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Victoria Oil & Gas, Range Resources, Serica Energy, Tullow Oil, JKX Oil & Gas, Fox-Davies News Flash
Victoria Oil & Gas (BUY, £0.09) (VOG, 2.73p, ▼ (0.36%)) announced that the Company has successfully completed a share placing of 368,000,000 new ordinary shares at a price of 2.5p per share, raising £9.2m before expenses and conditional on admission. This will enable the Company to complete all necessary gas plant facilities and the pipeline to deliver first gas production. In addition to the placing, a total of 1,920,963 shares have been allotted to Directors and employees in lieu of cash salary for the six month period ended 31 July 2010 in accordance with their standard employment contracts at a weighted average month-end market price of 3.5p per share. Also 10,237,533 new ordinary shares have been allotted to advisers in lieu of cash payments and 48,101,590 ordinary shares to the Trustee of the Company's Employee Share Ownership Plan. Follo wing these admissions, the Company will have 1,856,054,533 ordinary shares in issue. The new ordinary shares will rank pari passu in all respects with the existing ordinary shares.
Range Resources (BUY, £0.08) (RRL, 5.9p, ► (0.0%)) announced that production and sales have commenced from the Company's second well at North Chapman Ranch, the Russell Bevly Unit #1 in USA. Less than seven weeks after production casing was set in the well and the drilling rig released, the Russell Bevly was turned to sales at approximately 1,000Mcf of natural gas and 90bbl oil per day with approximately 8,000psi flowing tubing pressure on a 6/64" choke from just one of four identified pay zones. The first zone placed in production represents just 11 ft. of perforated Howell Hight formation within total net pay thickness of approximately 130ft. It is anticipated that, similar to the Company's first well (Smith #1), the well will flow naturally for a number of months before it is shut in and a completion rig moved into place. Once the completion rig is in place, the well will be fracture stimulated and additional pay zones added to boost rate.
Serica Energy (SQZ, 43p, ▲ (4.88%)) announced that the Trident-1X jack up rig has arrived at the Dambus-1 location in the Kutai PSC, East Kalimantan, Indonesia and drilling operations have commenced. The Dambus exploration well will be drilled to a depth of approximately 2,700m sub sea and is targeting multiple stacked deltaic sandstone reservoirs of Upper Miocene age. The well will be drilled in a water depth of 85 metres and is expected to take approximately 40 days to complete on a dry hole basis. On completion of the Dambus well the rig will move to the Marindan prospect in the south of the Kutai PSC. Serica energy is operator of the licence and holds a 30% interest with Salamander (23.4%), Kris Energy (24.6%) and PT Ephindo (22%).
Tullow Oil (TLW, 1234p, ▲ (1.31%)) announced the acquisition of a 50% operated interest in six adjacent licences covering the East African Rift Basins of Kenya and Ethiopia, an area of 97,000 sq km. Tullow has signed agreements with Africa Oil Corp to gain a 50% interest in five licences; Blocks 10BB, 10A, 12A and 13T in Kenya and the South Omo Block in Ethiopia. Under the terms of the agreements with Africa Oil, Tullow will reimburse pro-rata past costs in each of these blocks and will carry Africa Oil for future net expenditures up to US$23.75 million.
JKX Oil & Gas (JKX, 307.1p, ▲ (3.75%)) announced that the first of two wells testing amplitude supported gas prospects onshore Bulgaria spud today. The Staro Oryahovo South R-1 well will be drilled to a TD of 1,800m to test a submarine fan target of Eocene age in the Kamchia Basin, south west of Varna, Bulgaria. Drilling is planned to complete by the end of September at which time the rig will move to the Shkorpilovtci South West R2 location, 5km to the south. JKX Bulgaria Ltd (40%) operates the Golitza B1 licence with co-venturers Balkan Explorers (Bulgaria) Ltd (30%) and Sorgenia E& (30%)P Bulgaria EOOD.
