Fractured reservoirs specialist Hurricane Energy PLC (LON:HUR) is looking for an industry partner to accelerate development of its flagship Lancaster field.
Chief executive (CEO) Dr Robert Trice outlined at the company’s annual general meeting on Wednesday the benefits of having an industry partner on board.
The CEO said having an industry partner alongside would speed up the full field development process, through further appraisal drilling and the provision of an operator for the full field development.
Eland Oil
Nigeria-focused oil and gas group Eland Oil & Gas PLC ( LON:ELA) is to raise up to US$19.5mln to boost production from its OML 40 licence three-fold.
An accelerated bookbuild at 55p will raise the money, which has been earmarked for a workover and side-track of the Opuama-7 well, a new secure pipeline transfer point and early production system at the Gbetiokun-1 well, which is also being worked over.
“Current gross production stands at 11,500 barrels per day. Opuama-7’s workover will add a further 5,900 bopd to make a total of about 17,500 bopd,” said George Maxwell, chief executive.
Eco (Atlantic) Oil
Eco (Atlantic) Oil & Gas Ltd (CVE:EOG LON:ECO) and partner Tullow Oil have significantly increased the scale of its 3D seismic acquisition at Orinduik, offshore Guyana, after major discoveries nearby by Exxon.
Originally a 1,000km 3D survey was planned but Eco and partner Tullow Oil (LON:TLW) have now agreed to increase this to the entire block area, or 2,550km, fully overlapping current prospective 2D leads and downdip trends.
Schlumberger Guyana will carry out the survey. which is expected to start in the next two weeks.
Eco Atlantic holds a 40% working interest in Orinduik, while Tullow is the operator with a 60% stake.
Savannah Petroleum
Trading in the shares of Savannah Petroleum (LON:SAVP) was suspended as the company flagged up the potential purchase of assets in West Africa.
Savannah said it has entered into a binding exclusivity agreement with a West Africa-focused business that would see the Aim-listed firm acquire most of the African company’s oil and gas assets.
A detailed transaction structure has also been agreed in outline, Savannah revealed.
Touchstone Exploration
Touchtone Exploration Inc. (CVE:TXP) has told investors it has exceeded even its own expectations as it completed drilling two wells on the Coora 1 Block in Trinidad.
The Calgary-based firm - which is set to list on London's AIM market later this month - said it encountered a combined net oil pay of approximately 665 feet at the two wells, which were drilled on time and within budget.
Rose Petroleum PLC (LON:ROSE) has said it is continuing to “investigate and evaluate new opportunities to increase shareholder value” as it continues to look to enhance value from its existing oil & gas and mining assets as it reported reduced losses for 2016.
In a statement accompanying its full-year results, Rose’s chairman, Philip Jeffcock said 2017 “promises to be an exciting period in the Company's ongoing evolution”