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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 ukcitymedia.co.uk about : Company Reports - 1 Comments - 444 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.


 
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ukcitymedia.co.uk 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.



Franklyn

29/09/10 01:35PM

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