A fairly quiet week in the small cap oil sector, but there were some notable announcements.
Sound Energy PLC (LON:SOU) shares rose last week as it completed drilling at its first Tendrara well in Morocco.
The upstream gas company, focused on the Mediterranean, drilled to a total depth of 2,665 metres (m).
And it identified the TAGI reservoir 12 metres higher than that identified in its TE5 well.
The group also identified significant gas shows while drilling the reservoir. A total gross pay of 89 metres has been identified.
Meanwhile, Tethys Petroleum Ltd (LON:TPL, TSE:TPL) moved a step nearer to closer integration with major stakeholder Olisol Petroleum after Tuesday’s annual general meeting (AGM).
The Kazakhstan-focused oil and gas junior said all resolutions voted on at the annual general meeting (AGM) held on 31 May were passed.
Prior to the AGM, resolution 9.4 was withdrawn from the formal business of the meeting as the conditions required for the proposed director, Vladimir Griguletsky, to be appointed to the board prior to the meeting had not been met.
In other news, US-focused Nostra Terra Oil & Gas Company PLC (LON:NTOG) no longer has first refusal on a deal to acquire producing assets in the Permian Basin in New Mexico.
In February, the US oil and gas group agreed to pay US$3mln to acquire a 60% stake in the assets, which are producing around 122 barrels of oil per day.
It negotiated an extension to the original deadline until 31 May, but this has not been extended further, it revealed.
Nostra wants debt financing via a secured bond to complete the acquisition from vendor Alamo Resources.
Discussions with a number of interested parties for provision of a bond are ongoing but financing conditions remain tight within the industry, it told investors.
On Friday, South America focused Amerisur Resources PLC (LON:AMER) said it would wait until it has acquired electrical logs before deciding whether to complete the Jaguarete-1 well on its San Pedro property in Paraguay.
In a comprehensive progress report, the company said there were “positive indications” of oil and gas in potential reservoirs in the Lima and Santa Elena formations, which were found slightly deeper than anticipated.
“The significance of the results will not be known until all data analysis and any additional operations on the well have been completed,” the company said. “A further announcement will be made in due course.”
At the same time the drill rig has been mobilised and is heading to the Platanillo acreage in Colombia, where it will begin the first of two infill wells slated for this year.