Oil & Gas Corporate News

Gulf Keystone (BUY, £2.40) (GKP, 157.75p, ? 3.81%) announced its results for the year ended 31 December 2010. Financial highlights: Loss after tax $26.0 million (2009: $96.3 million); Loss per share 4.17 cents (2009: 22.80 cents); and cash, cash equivalents and liquid investments $211.4 million (2009: $19.2 million). Operational highlights: Significant increase in gross oil-in-place numbers for the Shaikan discovery with a range of 1.9 (P90) to 7.4 (P10) billion barrels; Successful re-testing of Shaikan-1 in the Butmah and Mus formations at improved rates following which the well was completed as the first Jurassic producer in the Sargelu formation; Extended Well Test ("EWT") facilities completed in September and first domestic sales from Shaikan-1 commenced in October with a net entitlement to oil sales of 30,193 barrels; Shaikan-3 appraisal well spudded in September to evaluate the Cretaceous; Shaikan-2 deep appraisal well spudded in December; and Shaikan-4 deep appraisal well location completed; Bijell-1 well resulted in a significant oil discovery with a test rate of up to 3,743 barrels of oil per day ("bopd"); and Operator's (MOL Hungarian Oil & Gas plc "MOL") estimate P50 of Petroleum-Initially-in-Place ("PIIP") of 2.4 billion barrels; Sheikh Adi-1 exploration well spudded in August; Settlement agreement negotiated with BG North Sea Holdings Limited ("BG") for the immediate stay of arbitration between the parties and the proposed withdrawal of the Company from the Hassi Ba Hamou Permit (Algeria) in consideration for a net cash payment of $10.0 million from BG, subject to the necessary Algerian approvals. On 23 August 2010 the parties to the Hassi Ba Hamou permit executed an amendment to the production sharing contract providing for the extension of the expiry of the exploration period from 23 September 2010 until 23 September 2012. Corporate developments: 251.2 million new common shares issued to existing and new institutional investors raising gross proceeds of $364.0 million; and 8.2 million new common shares issued as part of the Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors, LLC raising proceeds of $10.8 million.

Premier Oil (LON:PMO) (PMO, 2060p, ? 0.54%) announced that the CRD-2X appraisal well in block 07/03 Vietnam has been drilled to a TD of 3785 metres MDRT, appraising the Miocene sands discovered in 2009 with the CRD-1X well. The well was deepened from the preliminary TD of…

Unlock the rest of this article with a 14 day trial

Already have an account?
Login here