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Proactive news summary including Bridge Energy, Victoria Oil & Gas and Mediterranean Oil & Gas


Oil and gas stocks received some attention today with Bridge Energy (LON:BRDG) saying it believed the Asha discovery in the Norwegian Sea contains much more oil than it previously thought.

The explorer now estimates the discovery contains between 30mln to 100mln recoverable barrels of oil.

This is up from previous estimates of 25mln to 35 mln barrels. 

Bridge shares rose over 14 % today after the news, closing Wednesday's session at 120p each.

Bridge owns a 20% stake in the project; Wintershall owns 40% and the other partners are E.ON and VNG Norge.

The Asha discovery was confirmed in December with the completion of a side track to the 16/1-16 well.

Elsewhere in the sector, Victoria Oil & Gas (LON:VOG) announcing it had raised £23.5mln via an oversubscribed placing of shares.

The cash will be used to fund the roll-out of its gas network in Douala - Cameroon’s second city - where it has the Logbaba production facility.

In a wide-ranging statement, the group also set out plans to recruit a chief executive, appoint new directors and divest its Russian assets. 

This will allow the firm to become a pure-play Africa-focused utility.

New shares are being issued at 1.6 pence each, which compares with last night’s close of 2.05 pence, and the cash call brings in a number of leading institutional investors.

Turning to another energy source, namely wind power, there  was news today of a new firm, planning an IPO next month, which will offer  investors the first opportunity to put money into a fund tappingUK operating wind farms.

Greencoat UK Wind wants to raise £205 million, with the option to bring in up to a further £55mln, and list on the main board of the LSE.

Management says the firm offers an attractive opportunity for investors looking for long-term and predictable returns.

Mediterranean Oil & Gas (LON:MOG) today revealed the results of tests on the Civita 1 well, on the Aglavizza field in Italy, which confirmed its production potential.

It said that a three-stage test programme has shown ‘excellent permeability’ in the Civitia 1 well.

MOG now believes that the Aglavizza field can be profitably developed, with first gas expected by early 2015.

Shares rose 2.41% to stand at 10.63p each.

Also in the sector , US Oil & Gas (LON:USOP) today told investors the planned testing programme has now begun on the Eblana 1 discovery well in Nevada.

In December the company said it would test 14 zones, eight of which have previously been perforated.

Eyes will be on the potential of two zones with a net pay of 150 feet. The six yet to be perforated for the first time are located between 3,000 and 4,600 feet.

Meanwhile, Petroceltic International (LON:PCI) expects to bring online production from the South Damas 2 development well later this month.

The newly drilled well on the South Damas field, in Egypt’s Nile Delta, has penetrated 96 feet of high quality gas-bearing sands. The well is expected to lift production to over 20mln cubic feet per day (cfpd) from 12 cfpd.

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