Oil & Gas Sector: Nighthawk Energy rises on record monthly output
Average gross oil production for the first quarter was 313bpd - 16% up on the previous three months.
Nighthawk said the rise in production was driven by increased output from the Steamboat Hansen 8-10 well on the Smoky Hill project and successful results from the current work-over program on the Jolly Ranch project.
Enegi [LON:ENEG] has provided an update on its activities in western Newfoundland.
- At Garden Hill South, a sustained production process has been established
- Sale of oil from the site has recommenced as a result
- A CPR on the St. George's Bay prospect has been completed and confirms the viability of an exploration campaign and appraisal efforts within EL1116
- The CPR presents 'best case' prospective resources of 51.02 mmbo, an increase of 8.32 mmbo following the internal management estimates reported as part of the interim results
- The Company has concluded a loan of £525,000, less than that reported in the interim results, to act as bridging finance until cashflow recommences from the Garden Hill Field.
Gulfsands Petroleum [LON:GPX] chief executive Ric Malcolm has resigned and is being succeeded by Mahdi Sajjad, currently executive director and president.
The change will become effective immediately although Malcolm has agreed to remain available until the early summer to facilitate this management transition.
Leni Gas & Oil [LON:LGO] has confirmed that a second work-over rig has been mobilised and is now operating at the Goudron oil field in Trinidad.
LGO says that further to the recent announcement concerning the installation of 30 additional beam pumps at the Goudron field, the company has now mobilised a second work-over rig, Altech-2, to complement the on-going work of the existing light work-over rig, Altech-1, which has been operating continually at the field since LGO took over operations in October.
The Altech-2 is rated at 80,000 lbs and can operate to depth of 6,000 feet.
Chief executive Neil Ritson said: "We are delighted that the Altech-2 has now become available since the rate of work on well reactivations, and the imminent commencement of recompletions and repreforations, at Goudron exceeds what a single unit can achieve. The added rig capacity will allow us to accelerate the planned production enhancement work."
Salamander Energy [LON:SMDR] said the North Kendang-1 exploration well in its operated South East Sangatta PSC has been suspended as a potential gas discovery.
The rig was now being mobilised to the Bontang PSC to drill the Bedug-1 exploration well, the third well in Salamander's multi-well programme in the North Kutei basin.
The sector's biggest faller was Xtract Energy [LON:XTR] - down by more than 6.6% in late afternoon trading - while the biggest riser was Oilex [LON:OEX] - up by more than 24%.
[LON:AUR] Aurum Mining share price was +0.01p at 2.88p
[LON:BOR] share price was -0.87p at 19.88p
[LON:CHAR] share price was +0.75p at 21.5p
[LON:DES] Desire Petroleum share price was -0.37p at 15.63p
[LON:DGO] Dragon Oil share price was +1.5p at 636.5p
[LON:ENEG] share price was +0.75p at 11p
[LON:ENQ] share price was -1.6p at 136.4p
[LON:FOGL] Falkland Oil and Gas Limited share price was +1.38p at 27.38p
[LON:GKP] Gulf Keystone Petroleum share price was +0.25p at 182p
[LON:GPX] share price was +3p at 87.25p
[LON:HAWK] share price was +0.58p at 3.88p
[LON:INDI] share price was -19p at 886p
[LON:LGO] share price was +0.01p at 0.84p
[LON:PET] Petrel Resources share price was -0.75p at 16.38p
[LON:RKH] share price was +1.63p at 156.13p
[LON:RPT] Regal Petroleum share price was +0.75p at 23p
[LON:SMDR] share price was -4.35p at 205.35p
[LON:XEL] share price was -0.75p at 112.75p
Story provided by StockMarketWire.com