Falkland Oil & Gas (LON:FOGL) shares slumped following a disappoint result in the Humpback exploration well.
This morning the explorer said the deep-water Humpback exploration well found oil and gas across a number of reservoir targets, but, they would not be commercial. The well hit the exploration targets “close to prognosis”, the company said, but, the reservoir quality wasn’t as good enough.
Genel Energy (LON:GENL) has agreed to sell its partner in the Chia Surkh project, Petoil, a 20% stake in the Kurdistan based project. Petoil, in return, will cover Genel’s share of costs for an appraisal well which is planned for the first quarter of 2016. It is expected that the well will cost a total of US$50mln.
The well aims to refine estimates of the field’s size. Contingent resources are currently estimated at 250mln barrels oil equivalent.
Norway’s Statoil (NYSE:STO) has moved into an exploration project offshore South Africa via a deal with ExxonMobil (NYSE:XOM). Statoil has inked a deal with Exxon to acquire a 35% interest in the Tugela South project, which spans more than 9,000 square kilometres of South Africa’s eastern coast.
In the initial exploration period, between now and 2017, the partners will acquire 1,000 square kilometres of 3D seismic. This will build on 2D gathered in 2011 and 2013 by Impact Oil & Gas, an unlisted junior which has 25% of the project having farmed-out to Exxon back in 2012.
Mosman Oil & Gas (LON:MSMN) said it has raised £1.47mln via a placing with US institutional investors that will help finance the development of the South Taranaki Energy Project (STEP) in New Zealand.
As well as receiving stock at 4p, the company’s new backers will also get one warrant for every two shares they bought that converts into equity at 5p.
Now that Europa Oil & Gas (LON:EOG) owns all of the Frontier Exploration Licence 3/13, offshore Ireland, the value potentially attributable to the company for the asset amounts to US$7bn. That’s the view of industry expert ERCE Equipoise, which had a new independent assessment released on Monday.
IGas Energy (LON:IGAS) has revealed it is advancing planning applications for a shale gas project in Nottinghamshire.
The company, in a statement, said a planning application for the Springs Road site, in the northern part of the county, has now been validated by Nottinghamshire County Council and it has met all the council’s requirements.
It marks the start of a public consultation process, ahead of a planning officer’s recommendation is made to the planning committee.
88 Energy (LON:88E) will shortly advance the Icewine well to its main targets, the company revealed in its weekly drilling update.
It said that current operations involve setting casing at a depth of 3,500 feet. Thereafter the well will be drilled through the Brookian section. And the next casing point will be at around 10,300 feet, after which the company will begin coring operations in the primary target, the lower Hue / upper HRZ.
Dave Wall, 88 Energy managing director, said: "Drilling operations in the top hole have proceeded smoothly and on schedule, with no HSE or lost time incidents.
“After setting the 9 5/8 casing, we will drill ahead into the more geologically interesting Brookian sequence."