Oil & Gas Sector: Roxi shares up after well tests at commercial levels
The first level, 2022-2032 metres, was tested for a period of six days during which the natural flow rate averaged some 90 bopd.
The well was being tested at three different intervals. The testing had now moved on to the second level.
"We look forward to similar success at the other levels," said chairman Clive Carver in a statement.
Bankers Petroleum's [LON:BNK] first quarter net income rose by 83% to $14.2m following record production.
Oil revenues were up 29% at $132.6m and net operating income increased by 37% to $73.2m.
Production averaged 16,919 barrels of oil per day in the three months to the end of March - 5% higher than the fourth quarter of 2012 and 20% higher than a year ago. Production for the second quarter to-date is approximately 17,500 bopd.
President and chief executive David French said: "I am quite pleased with our quarterly results and the operational performance of the company.
"Strong production delivery and the evolution of free cash flow sets us up well for the year.
"Having just returned from Albania, I come back with a clear picture of the growth opportunity before us. We have the skills and resources to reward investors with reliable organic growth and are doing the right things to determine the timing and prize of enhanced recovery. This is a great time in the story of Bankers."
India-focused Hardy Oil and Gas [LON:HDY] has sufficient cash for its exploration drilling programme but says the change to the D3 drilling schedule was not anticipated.
Chief executive Ian MacKenzie says the primary objective remains to take the company closer to realising production from D3 along with the PY-3 and GS-01 blocks.
Hardy said the D3 operator had recently notified partners that, due to rig availability, drilling is expected to start in the first quarter of 2014.
But Hardy says the Indian government's review of a declaration of commerciality proposal for the block will continue.
MacKenzie said: "Our primary objective remains to take the company closer to realising production from our D3, PY-3 and GS-01 blocks. Although the change to the D3 drilling schedule was not anticipated, we continue to work on securing key stakeholders' approvals as well as progressing our planning, appraisal and exploration activities."
Hardy's summary for the period from 1 January also says:
· PY-3 - Continued work towards the submission to partners and the Government of India (GOI) of a full field development plan
· GS-01 - Field development plan for Dhirubhai 33 natural gas discovery is with the GOI for review, discussions continue to increase our interest
· CY-OS/2 - Hon'ble tribunal ruled in the company's favour, allowing for a further three years to appraise the Ganesha-1 natural gas discovery and awarded interest and costs to the company (contingent asset - $24.8m)
Solo Oil [LON:SOLO] has signed a binding MoU to acquire a 15% shareholding in Switzerland-based Pan Minerals & Oil AG for a total of £0.5 million.
Solo would pay a cash consideration of £0.2 million, plus 60 million new ordinary Solo shares of 0.01p each.
The purpose of this investment was to assist Pan Minerals to consummate certain existing production agreements that it has negotiated onshore in West Africa.
Pan Minerals is a Special Purpose Vehicle company that focuses on proven reserve situations which have the potential to be brought on production at over 2,000 bopd within a twelve month period.
AIM-quoted Nostra Terra [LON:NTOG] has increased its working interest in the High Plain Prospect, in Texas, based on encouraging results there.
Nostra Terra increased its working interest from 5.0% to 6.5%.
The High Plains Program covers a contiguous area of 42,000 acres, where subsurface mapping, 3D seismic, vertical and horizontal drilling and completion technologies have successfully been applied to several different formations.
The working-interest partners would seek to increase success rates through the application of a new "proof of concept". The region was noted in the $2.85 billion purchase of Cordillera Energy Partners by Apache Corporation in January, 2012.
They suspected that a previously drilled well, which was intended to test the concept, was mis-drilled.
"The first step of the current program was to re-enter the well in order to validate that the previous well had not tested the exploration model. The re-entry confirmed that the original well missed its target by a wide margin," Nostra Terra said.
Accordingly, the working-interest partners were now reprocessing 35,000 acres of proprietary seismic data, integrating that with 42,000 acres of detailed subsurface mapping, and identifying other potential drill targets.
"The WI partners expect to identify multiple prospect areas within the Area of Mutual Interest ("AMI"), each of which could comprise up to 2,500 acres and each with multiple drilling locations."
New Zealand-focused Kea Petroleum [LON:KEA] is raising up to £5m through a placing of 35,700,000 units at 14p apiece.
Each unit consists of two ordinary shares and one warrant, entitling the holder to subscribe in cash for a further ordinary share at 10p prior to 31 May 2015.
The notional price of 7p per share represents a premium of 9.8% to yesterday's (8 May) closing price. Kea has received unconditional commitments to subscribe for 21,428,571 units, representing a committed investment of £3m. The placing remains open until noon tomorrow (10 May).
[LON:AUR] Aurum Mining share price was 0p at 3p
[LON:BNK] share price was +12.5p at 172.5p
[LON:BOR] share price was -0.5p at 17.75p
[LON:CHAR] share price was -0.12p at 20.13p
[LON:DES] Desire Petroleum share price was +0.01p at 15.13p
[LON:DGO] Dragon Oil share price was +3.5p at 645p
[LON:ENQ] share price was +2p at 135p
[LON:FOGL] Falkland Oil and Gas Limited share price was 0p at 29p
[LON:GKP] Gulf Keystone Petroleum share price was +7.25p at 135p
[LON:GPX] share price was +2.25p at 89.5p
[LON:HDY] share price was -2p at 108.75p
[LON:INDI] share price was -3.5p at 926.5p
[LON:NTOG] share price was -0.01p at 0.45p
[LON:PET] Petrel Resources share price was 0p at 16.5p
[LON:RKH] share price was +5.75p at 136.75p
[LON:RPT] Regal Petroleum share price was -0.25p at 23.75p
[LON:RXP] share price was +0.51p at 3.63p
[LON:SOLO] share price was 0p at 0.49p
[LON:XEL] share price was +2.75p at 98.25p
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