latest news from uk stockmarket, company news articles, share charts, share trades info and commentary on latest share prices
Home Page

CFD trading & spread betting can result in losses that exceed initial deposit.



Stock Trading

TD Waterhouse

Regulatory News

News Categories

Stockmarket Reports
Director Dealings
Company Reports
Stockmarket Trading
Newspaper Share Tips
Broker Recommendations

Blog Comments List


Oil & gas news : Ithaca Energy , Cairn Energy, Petro Matad, Dana Petroleum, Hardy Oil

Oil & gas news : Ithaca Energy , Cairn Energy, Petro Matad, Dana Petroleum, Hardy Oil

21/09/2010 by about : Company Reports - 1 Comments - 451 words

E&P oil & gas company and North Sea, operator Ithaca Energy IAE has received Field Development Plan FDP approval from the UK Department for Energy and Climate Change for the Athena oil field.

First production from the field is planned for Q3 2011 at 22,000 bopd barrels of oil per day following an independent evaluation of the Company's petroleum and natural gas reserves by Sproule International Limited.

Iain McKendrick, Chief Executive Officer commented "Since announcing the launch of the Athena development in February of 2010, Ithaca and its Joint Venture partners have worked tirelessly to negotiate contracts that secure a robust development. Ithaca Energy is now in a great position to deliver the next phase of the Athena project, which will involve development drilling and fabrication to meet first production targeted in Q3 2011."

Cairn Energy CNE has plugged and abandoned its first exploration well T8-1 well in its extensive Greenland drilling programme after flow proved was uncommercial. Cairn added that the drilling programme is at very early stage of the first ever exploration of the region.

Two other wells are also ongoing in the Baffin Bay area and Cairn also indicated that the rig at Alpha-1S1 well has encountered gas shows in silty and volcanic sections with oil observed intermittently.

Cairn chief executive Bill Gammell added "The T8, Alpha and T4 wells are the first wells in Cairn's exploration programme in Greenland and are also the first wells ever drilled in the Baffin Bay Basin which is similar in size to the North Sea. The presence of both oil and gas confirms an active, working petroleum system in the basin and is extremely encouraging at this very early stage of our exploration campaign for the Sigguk block and the entire area."

In other oil and gas news Dana Petroleum DNX, operator with 36% interest, has reported that the Cormoran-1 exploration well has begun drilling offshore Mauritania, West Africa 2 kilometres southeast the companies existing Pelican-1 discovery.

Hardy Oil and Gas HDY is disposing of its wholly owned Nigerian onshore business, Hardy Oil (Africa) Limited to Inergia Petroleum Limited IPL, a newly incorporated upstream energy company focused on Nigeria. The cost indicated at US$4,550,001.

Petro Matad MATD has provided an update on its exploration activities in Mongolia. The company indicated that operations are now progressing normally at Davsan Tolgoi-2 well ("DT-2") after delays due to mechanical problems were resolved.

Petro Matad also indicated that results from samples sent to Weatherford International's laboratories in the US would be expected within the next 3 to 4 weeks.


Trade Now at .......


Charts and related articles

To generate a share chart, get latest shares trades data or search for earlier articles, copy company name to clip board and CLICK HERE ! provides interest articles compiled from news releases already in the public domain. Articles are abbriviated news alerts or abstracts mostly originating from RNS news releases made in the week of posting. Investors are reminded to source original news releases, verify news and carry out own research before making investment decisions.


29/09/10 02:35PM

1 words


Add a comment



Security key:


Other recent articles within category

Energy firms in the news with EnQuest, Aminex & 3Legs Resources

Broker ratings : Where next for Lloyds Banking Group shares ?

UK banking sector awaits another turbulent stock market week

UK city news : Banks, GB Group, Carillion, Kazakhmys, Xstrata

UK city news : News Corp, RBS, Lloyds, Greene King, BAA

UK city news : Thomas Cook, Petrofac, Lloyds Banking Group

UK city news : Xcite Energy, Sports Direct, Booker

UK city news : Lloyds Banking Group, HMV Group, Debenhams


Search Again

Stockmarket This Week

All rights reserved latest news from uk stockmarket, company news articles, share charts, shares trades info and commentary on latest shares prices    © Site Terms and Conditions apply. Based in London. UK