Cairn Energy (LON:CNE) reported its preliminary results this week, saying that total revenue for the year increased to about US$1.6 billion from US$234 million a year ago and profits jumped from US$53 million to US$1.1 billion.
BP (LON:BP) has agreed to sell its 93 percent interest in the Wattenberg, Colorado natural gas processing plant to a wholly-owned subsidiary of Anadarko Petroleum Corporation for US$575.5 million in cash, subject to closing adjustments.
Premier Oil (LON:PMO) announced its 2010 results this week, reporting record after tax profits of US$129.8 million. Revenues rose from US$621.1 million to US$763.6 million.
Afren PLC (LON:AFR) said it has acquired a 74 percent operated working interest in the Tanga block, located onshore and offshore Tanzania, from Petrodel Resources Ltd, which will retain a 26 percent interest.
Gulf Keystone Petroleum (LON:GKP) has spudded the Bekhme-1 exploration well on the Akri-Bijeel block in the Kurdistan region of northern Iraq. It has a 20 percent stake in the Akri-Bijeel block which is operated by MOL’s Kalegran unit – it owns the remaining 80 percent. Gulf Keystone Petroleum chief executive Todd Kozel declared himself ‘extremely excited’ about the Shaikan-2 well in Kurdistan. It flowed at a rate of around 10,000 barrels a day and produced oil of a significantly better quality than the crude recovered from two earlier wells, it was revealed this week.
Xcite Energy (LON:XEL, CVE:XEL) told investors that the changes to the North Sea oil tax announced in this week's UK budget won’t affect its plans for the first stage development of the Bentley field. It highlighted that an increase in heavy oil tax allowances will materially offset the effects of the increased supplemental corporation tax.
Aurelian Oil & Gas PLC (LON:AUL) said the first multi fracced horizontal well on the Siekierki tight gas project in Poland, Trzek-2 , has begun its stabilised flow rate test, and drilling the second, Trzek-3, is currently running ahead of schedule. Aurelian Oil & Gas has this week appointed Dr John Smallwood to the board as exploration director with effect from May 16 2011.
Caza Oil & Gas (LON:CAZA, TSE:CAZ) said the successful drilling operations in the second half of 2010 resulted in significant increases in both production and revenues in the final quarter of the year. Caza Oil & Gas said this week that it has reached total depth in the Marian Baker #1 well on the Arran prospect in Louisiana. It encountered several sand sections throughout the well-bore, however it has determined that none of them are likely to produce at commercial rates.
Sterling Energy (LON:SEY) is now ready to take on the toxic gas in the Sangaw North block in Kurdistan. It is drilling a side-track to the Sangaw North #1 well, which had to be abandoned after a corrosive hydrocarbon gas, containing approximately 0.5 percent hydrogen sulphide, entered into the well and damaged the drill pipe.
Northern Petroleum (LON:NOP) has a new partner for the Rovesti and Giove oil discoveries, and ten mapped prospects, in the south Adriatic sea. Azimuth Ltd will take a 15 percent stake in the permits by funding a share of the future work programmes.
Sirius Petroleum (LON:SRSP) shares joined London’s AIM market this week. At the moment the company is effectively a cash-shell but it is looking to build an oil and gas company via a reverse takeover.
Range Resources (LON:RRL, ASX:RRS) reported that combined test rates from the Smith #1 and Russell-Bevly #1 wells reached 9.2 million cubic feet (mmcf) of gas and 769 barrels of oil per day this week.
Coastal Energy (LON:CEO, CVE:CEN) shares dropped over 10 percent after an inconclusive well result in the Gulf of Thailand. The company has been drilling the Bua Ban North A-02 well, next to the recent discovery in the Bua Ban North A-01 well.
Nostra Terra Oil and Gas (LON:NTOG) has spudded the first horizontal well in the Nesbitt prospect unit, located within the producing Woodlawn field in Harrison County, Texas. Investors cheered the news as shares in the AIM listed Nostra Terra rallied 8 percent on the announcement.
San Leon Energy (LON:SLE) shares advanced around 5 percent after it received good news from Iraq. The company and its domestic partner Iraq Al Meinaa Oil Services have signed a joint participation agreement with the Governorate Council of Karbala in Central Iraq.
Ithaca Energy (LON:IAE, CVE:IAE) has temporarily suspended drilling of the J03 well on Jacky field in the UK North Sea due to mechanical issues on the Energy Enhancer jack-up drilling unit. The company has also announced that the Beatrice Alpha workover well, A28, is now anticipated to return to stable production in early April.
Providence Resources (LON:PVR) has contracted Polarus Ltd to carry-out a 3D seismic survey on the Porcupine Basin offshore Ireland.