logo-loader

Proactive oil weekly: Eland Oil, Green Dragon, LGO Energy...

Last updated: 16:00 30 Apr 2016 BST, First published: 11:00 30 Apr 2016 BST

BHP-Petroleum---oil-platform

Eland Oil & Gas PLC (LON:ELA) shares advanced around 17% after an update on the Opuama-3 well, in Nigeria, where production has improved.

The company said that work with a production logging tool (PLT) has identified that water ingress in the well was coming from the lower D5000 producing interval, and that the reservoir had been isolated.

Green Dragon Gas (LON:GDG) posted its first profit as gas production from its portfolio of coal-bed assets in China continued to ramp up.

The unconventional gas producer made a net profit of US$82,000 compared to a loss of almost US$36mln a year ago as gas output rose by 36% to 12.1bcf (billion cubic feet) per day.

Highlands Natural Resources Plc (LON:HNR) told investors it has raised £519,093 before expenses through the sale of new shares to an existing shareholder.

Some 2.8mln new shares will be issued at a price of 18p, the company said.

LGO Energy Plc (LON:LGO) told has begun production from a new interval in the GY-671 well at the Goudron field in Trinidad, following a successful well work-over programme.

Perforations Totalling 208 metres were added in the Upper C-Sand reservoir, it said.

Eland Oil & Gas PLC (LON:ELA) has revealed an increase in oil reserves for the Gbetiokun field, in OML 40, Nigeria, which is expected to begin production in the second half of this year.

Gbetiokun will come online via an early production system, with the Gbetiokun-1 well, and that initial phase is estimated to be worth around US$43.8mln to Eland.

It is all about Paradox now for Rose Petroleum (LON:ROSE) following the completion of its strategic review.

Ferrum Crescent Limited (LON:FCR, ASX:FCR) has conditionally raised £650,000 through a placing of shares and a share  subscription at 0.13p a share.

The placing and the subscription were both oversubscribed, the metals project developer said.

Falcon Oil & Gas Ltd (LON:FOG) investors can look forward to another exciting year of exploration activity, according to chief executive Philip O’Quigley.

His comments come in a detailed update on the group’s Australian shale discovery, highlighting that follow on analysis of the well drilled in 2015 has confirmed the positive early indications.

Northcote Energy Ltd (LON:NCT) has told investors it has decided to take a 3.75% working interest in Andalas Energy & Power Plc’s (LON:ADL) Tuba Obi East project, in Indonesia.

The Tuba Obi East Technical Assistance Contract (TOE) area is located in the South Sumatran basin in Sumatra’s Jambi province.

Shares in Tlou Energy (LON:TLOU ASX:TOU) shot higher as it reported sustained gas flows from testing at its Lesedi coal bed methane prospect in Botswana.

A sustained gas flow has been achieved at Selemo 1, one of three wells being tested.

Eland Oil & Gas PLC (LON:ELA) revealed it had raised US$18.5mln in an oversubscribed premium placing as its drilling programme steps up a gear.

Due to a strong response from investors, the cash call was increased from a base size of US$15mln to around US$18.5mln.

Alaska-focused oil 88 Energy ltd (LON:88E ASX:88E) has spelt out its plans for the next stage of development of its keenly anticipated Icewine project.

Earlier this month, managing director Dave Wall described as ‘astounding’ the correlation between projections for its first well, Icewine-1, and the actual results.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

2 hours, 32 minutes ago