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Recent Sector News
Revenue and profits surged last year at OPG Power Ventures, and the company says market conditions have improved since then.
Together the new partners have more than 7,200 acres of petroleum leases hosting ‘shallow’ fields that are currently in production. They will now explore deeper, below 7,000 feet, to assess sandstone play - known as Herrera.
The Shakrok prospect could potentially contain a hefty 650mln barrels of oil and, with a 20% stake in the exploration venture, a success would be very significant for Petroceltic.
Total and CNPC each now own a third stake in the Bokhtar venture, in Tajikistan, and the partners will pay for the bulk of next year's work programme.
Shares edge close to new high after 30% upgrade to inferred resource and identification of potential high grade zones.
The proposed partnership was first agreed in December and at the time Tethys described it as a ‘tremendous deal’ which validates the asset’s world class potential.
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