Oil & Gas Corporate News
Max Petroleum (LON:MXP) (BUY, £0.50) (MXP, 16p, ? 1.54%) announced that the ZMA-ET2 appraisal well in the Zhana Makat Field has reached a total depth of 1,492 metres, with electric logs indicating 18 metres of net oil pay in three Triassic sandstone reservoirs at depths ranging between 1,283 and 1,358 metres. Reservoir quality appears excellent with porosities ranging from 18 to 26%. The Company is running production casing in the well. The Company will complete and test the ZMA-ET2 well using a workover rig after obtaining the requisite governmental approvals, and will announce test results as soon as practicable.
Bahamas Petroleum Company (LON:BPC) (BPC, 16.5p, ? 0.0%) announced preliminary evaluation results from the fully processed 2011 PSTM (Pre Stack Time Migration) and 2010 PSDM (Pre Stack Depth Migration) 2D seismic data. The data show multiple structures with 4-way closure ranging in length from 10 to 75 km, but with overall larger aerial extent (acreage) than previously reported. The study determines that folds were formed primarily during the late Cretaceous and were buried by early Tertiary to Recent sediments. The seismic data indicate that the structures were not breached and that potential reservoirs and seals in the Lower Cretaceous to Jurassic section were not subject to erosion or exposed to shallow diagenetic processes. A contract has been awarded to CGGVeritas for a 3,000 km2 3D seismic survey in the southern licences. The seismic vessel is expected to be onsite by the end of May 2011. The survey is anticipated to take approximately 90 days to complete, with fast track interpretation to follow within approximately 4-5 months. Ryder Scott will evaluate the prospect portfolio and reservoir facies and provide risked resource estimates. Negotiations are underway with companies to undertake a multibeam seabed and hydrocarbon detection survey. These negotiations will be completed in the coming week.
Ithaca Energy (LON:IAE) (IAE, 146.75p, ? 1.21%) announced that further to the announcement of the Sale and Purchase Agreement ("SPA") with Hess Limited ("Hess"): The Company has been informed that Hess has received an exercising notice in relation to the existing Maclure field coventurers' rights to pre-empt the Maclure part of the Transaction; Sproule International Limited ("Sproule") has completed its Reserves Audit Opinion on the Cook field and considers Management's view of combined…
