Oil & Gas Corporate News
Tullow Oil (LON:TLW) plc (TLW, 1413p, ? 3.9%) announced that the Tweneboa-4 appraisal well in the Deepwater Tano licence offshore Ghana has successfully encountered gas condensate in good quality sandstone reservoirs. Results of drilling, wireline logs and samples of reservoir fluids have confirmed the western extent of the Tweneboa gas condensate accumulation. The well, located 3.9 kilometres southwest of the Tweneboa-2 appraisal well was drilled in the western flank of the accumulation to complete the appraisal of the Tweneboa gas-condensate discovery. The well encountered 18 metres of net gas condensate pay in high quality stacked reservoir sandstones which are in static pressure communication with both the Tweneboa-1 and Tweneboa-2 wells. On completion of operations, the well will be suspended for future use in field appraisal and development. The rig will then move to perform drill stem tests on the Tweneboa-2 oil and gas-condensate accumulations. Also, following the signing of the SPAs for the farmdown to CNOOC and Total on 29 March 2011, the exploration and appraisal programme in Uganda has been reactivated and two wells are expected to commence drilling in Exploration Area 1 (EA 1) within the next two weeks. The OGEC 600 rig is preparing to spud the high-impact Jobi-East prospect and the OGEC 750 rig is getting ready to drill the first Mpyo exploratory appraisal well to test its upside potential.
Cadogan Petroleum (LON:CAD) plc (CAD, 50p, ? 5.9%) announced that it has reached agreement with Eni S.p.A ("Eni") for the acquisition of an interest in the Company's Pokrovskoe and Zagoryanska licences in the east of Ukraine. Eni will initially acquire a 30% interest in the Pokrovskoe licence, with the option to acquire a further 30% interest in the future. Eni will also acquire a 60% interest in the Zagoryanska licence. The initial consideration will comprise 100% funding of a work programme of approximately $30 million (excluding VAT), including drilling and seismic re-processing, plus a $38 million payment. Subject to successful results from the above programmes and award of production licences, Eni will pay the Company further amounts of up to $90 million. The transaction, which is a class one transaction under the UKLA Listing Rules, is subject to Cadogan shareholder and Ukrainian Anti-Monopoly Commission approval.
Tower Resources (LON:TRP) plc (Hold, 4p)…
