BP (LON:BP) has entered into an agreement to sell its 60 percent stake in Argentina-based oil and gas group Pan American Energy (PAE) to 40 percent shareholder Bridas Corp for 7.06 billion in cash.
Shell (LON:RDSB) said its chief executive Peter Voser and chairman of the Gazprom management committee Alexei Miller signed a protocol on strategic global cooperation. This agreement establishes basic guidelines for the companies' broader collaboration.
The opportunities the companies will consider will include further development of bilateral cooperation in exploration and production of hydrocarbons in western Siberia and the far east of Russia and cooperation in the downstream oil products business in Russia and Europe, as well as Gazprom participation in Shell upstream projects outside of Russia.
Tullow Oil (LON:TLW), Anadarko Petroleum (NYSE:APC), Kosmos Energy, Ghana National Petroleum Corporation, Sabre Oil and Gas and E.O. Group announced that First Oil from the Jubilee field, offshore Ghana, is scheduled for 15 December 2010.
Salamander Energy (LON:SMDR) announced that the Angklung-1 exploration well in the Bontang production sharing contract, East Kalimantan, Indonesia, has been completed as an oil and gas discovery.
The North Falklands oil explorers were back in the limelight this week after Desire Petroleum (LON:DES) announced a new oil discovery in the high profile exploration frontier.
Desire Petroleum (LON:DES) reported that the 14/15-2 Rachel North well in the Falklands, in which Rockhopper Exploration (LON:RKH) holds a 7.5% working interest, has reached a total depth of 3052 metres. Preliminary data collected indicate that this well is an oil discovery.
Desire now intends to complete the wireline logging and wireline sampling programme to obtain more information on the reservoir quality, the hydrocarbon saturations and the fluid type to assess the significance of this discovery.
Desire Petroleum’s Rachel discovery suggests that the North Falkland basin has the potential to be an important oil province, according to research by Evolution Securities.
Goldman Sachs (NYSE:GS) said that Desire Petroleum’s new discovery will focus attention on the potential of the north Falkland Basin. The investment banking giant believes the oil discovery could prompt a 97 percent uplift for the stock, once it has been de-risked.
Green Dragon Gas (LON:GDG) has raised just under US$103 million via an institutional share placing. The proceeds will be used to accelerate its drill programme in the Shizhuang South block in China.
Lansdowne Oil & Gas (LON:LOGP) announced plans to acquire 3D seismic in early 2011 over the Barryroe oil accumulation in the North Celtic Sea, offshore Ireland, and an asset swap with Providence Resources (LON:PVR).
Aurelian Oil & Gas (LON:AUL) has completed its €100 million equity placing. The company issued 146.8 million new shares priced at 57.5 pence.
Ascent Resources PLC (LON:AST) has been informed by its drilling contractor that the mobilisation of a rig has started for the Pg-11 evaluation well in the Petişovci-Lovaszi project area in Slovenia, and that they expect to commence drilling on or around 16 December 2010, subject to weather conditions.
The potential of Ascent Resources assets is clearly being underestimated by the market, according to research by city broker finnCap.
Regal Petroleum (LON:RPT) confirmed that it lost its appeal against the Ukrainian environmental authority’s order to suspend operations. Regal Petroleum also reported that 55 North Capital has built a minority stake in the business.
Gulf Keystone Petroleum (LON:GKP) has now spudded the crucial and eagerly awaited Shaikan-2 deep appraisal well.
Xcite Energy (LON:XEL, TSX-V:XEL) has set up a ‘shareholder rights plan’ to encourage the fair treatment of all shareholders, should the group receive an unsolicited takeover bid.
Madagascar Oil (AIM: MOIL) confirmed it has raised £50.5 million as it shares were listed on AIM. The company placed a total of 53.2 million shares at 95p each, or 27.65 per cent of its equity, as part of the stock market listing, which values the company at £182.7 million.
Nighthawk Energy (LON:HAWK and OTCQX:NHEGY) said that it is exiting all other projects to concentrate on its Jolly Ranch shale oil play in Colorado.
Range Resources (LON:RRL, ASX: RRS) has engaged international geochemical company Actual Geology International Limited (AGI) to carry out a “helium” survey on the 3 top multi‐stacked prospects in the Republic of Georgia, to improve the chances of discovery success.
Borders & Southern Petroleum (LON:BOR) has now signed the contract securing a mobile drilling rig for its operations in the South Falklands Basin, confirming the provisions of a letter of intent with Ocean Rig UDW it flagged earlier this month.