BP (LON:BP) has agreed its latest asset sale, with a US$775 million deal to sell almost all its interests in Pakistan. The deal sees the United Energy Group (UEG) buying nine producing and exploration blocks in the Sindh province of Pakistan and four offshore exploration blocks in the Arabian Sea.
BG Group (LON:BG) confirmed that the eleventh well on the BM-S-11 concession in the Santos Basin, offshore Brazil, was successful. BG Group has also announced a discovery on Block 64/11 offshore China after the Lingshui 22-1-1 exploration well encountered gas-bearing sands.
Xcite Energy (LON:XEL, TSX-V:XEL) has increased its existing Standby Equity Distribution Agreement (SEDA) by £20 million. The company can now raise up to £60 million through the equity line facility. Also this week, Xcite Energy extended the binding letter of intent it announced last month with a view to securing a first stage production rig for the Bentley heavy oil field it is currently developing in the North Sea. Xcite Energy also said that the horizontal section of well 9/3b-6z on the Bentley Field has yet to commence the test phase.
Fortune Oil (LON:FTO) has completed drilling 4 horizontal wells on its Liulin coal bed methane (CBM) project in China. Two of the wells have already been de-watered and are collectively producing 18,689 cubic meters of gas per day – or 660,000 cubic feet per day.
Shares in Madagascar Oil (LON:MOIL) were suspended as the group revealed that the Ministry of Oil on the island said was interested in buying the company's licences.
Ithaca Energy (LON:IAE, TSX-V:IAE) has now completed the deal to acquire a group of North Sea oil and gas assets from GDF Suez. The deal was worth £6.7 million, or US$10.5 million.
Caza Oil & Gas (LON:CAZA, TSX:CAZ) has started to produce oil and gas from the Bongo field in Wharton County, Texas.
Aurelian Oil & Gas (LON:AUL) said that Lord Sainsbury’s boardroom representative quit the company yesterday after the grocery tycoon’s stake in the company fell to 4.51 percent from 19.65 percent.
Northern Petroleum PLC (LON:NOP) said it is temporarily suspending talks over a reserves-based loan. It will restart negotiations with the unnamed European bank in the New Year when production at the Wijk en Aalburg gas field in the Netherlands comes on stream.
Leni Gas & Oil (LON:LGO) plans to start an extensive field reactivation programme on the Ayoluengo oilfield in Northern Spain. It expects oil production to rise significantly by April 2011.
Europa Oil & Gas (LON:EOG) is weighing up plans to sidetrack the Barchiz-1 discovery well in the spring. Last week, Europa revealed that it had found oil in Romania with Barchiz-1. However the oil sample was contaminated and further analysis could not be carried out.
Regal Petroleum (LON:RPT) shares shot up 10% as stock was gripped by a takeover battle between a number of prominent Ukrainian businessmen.