Oilex Ltd (LON:OEX) shares almost doubled in early deals after it told investors it has now started gas production from the Bhandut field, in the Gujarat region of India.
The producing well, Bhandut-3, is now flowing gas at a stabilised rate of 700,000 cubic feet per day, which is equivalent to 120 barrels of oil per day.
The production rate is as the company had expected, it said. Gas produced at Bhandut is initially processed on site, before it is delivered to a third-party owned gas processing facility where it is treated in order to meet pipeline specifications.
Oilex has a 40% stake in Bhandut, in partnership with the Gujarat State Petroleum Corporation (GSPC) which owns the other 60%.
Aminex PLC (LON:AEX) has produced first gas from its Kiliwani North gas field in Tanzania. Jay Bhattacherjee, chief executive, said it was a significant moment for the company and marked its transition from a developer to producer in Africa.
Aminex has a 55.75% working interest in the field in Tanzania though this will reduce to 51.75% following a recent stake sale to partner Solo Oil (LON:SOLO).
Solo Oil later announced it had raised £800,000 through the issue of new shares, and the cash will support investments in Tanzania.
Specifically, the junior oil and gas company said the money would allow it to bring forward an increase in interest in the now producing Kiliwani North gas field. By making the ‘second tranche’ payment to Aminex the company’s stake in the field will rise to 8.425%.
88 Energy ltd (LON:88E) has unveiled a new independent resource estimate which sees some 1.4bn barrels of oil equivalent in the HRZ shale that was encountered in the first Project Icewine well.
Independent consultant, DeGolyer & MacNaughton (D&M), has now also upgraded its view on the ‘probability of geologic chance of success’ to 60%, from 40%.
Dave Wall, 88 Energy’s chief executive, said: "The large upgrade to the resource potential at Project Icewine highlights the unique leverage that a project with this possible magnitude provides to investors.
San Leon Energy Plc (LON:SLE) told investors that the Rawicz-15 development well has now completed well testing.
The well, on the Rawicz concession in Poland's southern Permian basin, was stimulated and flowed at an average rate in excess of 3.6mln cubic feet per day during the programme’s main flow period which lasted for ‘several’ days.
Palomar Natural Resources, the operator, and with the completion of the Rawicz-15 well the company has now sealed its full acquisition of its 65% interest in the concession. Further work at Rawicz will now be funded according to participating interests - i.e. Palomar will pay 65% of the cost, and San Leon will be responsible for 35%.
Victoria Oil & Gas (LON:VOG) told investors it has secured government approval for its proposed acquisition of a 75% stake in the Matanda block, in Cameroon, from Glencore (LON:GLEN).
In February, VOG announced the proposed deal to acquire the large, 1,235 square kilometre, asset from Glencore.
To acquire the project VOG is committing to carry out a government approved work programme which will initially focus on Matanda’s onshore areas, located adjacent to VOG’s producing Logbaba gas field.
LGO Energy PLC (LON:LGO) shares advanced on Wednesday as it revealed plans to put extra rigs back to work at the Goudron field.
The Trinidad based junior oil producer mobilised a second work-over rig to accelerate a well maintenance and well recompletion programme to boost the field’s performance. It is also said it was considering the possibility of adding a third rig to the programme over the next few months.
Northern Petroleum Plc (LON:NOP) told investors that net oil production for March amounted to 432 barrels per day, and it expects production to grow. Production from the group’s recently acquired operations in North West Alberta, Canada, totalled some 13,400 barrels.
Three additional wells are expected to come online in April following the completion of a workover programme, the company said. Near term production will support the return of the US$1.4 million abandonment deposit paid to the Alberta Energy Regulator in January, it added.
Cluff Natural Resources PLC (LON:CLNR) has raised £727,000 through a placing of new shares to new and existing institutional and private investors. The group, which is focussed on North Sea projects, said the injection of capital will fund the company through to the end of 2016.
Sound Energy PLC (LON:SOU) has received a US$1.1mln cash boost from an asset in Indonesia, now owned by Ophir Energy.
The payment was triggered by a clause in the sales agreement for the Bangkanai licence in Indonesia, where certain operational milestones have now been achieved. “The company will announce any further receipts of contingent consideration if and when they are received,” Sound said in a statement.