Falcon Oil Gas (LON:FOG, CVE:FO) chief executive Philip O’Quigley has eschewed setting targets for the hydrocarbons in place following the company’s first well in Australia’s Beetaloo Basin.
That said, he is clearly excited by the results, describing them as ‘an excellent start’. This first well was to look at the geological characteristics of Beetaloo and establish whether the Basin is viable for future unconventional drilling.
Europa Oil & Gas (LON:EOG) chief executive Hugh Mackay said he’s encouraged by results of an extended well test at the Wressle discovery.
The company revealed that one of the main zones of the Wressle discovery, in Lincolnshire, could be larger than it previously thought. Other tests are now planned for the project as it advances through field development planning.
Empyrean Energy (LON:EME) revealed it had net production of 108,849 barrels of oil equivalent in the second quarter from the Sugarloaf project in the ‘sweet spot’ of the Eagle Ford play, in Texas.
With a 3% stake the AIM quoted firm is a minority partner in the Marathon Oil operated project.
Its share of production in the three months, to June 30, equated to 1,196 boepd which is broadly in line with the 1,216 boepd comparison for the preceding quarter. The company added that operations had been impacted by major flooding in March, April and May.
Mosman Oil & Gas (LON:MSMN) confirmed it has signed an agreement for the acquisition of producing assets in New Zealand. It is acquiring the project, which comprises a number of fields and will be branded as the South Taranaki Energy Project (STEP), for NZ$10mln which equates to about £4.2mln.
A separate agreement has also been reached that will see WRDLS Ltd, a private company, take at least 30% of the project. AIM-quoted Mosman said it is currently considering offers from other potential partners, and it expects to end up with between 40% and 70% of the project.
It added that the proposed transaction remains subject to a number of conditions, including financing.