Oil & Gas Corporate News
Aurelian Oil & Gas Plc (LON:AUL, 37.25p, ? (0.68%)) announced that Sorgenia E&P has exercised its option to drill on the B1-Golitza licence, onshore eastern Bulgaria. Having paid for 3D seismic, Sorgenia is now earning a 30% interest in the licence by paying a 40% share of the costs of the first two wells up to a cap of $4.5m (gross). The 10% promote will be split 6.67% for the benefit of Aurelian's wholly owned Bulgarian subsidiary, Balkan Explorers (Bulgaria) Limited, and 3.33% for the benefit of JKX Oil & Gas (Bulgaria) Limited. The plan is to drill up to two wells in 2010 the first of which will test a 30Bcf prospect at 1,500m, updip of the depleted Stary Oryahovo gas field, discovered in the 1960s. Further advice on drilling times will be announced upon advice from the operator JKX. The percentages in the block are JKX 40%, Aurelian 30% and Sorgenia 30%. Also, the Company's wholly owned Bulgarian subsidiary, Balkan Explorers (Bulgaria) Limited, together with Overgas Inc. AD, a Joint Venture company controlled by Gazprom, and JKX (Bulgaria) Limited, has signed an agreement with the Minister for Environment and Waters in Bulgaria for the award of the Provadia licence, onshore in eastern Bulgaria. The Provadia block covers an area of 1,787km2, part of which was carved out of the B-Golitza and B1-Golitza licences in 2007. The play involves large structures containing Palaeozoic reservoirs classically trapped under a Permian salt seal. Provadia will be operated by Overgas. As part of the arrangements, Overgas will pay no less than Eur4m of the minimum work programme, effectively providing a free carry to Aurelian and its partner JKX through this phase of the project. Interests in the Provadia licence will be Overgas 64%, Aurelian 18% and JKX 18%.
Geopark Hldgs (LON:GPK, 490p, ? (8.29%)) announced the successful drilling and testing of a new discovery oil well on the Guanaco prospect on the Fell Block in Chile. GeoPark operates and has a 100% working interest in the Fell Block. GeoPark drilled and completed the Guanaco 3 well to a total depth of 2,752m. A production test in the Springhill formation, at approximately 2,590m in an 8m perforated interval, flowed at a rate of approximately 470b/d of 33oAPI with a 2% water cut through…
