm StockMarketWire.com - Shares in Aminex rose after it announced that it expected to spud the Ntorya-1 exploration well in Tanzania next month.
[FONT=inherit !important][FONT=inherit ! important][/FONT][/FONT][FONT=inherit !important][FONT=inherit ! important][/FONT][/FONT] Company says it is making significant progress in strengthening its position in the highly prospective Rufiji Delta and Ruvuma Basin regions of Tanzania.
It says that through extensive seismic reprocessing in its licence areas, the company believes it is now able to recognise feeder channels supplying the deep-water fan systems where BG, Anadarko and ENI have recently made world-class gas discoveries.
Aminex believes that its acreage in the Ruvuma and Nyuni are part of the same play fairway.
The company's 2012 work plan includes seismic acquisition commitments to better image and de-risk these plays.
Aminex is well funded to meet its commitments for drilling and seismic exploration in these core licences.
DEO UK (LONEO) and its partners Atlantic Petroleum UK and Faroe Petroleum have agreed, subject to regulatory approvals, to assume Maersk Oil UK's 19.11% interest in the Perth field.
DEO will then have just over 52.03%, Faroe Petroleum over 34.6% and Atlantic Petroleum more than 13.35%.
EnQuest (LON:ENQ) is on track to deliver its full year average production guidance of 23,000-24,500 barrels of oil equivalent per day.
Production to the end of October averaged 23,944 boepd, up 20% on the 19,876 boepd last year.
It said the Thistle well A57/58 was completed and was producing over 1,500 boepd, in line with expectations, and operations had started on Dev-P1, the first well in the Deveron field for over 20 years.
CEO Amjad Bseisu said: "I am pleased to report that EnQuest continues its growth [FONT=inherit !important][FONT=inherit !important][/FONT][/FONT]with a 20% year on year production increase to the end of October 2011, all three of our hubs achieved strong production growth over the same period in 2010.
"EnQuest is now concluding its active ten well drilling programme for 2011, five new production wells have been brought onstream during the year, one on Don Southwest, one on Conrie and three on Thistle."
Heritage Oil (LON:HOIL) was down slightly despite claiming that it is making great progress across its portfolio and has a strong balance sheet to pursue its programmes.
The company said it had a cash position of approximately $353m at the end of September - excluding amounts related to a tax dispute in Uganda of approximately $405m - which was more than sufficient to cover the work programme into 2013.
It said a tax tribunal in Uganda and a domestic process were ongoing and in May it began international arbitration proceedings in London against the Ugandan [COLOR=#00b1f7 !important][FONT=inherit !important][COLOR=#00b1f7 !important][FONT=inherit !important]government[/FONT][/FONT][/COLOR][/COLOR].
Heritage is seeking a decision requiring, among other things, the return of approximately $405m currently on deposit either with the Ugandan Revenue Authority or in escrow with Standard Chartered [COLOR=#00b1f7 !important][FONT=inherit !important][COLOR=#00b1f7 !important][FONT=inherit !important]Bank[/FONT][/FONT][/COLOR][/COLOR] following the sale sale of its interests in blocks 1 and 3A in Uganda on 26 July 2010.
CEO Tony Buckingham said: "We are making great progress across the portfolio by adding exciting new exploration acreage, [COLOR=#00b1f7 !important][FONT=inherit !important][COLOR=#00b1f7 !important][FONT=inherit !important]investing[/FONT][/FONT][/COLOR][/COLOR] in hydrocarbon prolific areas such as Libya, conducting seismic across existing licences and moving ahead with exploration, appraisal and development work across the Miran Field in Kurdistan.
"We have a strong balance sheet to pursue these programmes whilst also considering further opportunities."
Source. Stockmarketwire.com