LONDON (SHARECAST) - Canada and Ireland-focused oil and gas group Enegi Oil says that field studies on areas of interest within the Clare Basin in Southern Ireland have been 'extremely encouraging' and indicated higher-than-expected prospectively. Further testing is ongoing.
The firm also announced that it has appointed Derek Cochrane, currently a non-executive director, as Chief Operating Officer with immediate effect. "The appointment has the added benefit of strengthening the operational experience of Enegi as the company concludes its plans with respect to the PAP#1 ST#3 well and its Newfoundland regional development play," the company said.
Roxi Petroleum, the Kazakhstan-focused oil and gas explorer, intends to put its third well (NK8) on the Galaz asset (in which it owns a 34.22% interest) into production this month after testing in both the Jurassic and Cretaceous horizons. Well results show that aggregate gross production from NK6, NK7 and NK8 combined is around 700 barrels of oil per day.
Chairman Clive Carver said: "These latest test results at NK8 taken together with the existing production from NK6 and NK7 demonstrates the attractiveness of the Galaz field. With oil flowing from several wells and from both Jurassic and Cretaceous horizons we believe our investment at Galaz has increased in value."
Leni Oil & Gas's (LGO's) lawyers are preparing to assess its grounds for rescission of last month's sale of its 10% interest in Malta Area 4 to Mediterranean Oil & Gas (MOG) on the grounds of misrepresentation. A few weeks after the sale (for a nominal amount), MOG then entered into a farm-in agreement with Genel Energy fora $10m cash consideration and a two-well commitment on Malta Area 4.
Speaking yesterday in a statement, LGO's Chief Executive Officer Neil Ritson said: "LGO made it expressly clear to MOG, before entering into sale negotiations, that it would not sell its interest in Malta Area 4 if the 3D seismic analysis indicated Cretaceous prospects. LGO would not have sold its interest for $1 plus liabilities had it been aware of interest from Genel Energy Plc or other potential farm-in partners. LGO considers that MOG's subsidiary PECL, as Operator, was at all times under a duty to provide such information to LGO."