On the drawing board for 18 months, a bid by Entreprise Tunisienne des Activites Petrolieres (ETAP) to raise USD 400 million on international capital markets to finance its share of work on the Hasdrubal field with British Gas may well come to grief because of the current financial crisis.
The Energy Developments division continues to make good progress with the development of the West Don and Don Southwest fields in the UK North Sea, with modifications to the Northern Producer floating production facility, subsea infrastructure development and the recently commenced drilling programme progressing on budget and on schedule for first oil in the first half of 2009. The Chergui gas plant in Tunisia, which commenced commercial production of gas in early August, is now operating at close to full capacity.
Leading central European oil and gas group OMV has discovered new gas reserves in its Ahlem-1 exploration well in Southern Tunisia.
This is the third successful discovery in the permit within the last two years, according to a company official. “The cumulative flow rate of all layers tested by the Ahlem-1 well amounts to 3,500 bbl/d of condensate and 120 cf/d (20,000 boe/d) of gas. Drilling of the next exploration well in the block is expected to commence in July,” said Helmut Langanger, OMV executive board member responsible for exploration and production.
“Acquisition of 600 square kilometer of additional 3D seismic is also planned to start this month. OMV and the Tunisian national oil company ETAP, each hold a 50% interest in the Jenein Sud exploration permit, which covers an area of 1,992 sq km, 700 km south of the Tunisian capital Tunis,” he added. (TradeArabia News Service)
DUBLIN, Ireland - (Business Wire) Research and Markets (http://www.researchandmarkets.com/research/a12359/tunisia_oil_and_ga) has announced the addition of the "Tunisia Oil And Gas Exploration And Production Industry Investment Opportunities, Analysis and Forecasts to 2012" report to their offering.
Summary:
This profile is the essential source for top-level industry data and information relating to the Exploration & Production industry in Tunisia. It provides asset level information relating to the active and planned oil and gas fields and exploration blocks in Tunisia. The profiles of the major companies operating in the upstream industry of Tunisia are also included in the report. The latest news and deals pertaining to the sector are also provided and analyzed.
Scope:
- Updated information relating to all active and planned exploration blocks.
- Provides historical and forecast data and information for all the major operating and planned crude oil and natural gas fields.
- Details operators and equity partners of oil and gas fields and exploration blocks.
- Includes information relating to license round details, start and end dates, acreage, location, and reserves.
- Information on the top companies in the sector including business description, strategic analysis, and financial information.
- Product and brand updates, strategy changes, R&D projects, corporate expansions and contractions and regulatory changes.
- Key mergers and acquisitions, partnerships, private equity investments and IPOs.
Reasons to buy:
- Obtain the most up to date information available on exploration licenses and oil and gas fields.
- Identify growth markets and opportunities in the industry.
- Facilitate market analysis and forecasting of future industry trends.
- Facilitate decision making on the basis of strong historic and forecast data.
- Assess your competitor’s exploration and production asset portfolio.
- Understand and respond to your competitors business structure, strategy and prospects.
- Develop strategies based on the latest operational, financial, and regulatory events.
- Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the market.
- Identify and analyze the strengths and weaknesses of the leading companies in each the country.
Key Topics Covered:
-Introduction
-Tunisia, Country Snapshot
-Tunisia, Crude Oil And Natural Gas Production
-Tunisia, Crude Oil And Natural Gas Forecasts
-Tunisia, Exploration Block Details
-BG Group plc
-Eni S.p.A.
-OMV Aktiengesellschaft
-Tunisia Exploration and Production Industry, Financial Deals Landscape (July, 2007 - June, 2008)
-Tunisia Exploration and Production Industry, Recent Developments (July, 2007 - June, 2008)
-Appendix
Companies Mentioned:
-BG Group plc
-Eni S.p.A.
-OMV Aktiengesellschaft
For more information visit http://www.researchandmarkets.com/research/a12359/tunisia_oil_and_ga
Source: Global Markets Direct
LONDON (Thomson Financial) - Circle Oil Plc. said it has signed a farm-in agreement for the Mahdia Permit offshore Tunisia with Tethys Oil and Mining Ltd.
Following the farm-in, the oil and gas exploration and development company will hold a 70 percent working interest in the permit.
Circle will become operator once the acquisition of 500 km of additional 2D marine seismic is complete, prior to the start of any drilling in the permit.
The permit commitments require the acquisition of 500 km of 2D seismic in the first two years of the licence, which started in July 2007, and the drilling of one commitment well in the subsequent three years to 2012, Circle said in a statement.
'These prospects remained undrilled due to their size and historic lower oil prices, but they are now very commercial,' said CEO David Hough. 'With good potential reserves they are now definitely worth pursuing.'
CALGARY, ALBERTA--(Marketwire - June 16, 2008) - Eurogas Corporation ("Eurogas" or the "Corporation") (TSX VENTURE:EUG)is pleased to announce that drilling commenced on June 16, 2008 on the Ras el Besh structure on the Sfax Exploration Permit in Tunisia. The Ras el Besh 3 ("REB3") well is the first well drilled by Eurogas and its partners on this oil structure located 30 kilometers off the east coast of Tunisia in the Gulf of Gabes in 12 meters of water. Two prior wells, REB1 and REB2, drilled by a previous operator in the 1990's were located off the crest of the structure and were abandoned after REB2 tested oil to surface at an equivalent rate of 612 bopd.
The main target for the REB3 will be the Tertiary El Garia carbonates that produce oil and gas in several large fields along a trend that extends from offshore Libya through the Sfax permit to onshore Tunisia. REB3 will initially be drilled as a vertical pilot hole to a depth of 1,800 meters in order to evaluate the reserve potential, and, depending on the results of the evaluation, will then be sidetracked horizontally for approximately 1 kilometer. The drilling of REB3 could take up to 70 days depending on the results of the well.
The Delta Queen jack-up rig, owned by Sea Wolf Oil Services Limited, has been contracted to drill two wells with an option for two additional wells. Subject to favorable results of the REB3 well, an additional well, REB4, will be drilled in the Ras el Besh structure. After drilling at Ras el Besh has been completed, the rig will be moved to evaluate the Jawhara oil structure, located approximately 30 kilometers south of Ras el Besh, which was also drilled by a previous operator, testing oil to surface at an equivalent rate of 1200 bopd.
REB3 is the first well drilled under the partnership arrangement announced on April 8, 2008 between Eurogas, Atlas Petroleum Exploration Worldwide, Ltd. ("APEX") and Delta Hydrocarbons B.V. ("Delta"). In accordance with the partnership agreement with Delta, the costs of the wells, as currently planned, will be borne by Delta, as part of a larger commitment to earn a 50 % participation in the Sfax permit. After the total commitment has been fulfilled by Delta, Eurogas will retain 22.5%, APEX 27.5% and Delta 50% participating interest in the Sfax Offshore Permit.
Eurogas Corporation is an independent oil and gas exploration company listed on the TSX Venture Exchange under the symbol EUG and is engaged in development of a major underground storage facility offshore the east coast of Spain, and the exploration and development of oil and gas in Tunisia's Gulf of Gabes. For more information on the Corporation, visit the website www.eurogascorp.com.
PA Resources has completed the drilling of the production well Didon-7 on the Didon oil field offshore Tunisia. The initial pilot hole encountered the top reservoir five meters higher than prognosis which will increase the reserves of the field. The drilling of a 500 meter horizontal drain has also been completed and production has now started from the well.
The oil and gas group PA Resources has completed the drilling of the production well Didon-7 as part of the development program on the Didon oil field in Tunisia. A pilot hole and a horizontal producer have been drilled by the jack-up rig Ensco 85 and production tests were performed. Following well testing, the Didon-7 has been put on regular production at a level of 12,500 barrels of oil per day.
The pilot hole encountered the top reservoir five metres higher than prognosis. Wire line logs and pressure data confirmed good reservoir properties and a 30 meter oil column. The horizontal section was successfully drilled high in the reservoir to maximize oil recovery. A 500 meter long drain was completed within the two upper layers of the reservoir at a horizontal level of 2,714 metres. The total length of the well is 4,015 meters. The drain showed that the structure is about six to eight meters higher than prognosis in this area if the field.
The Didon-5 well, whi ch was shut in prior to start-up of the well Didon-7, is currently being hooked up for production and it will be back in production in the End of June.
"We are very happy with the successful drillings and the fact that we now will be able to increase the total production from the Didon-field," says Ulrik Jansson, President and CEO at PA Resources AB.
PA Resources has a 100 percent working interest in the Didon field.
Candax Energy Inc. announces that the drilling of the onshore Ezzaouia 17 well commenced today. The well targets an un-drilled fault block in the east section of the field. Following the completion of the Ezzaouia 17 well, the rig will move to the second infill location, Ezzaouia 18, and following that well, it will move to Chaal.
In addition, the Company has completed its first equity tanker lifting of crude oil for 2008 during the last week of May lifting approximately 120,000 barrels net to Candax.
The Tunisian Government has confirmed the two year extension of the first exploration period of the Chaal Permit, with no additional work commitments. The drilling of the Chaal-1 side-track well and test program is scheduled to commence in late August / early September 2008.
Michael Wood, President & CEO stated:
"Candax is working hard to optimize both our onshore and offshore oil production at a time of record oil prices. The two well Ezzaouia drilling campaign is an important investment designed to maximize our near term onshore oil production. We are also pleased to be working so effectively with the Tunisian government to further appraise the Chaal discovery later this year. The El Bibane offshore development project is still in progress, however we are pleased to confirm that the weather critical operation of the offshore topside installation at EBB3 was successfully completed today, the remainder of the hook-up, testing and commissioning work is much less weather dependent and thus production start-up is now planned to be completed in the next few weeks from the EBB3 well and optimization work to maximize offshore production can then be delivered."
CALGARY, ALBERTA--(Marketwire - May 26, 2008) - Cygam Energy Inc. (TSX VENTURE:CYG) ("Cygam" or the "Corporation") is pleased to provide an additional update on the TT2 exploration well operated by Storm Ventures International Inc. ("SVI") of Calgary, on the Remada Sud Permit in Southern Tunisia.
Highlights:
- Potentially significant light oil and gas shows were encountered in the main objective (Ordovician Bir Ben Tartar) while coring. Good yellow fluorescence was observed in the cores.
- Presence of hydrocarbons was confirmed by one drill stem test which recovered light oil, gas and no water. The test was run approximately 50 meters below the top of the Bir Ben Tartar and log analysis indicates that the potential hydrocarbon column could extend up to approximately another 25 metres below the tested interval.
- Petrophysical analysis indicates that a secondary objective (Ordovician Jaffara formation) may also be hydrocarbon bearing.
- Potentially significant gas shows were also encountered while drilling through the Silurian Tanezzuft shale and sandstone sequence above the Bir Ben Tartar main objective.
The main target, the Ordovician Bir Ben Tartar formation, consisting of a massive sequence of sandstones with minor shale streaks, had potentially significant gas and oil shows while coring. Upon reaching total depth at 1,500 metres and after log evaluation, several zones of interest were identified in both the primary and secondary objectives and selected for testing.
Several open-hole drill stem tests were planned but, due to unpredictable mechanical failures, only one test was successfully completed which recovered oil and gas in the down-hole sampler, with no water. During testing operations, well-bore conditions deteriorated and the operator and its partners agreed to suspend testing and set casing to TD.
The operator is currently waiting for the arrival of stimulation equipment from outside Tunisia in order to artificially fracture and production test several zones of interest. It is expected that Schlumberger stimulation equipment should arrive on location by early July. In the meantime, the two cores (approximately 60 meters in total) cut in the Bir Ben Tartar formation have been shipped to Aberdeen, Scotland, for routine and special analyses. A detailed testing and stimulation program is also being prepared.
The Sud Remada permit is located in the Ghadames Basin and is approximately 1.2 million acres in size. Cygam's working interest in the well and in the entire permit is 14%. SVI is the operator and has a 71% working interest; Madalena Ventures Inc. is also a partner with a 15% interest in the well.
Cygam is a Calgary based exploration company with producing oil and gas properties in Canada and extensive international exploration concessions. The main focus of the Corporation is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean region. Cygam currently holds various interests in five exploratory concessions in Italy and four exploratory concessions in Tunisia encompassing approximately 4 million gross acres (approximately 2.8 million net acres). Visit the Cygam website at www.cygamenergyinc.com for more information about Cygam.
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding interpretation of seismic and well data, future plans and objectives of Cygam Energy Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated or expected in such statements. Cygam does not undertake any obligations to update forward-looking statements except as required by applicable securities laws. In particular, various factors can cause delays or prevent the Corporation from carrying out its testing and completion programs as scheduled, including but not limited to unavailability of equipment, funding and manpower or delays in the equipment reaching the Sud Remada permit. There is no certainty that the Sud Remada testing and fracture stimulation programs will be carried out as scheduled or that they will be successful in establishing commerciality. Important factors that could cause actual results to differ materially from Cygam's expectations are risks detailed herein and from time to time in the continuous disclosure filings made by Cygam with securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
VLISSINGEN, NETHERLANDS: Heerema Fabrication Group has completed construction of the Hasdrubal oil and gas platform at its Heerema Vlissingen construction yard. The topside has now been loaded on a barge for transportation to the Gulf of Gabes, 110 kilometers (68 miles) offshore Tunisia.
Construction of the platform began in June 2007 for BG Tunisia. The topside has five decks, weighs 1,450 tons and measures 46 meters by 30 meters by 29 meters (151 ft by 98 ft by 95 ft). The jacket weighs 1,000 tons and is 70 meters (230 ft) long.
The contract for the platform includes the final concept and design, as well as the transport to Tunisia. Heerema Vlissingen will provide training to BG Tunisia employees on location, particularly for offshore installation and hooking up the platform.
The Hasdrubal platform will be installed in water depths of 60 meters (197 ft). BG Tunisia is the operator of the Hasdrubal and owns the field together with ETAP. It is expected that the platform will be operational in 2009.
In Tunisia, on the 10th May, Oil and Gas Company declared a man/vehicle lost situation in their area of operations, South Tunisia.
BRIEF DESCRIPTION OF THE INCIDENTS
Circumstances Before:
• On 9th May, One vehicle with a driver and two passengers went to perform routine work taking measurements on a pipeline, after which they were to return to their base. With increasingly bad weather, sandstorms with low visibility, for their return they decided to take a different track to the one they primarily utilized, they then became totally disorientated and lost the track they were travelling on.
Circumstances :
Two of the personnel left the vehicle to go to a high spot (sand dune) by foot to try to spot other tracks, lights or vehicles. At this stage the two personnel have become separated in the sand storm, one has
tried to contact the other without success, he then returned to the vehicle and waiting driver. Being unable to contact anyone due to no radio or mobile phone coverage, they remain at location with the vehicle.
On the 10th May, the Oil and Gas Company organised a search with the assistance of the army and army military helicopters, the search located the lost vehicle and its two occupants, the occupants although physically ok, were suffering from shock at the loss of their colleague. Searches continued for the rest of the day and following day to try to locate the man lost. On the 12th May, search crews
encountered CGGV crews working in the area, CGGV management were made aware of the man lost situation. CGGV mobilized 5 vehicles with 9 personnel to aid in the search for the man lost.
On 13th May, CGGV were informed that the man lost had been located but tragically was dead when located. The deceased was found almost 60 kilometres from the point were he was last seen by his colleagues, he had been without water, food or survival equipment.
WHAT WENT WRONG:
♦ Disregard of HSE rules concerning “Man/Vehicle lost procedure” (standard in our industry).
Always remain with your vehicle in case of breakdown or being lost
♦ Disregard of Journey Management
♦ Disregard of training / Instruction
CORRECTIVE ACTIONS AND RECOMMENDATIONS:
♦ Refresher training / instruction: personnel at all levels to be reinstructed on “man/vehicle lost” procedure, all
personnel to be made aware of this unfortunate man lost incident
♦ Behaviour training: behaviour properly monitored, training on understanding effects of poor behaviour.
♦ Communications: Ensure personnel have communications when working in remote locations, sat phone,
radios, mobile phone etc…
♦ Equipment: To have survival kits and sufficient food water with all teams working in remote locations
♦ Management commitment: To ensure systems are in place to monitor the behaviour of the workforce.
Initiate systems, where correct and good behaviour is recognised and rewarded.
WE CAN ONLY AVOID INCIDENTS BY CHANGING OUR BEHAVIOUR, IT ALL STARTS WITH YOU.
The Maghred and Mediterranean 6th conference on gas and oil will be held here 17-18 June, official sources told PANA here Monday.
Organised by "Global Pacific and Partners", an international organisation operating in gas and oil, the conference, to be attended by 30 experts, would deal with themes relating to liquefied natural gas, firm strategies, national oil company and new investment projects in the region.
Prior to the conference on 16 June, there will be presentation of the Maghred 3rd report on gas and oil.
Tunis - 19/05/2008
The Company achieved its operational objectives in the first quarter of
2008. Winstar produced an average of 1,893 boepd during the first quarter,
including 1,317 boepd in Tunisia, 336 boepd in Canada and 240 boepd in
Hungary. Winstar is currently producing a total of about 2,000 boepd.
AIM-quoted Independent Resources has received confirmation that exploration rights on the Ksar Hadada oil and gas exploration permit in Tunisia have been extended for a further three years.
The extension follows the completion of work to acquire new seismic and well data which indicate that Ksar Hadada, located in south-east Tunisia, may contain several new prospects in addition to the Sidi Toui and Oryx structures previously known to be present.
DALLAS--(BUSINESS WIRE)--May 7, 2008--Pioneer Natural Resources Company (NYSE:PXD) today announced financial and operating results for the quarter ended March 31, 2008.
-- Reported first quarter net income of $130 million, or $1.09
per diluted share
-- Increased average daily oil and gas sales to 110,298 barrels
oil equivalent per day (BOEPD); 24% above comparable sales for
the first quarter of 2007
-- Posted 31% combined production growth from Spraberry, Raton
and Edwards fields from the prior year quarter
-- Announced initiatives to capture additional resource potential
of one billion barrels oil equivalent (BOE) in the Spraberry
field
-- Announced a new discovery in the Pierre Shale gas play in the
Raton Basin in southeastern Colorado with net resource
potential of more than two trillion cubic feet
-- Drilled three successful Silurian wells in Tunisia; two wells
included new discoveries in the Ordovician and TAGI formations
Scott Sheffield, Chairman and CEO, stated, "Delivering consistent, repeatable reserve and production growth was a key goal in our decision to refocus the Company's efforts on our onshore assets, particularly those in North America. Our first quarter results further demonstrate that this goal is being achieved. With the new opportunities we've announced in our two largest core areas (Spraberry and Raton), our active onshore drilling program and plans to expand drilling in 2009, we are highly confident that the Company will continue to deliver consistent growth and achieve our recently increased target for 14+% compound average annual growth (CAGR) in production per share and 20+% CAGR in after-tax cash flow through 2011.
"Pioneer has reached an important inflection point. From 2008 to 2009, based on current strip commodity prices and expected production growth, our after-tax cash flow is expected to grow by approximately 50%."
Cairn Energy confirmed plans to start exploration work in the frontier area of Greenland in the second half as the company looks to repeat its success in India.
The oil and gas firm said it had agreed a contract to complete 2d seismic surveying work off the Arctic island, where it has acquired exploration licences covering a huge amount of under-explored territory.
Edinburgh-based Cairn also expects to start work in earnest off Tunisia, in acreage which the company acquired when it bought Plectrum Petroleum for £23m last year. The company is evaluating tenders for rigs to start drilling off the North African state in the second half.
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News of the developments came in an interim management statement covering the first quarter, issued by Cairn in compliance with new disclosure and transparency rules introduced by the Financial Services Authority.
In the statement, Cairn noted that the Indian subsidiary which controls acreage on which it made huge finds in Rajasthan state had won consent for a key pipeline. The company reiterated that it expected the pipeline to be built in time to start production from the huge Mangala field in 2009.
This should pave the way for a significant increase in output by Cairn, which produced 14,477 barrels oil daily from assets in India and Bangladesh on an entitlement basis in the first quarter.
Separately, Melrose Resources issued an interim management statement in which it said first-quarter entitlement production from assets in Egypt and Bulgaria was 8.7 billion cubic feet gas and 478 thousand barrels oil and condensate, up 64% on the same period in 2007.
TUNIS (Reuters) - Tunisia has awarded two oil and gas exploration permits to an Algerian-Tunisian joint venture as it seeks to attract more foreign investors into its energy sector, the energy ministry said on Wednesday.
The venture, named Numphyd, will invest $13 million to drill two wells in the Kaboudia offshore area near the southern town of Gabes and in Nord des Chotts in western Tunisia, the ministry said in a statement.
The permits cover a total area of 8,748 square kilometers.
Numphyd is a 50-50 venture of Algerian state energy giant Sonatrach and Tunisia's government-run Entreprise Tunisienne des Activites Petrolieres (ETAP).
ETAP also signed an agreement to sell Numphyd a 30 percent stake in the Nord des Chotts prospect.
Sandwiched between OPEC members Algeria and Libya, Tunisia needs to import most of its petroleum needs and hopes new discoveries of oil and gas will bolster domestic energy ouput.
The government aims to drill 15 new wells per year between 2007 and 2011, up from eight wells over the past five years.
Cygam Energy has announced that the TT2 exploration well on the Sud Remada permit in southern Tunisia reached total depth of 1,500 meters in the Ordovician Kasbah Leguine formation.
The Sud Remada permit is located in the Ghadames Basin and is approximately 1.2 million acres in size. Cygam's working interest in the well and in the entire permit is 14%. Storm Ventures International is the operator and has a 71% working interest; Madalena Ventures is also a partner with a 15% interest in the well.
The operator's pre-drilling expectation of encountering a 50 meter gross hydrocarbon column in the Ordovician Bin Ben Tartar quartzites appears to have been achieved. A 60-meter core was cut through the potential reservoir and a full suite of open-hole logs was run. The well is currently being tested open-hole and will be cased for completion and extended production testing to determine commerciality.
Depending upon the outcome of the core evaluation and the initial testing program, the well may require fracture stimulation to achieve commercial flow rates. Timing of this subsequent operation is likely to be within 60 to 90 days from rig release, subject to equipment availability.
TUNISIA: Austrian oil and gas group OMV has acquired an 80 percent interest as operator in the Sid Mansour exploration license from Thani Tunisia Sidi Mansour, a subsidiary of Dubai-based Thani Emirates Petroleum Corp. The acquisition is subject to approval by ETAP, the Tunisian national oil company and Tunisian authorities.
The license covers an area of 6,592 square kilometers (2,545 square miles) offshore Tunisia in the Gulf of Gabes with water depths of up to 60 meters (196 ft) at the deepest. The field is around 30 kilometers (18.6 miles) north of the oil field Ashtart and is close to the Cercina oil field OMV owns stakes in both.
Work on the newly acquired block will begin this year following the acquisition of 500 kilometers (310 miles) of 2-D seismic data. Thani Tunisia Sidi Mansour retains a 20 percent working interest in the block.
LONDON (Thomson Financial) - Mediterranean Oil & Gas Plc. said exploration at the Teboursouk 1 well (TEB1) in Tunisia has been suspended after new test data showed the location of the TEB1 well was not optimal.
Chief executive Sergio Morandi said: 'Whilst we are naturally disappointed that the TEB1 well was not a producer, the results of TEB1 are very encouraging and the Medjerda permit's exploration potential after this well can be considered higher than previously thought.'
The company also said it has encountered significant gas shows at the Ombrina Mare 2 appraisal well in Italy and that the well is proceeding satisfactorily in line with the company's geological projection.
The well had reached a depth of 1,900 metres as of April 23 and is continuing through the secondary target zone, the group added.
Talks were also underway on French heavy engineering firm Alstom (ALSO.PA: Quote, Profile, Research) providing equipment for a non-nuclear power station, the official said.
LONDON (Thomson Financial) - Mediterranean Oil & Gas Plc. said it will commence a drill stem test at the Teboursouk 1 exploration well in Tunisia on April 17 after reporting very encouraging drilling results at the well in the recent past.
The oil and gas exploration company also said the Ombrina Mare 2 appraisal well is proceeding satisfactorily and had reached a depth of 1,300 metres as of April 14.
A drilling permit dubbed 'Nabeul' was granted on Monday to the company "Reap Tunisia Gmbh", a subsidiary of the UK- based company CAIRN as well as to the Tunisian Enterprize of petroleum activities (ETAP).
"Nabeul", which is situated in the gulf of Hammamet covers an area of 3352 square kilometres.
The work program for the initial period has been set for 5 years and includes a geological study, as well as the drilling of an exploration well, at an investment cost of 6million dollars.
The convention relative to this agreement was signed by Mr Afif Chelbi, The Minister of Industry, Energy and Small and Medium Enterprizes, Mr Simon John Thompson, CEO of "Reap Tunisia Gmbh" and Mr Khaled Ben Cheikh, CEO of ETAP.
The ceremony was attended by the Secretary of State in charge of renewable energies and food industries.
OSLO (Thomson Financial) - Norwegian oil and gas producer PA Resources reported total production in the first quarter of 1.086 million barrels of oil equivalent (boe) - down from 1.386 million in the fourth quarter - but up from 637,000 boe for the first quarter in 2007.
Average oil production per day during the quarter was 11,930 barrels per day, the company said in a statement, down from 15,066 barrels in Q4 but up from 7,082 boe in the first quarter last year.
Oil sales during the latest quarter totaled 1.272 million boe and the average sales price was $96.61 a barrel.
That compared with the fourth quarter's sales of 1.117 million boe on an average price of $85.48 a barrel.
'Oil has been sold at quarterly record high average sales price of $96.61 per barrel, compared with $85.48 for the fourth quarter,' PA Resources said.
Production of oil increased, year-on-year, with the start-up of the Volve field in Norway and the El Bibane field in Tunisia, from two geographical areas and seven fields.
The Volve field started production in mid-February and the El Bibane field at the end of March.
'(With) these important events the production increased in the end of the quarter and the production level was approximately 13,800 barrels of oil per day by the end of March,' PA Resources said.
The average production for March 2008 was 12,070 barrels per day.
The company added that in order to install the drilling rig and start the drilling at the Didon field in Tunisia, production was turned off for safety reasons for three days.
In March, the production on Didon was reduced with approximately 3,600 barrels per day, over a period of 15 days in order to install new process equipment.
Production at the Didon field was at 97 percent for the period March 2008, PA Resources added.
TUNIS (Reuters) - Tunisia's trade deficit widened by 31 percent in the first quarter of 2008 as imports grew 23 percent, pulled higher by costly oil purchases, the government's National Statistics Institute said on Monday.
The January-to-March trade gap was 1.0 billion dinars, up from 765 million dinars in the same period a year earlier. Imports soared to 6.82 billion dinars while exports rose 22 percent to 5.82 billion.
The value of oil imports jumped 98 percent in the first quarter to 1.2 billion dinars.
Government officials and analysts had feared the trade deficit would widen after world crude oil prices hit records.
They say higher energy costs are forcing Tunisia to increase subsidies on fuel, straining the state budget and slowing the country's economic growth. The government has budgeted for an estimated average oil price of $75 per barrel this year.
Agriculture exports, mainly olive oil, totalled 705 million dinars in the first quarter, up from 582 million a year earlier.
Textile, clothing and leather sales to foreign markets, another key foreign currency earner for the country of 10 million, were at 1.714 billion dinars, up from 1.563 billion.
TUNIS, April 14 (Reuters) - Tunisia has awarded an oil and gas exploration permit to Britain's Cairn Energy Plc (CNE.L: Quote, Profile, Research) as it seeks to lure more investment to its energy sector, Tunisian state news agency TAP reported on Monday.
Under a five-year production accord, Cairn, in partnership with Tunisian state oil firm Societe Tunisienne des Activites Petrolieres (ETAP), will invest $6 million in the exploration operation, TAP said.
The agreement covers an area of 3,352 square km near the eastern town of Nabeul.
Tunisia, which imports most of its oil needs, hopes new discoveries of oil and gas will boost domestic energy production.
The government of the north African country aims to drill 15 new wells per year between 2007 and 2011, up from eight wells in the previous five years. (Reporting by Tarek Amara; editing by Tom Pfeiffer)
PetroVietnam found oil in the Bir Seba field, located in the Saharan Touggourt area, after 63 drilling days. Industry sources said this was the shortest drilling period ever recorded.
PetroVietnam has also signed a contract with Kuwait and Japan for a $2.5 billion oil refinery and petrochemical complex. The Vietnamese company was also preparing for oil and gas exploration projects in Iran and Tunisia.
The sources estimated that the Algerian oil field would produce more than 5,000 barrels a day. They said full production could begin in 2009.
DAKAR, April 10 (Reuters) - The United States is stepping up its naval presence in the lawless waters off West Africa to secure vital oil supplies and curb drug smuggling being used to finance terrorism, an admiral said.
Washington deployed the USS Fort McHenry, a 600-foot (185 metre) warship, to the Gulf of Guinea last year to train West African navies on improving maritime safety in a region that supplies nearly a fifth of U.S. oil imports.
With local navies too poorly trained and equipped to police their own waters, West Africa has become notorious for crimes from cocaine trafficking to oil theft, known as bunkering.
Rear Admiral Anthony Kurta said the United States was mounting a constant naval presence in the region under a scheme known as the African Partnership Station (APS) to protect the interests of Washington and its European and African allies.
"The maritime waters off West and Central Africa are being used for bad purposes," Kurta told Reuters in an interview.
"Whether it's illegal fishing, illegal migration, oil bunkering, energy security, piracy, drug flows: all of those affect the United States to varying degrees."
In recent months, attacks by al Qaeda's North African branch from Mauritania to Algeria have raised concern over Islamic militancy in the Sahara.
The Lisbon-Dakar rally was cancelled in January after suspected al Qaeda militants killed four French tourists in Mauritania and the group -- believed to finance its activities through drug smuggling across the vast desert -- kidnapped two Austrian holidaymakers in Tunisia last month.
"We know the narcotics trade funds many of the terrorism efforts so that's why the narcotics flow here, while it may not reach the United States, is of interest to us because we know it feeds the activities of the terrorists," Kurta said.
SEEKING EUROPEAN HELP
With European countries concerned by waves of illegal African migrants and rising narcotics trafficking from Africa, the United States is looking at ways of involving allies, such as France and Great Britain, more closely in scheme.
"There has been a growing realisation by a number of countries of the importance of Africa," Kurta said.
Once a permanent presence was achieved in West and Central Africa, Washington hoped to extend the scheme to the continent's east coast, where a luxury French yacht and its 30 crew members were captured by pirates last week.
"We are certainly looking toward that. We are seeing what we can do and what our allies can help us with," Kurta said. "That is a little bit in the future."
The APS's deployment last year came just after the United States launched its African military command (Africom) amid concerns voiced by diplomatic heavyweights Nigeria and South Africa, which fear an attempt to enforce Washington's will.
Many Africans saw its creation as a sign of Washington's determination to control valuable oil and mineral resources, particularly given a rising Chinese presence on the continent.
U.S. officials have downplayed this, saying there will be no new military bases and the focus will be on training African armies, facilitating peacekeeping and distributing aid.
Washington already spends an estimated $250 million a year on military assistance and training in Africa.
With the Fort McHenry docked on Thursday in the Senegalese capital Dakar on the return leg of its mission, U.S. naval instructors coached Senegalese sailors on techniques for boarding and searching small ships and hand-to-hand combat.
"We want to help empower countries like Senegal. We want them to be an independent security force in the region," said Ensign Manooh Azizi, the U.S. officer supervising the training.
CALGARY, ALBERTA, Apr 08, 2008 (MARKET WIRE via COMTEX) -- Eurogas Corporation (TSX VENTURE: EUG) ("Eurogas" or the "Corporation") is pleased to announce that Eurogas and Atlas Petroleum Exploration Worldwide, Ltd. ("APEX") have entered into a Farmout Agreement with Delta Hydrocarbons B.V. ("Delta Hydrocarbons") with respect to the Sfax Offshore Exploration Permit located offshore Tunisia in the Gulf of Gabes. Eurogas and APEX currently hold 45% and 55% participating interests, respectively, in the Sfax Permit. The farmout agreement with Delta Hydrocarbons is subject to regulatory approval from ETAP, the Tunisian state oil company, and the Government of Tunisia.
Delta Hydrocarbons has committed to spend USD $125 million on the Sfax Permit for a 50% participation in the permit. The partners have agreed to a work program which includes drilling the Ras El Besh 3 well, as the first of a three well drilling program which is scheduled to commence immediately. After completion of the first two wells the drilling rig will move to the Jawhara discovery and drill an appraisal well while installation of production facilities is underway at Ras El Besh. The work program also includes the acquisition of facilities as and when required.
Included in the USD $125 million and as part of the transaction, Eurogas and APEX will be entitled to repayment of past exploration costs incurred on the Sfax permit, of which, approximately USD $11 million is net to Eurogas.
Upon spending the committed amount of USD $125 million, Eurogas would own a 22.5% participating interest in the farmout area, APEX would have a 27.5% participating interest, and Delta Hydrocarbons would own a 50% participating interest. APEX will serve as operator under the farmout. After Delta has expended USD $125 million, the project reverts to a joint venture participation for future payment and Eurogas will be responsible for its 22.5% share of any such payments.
Delta Hydrocarbons is a recently formed oil and gas company based in Amsterdam (The Netherlands) and is focused on maximizing value from discoveries and mature assets (www.deltahydrocarbons.com).
During 2005, Eurogas and APEX converted the Sfax prospecting permit to an exploration permit which included a commitment to drill one well and acquire seismic data. To date the partners have met the seismic commitment by acquiring over 900 km2 of high quality 3D seismic. The Ras El Besh 3 well will be the commitment well for the Sfax exploration permit.
Also in 2005, Eurogas and its operating partner applied for an exploitation concession (the "REB Exploitation Concession") over the Ras El Besh prospect. The farmout enables Eurogas and APEX to meet all requirements in that regard.
The Farmout Agreement with Delta Hydrocarbons covers, inter alia, the area previously covered by the farmout agreement with Anadarko Petroleum Corporation ("Anadarko") as well as three prior discoveries including Ras El Besh which were excluded from the Anadarko transaction. As disclosed in the March 14, 2008 Eurogas Rights Offering Circular, Anadarko had the option, until April 1, 2008 to commit to drill an exploration well by December 31, 2008. As Anadarko did not elect to proceed, it forfeited all rights to conduct work or to receive any interest in the area.
In addition, the Company has announced its entry into Tunisia with its
successful bid on the Bouhajla Block in the northeastern part of the country.
DualEx's bid entails the issuance of a Production Sharing Contract ("PSC")
that would involve a minimum of 100 kilometres of new 2D seismic within the
first two years of the term, and the drilling of a minimum of one exploration
well within the succeeding two years. DualEx will hold 100% of the contractor
share and would be the operator. The issuance of the PSC is subject to
finalization of the detailed terms and Government ratification. This Block
will provide DualEx with its first operated project in an established
hydrocarbon basin with significant potential.
Hanoi, Apr 03, 2008 (Asia Pulse Data Source via COMTEX) -- -- ? The Vietnam National Oil and Gas Group (PetroVietnam) says it will sign joint venture contracts with Japanese and Kuwait partners to build the Nghi Son Oil Refinery and Petrochemical Complex.
The 7-million-tonne complex will be built at an estimated cost of 2.5 billion USD in Nghi Son commune, northern Thanh Hoa province.
Once operational, the plant will produce liquefied petroleum gas (LPG), petrol for classes 90, 92 and 95, kerosene, diesel, FO, jet fuel and other petrochemical products such as polypropylene, polyester, benzel, sulphur and asphalt.
At a press conference in Hanoi on April 3, PetroVietnam Chairman Dinh La Thang said the parties will sign the contracts on April 7, and may also come to an agreement to establish a joint stock company specialising in distributing the complex?s products.
A series of other key oil and gas projects have progressed in the first quarter of this year. Among the projects, the 750MW Ca Mau 1 Electricity Plant began generating electricity for commercial use on March 20.
Meanwhile, work on the Phu My-Nhon Trach gas pipeline, which has an annual capacity of 2 billion cu.m, is close to completion.
An agreement was also inked to set up a joint venture for the southern petrochemical complex, and the Dung Quat oil refinery project will begin turning out products in February 2009.
Additionally, PetroVietnam has signed three oil and gas exploration contracts in Tunisia , Laos and Iran .
?A project in Algeria is entering the final assessment stage and is expected to turn out products in 2010,? Thang said, adding that the group?s board of directors will have a meeting to discuss overseas mining strategies.
In the first three-month period, PetroVietnam produced 5.64 million tonnes of oil and exported nearly 2.76 billion USD worth of crude oil.
With revenues of more than 4.3 billion USD (69 trillion VND) in the first quarter, or 20 percent of the country?s figure, PetroVietnam now holds an important position in the national economy.
The group expects to earn 18.75 billion USD (300 trillion VND) in 2008, the highest level so far.
The 6th Maghreb & Mediterranean Oil & Gas Conference 2008 (17-18th June) is a landmark event for the North African region, with focus on exploration and development, oil and gas-LNG, new ventures, corporate strategies, National Oil Companies, Bid Rounds, new investment and oil-gas projects, energy law and oil finance, contracts and acreage licensing, and State strategies. Over 220 senior management and Government Delegates attended our event in 2007.
There will be over 30+ leading Speakers at this Annual landmark Conference in 2008, making it the key event in North Africa on the Maghreb & Mediterranean onshore and offshore upstream oil and gas-LNG game.
The Conference is supported by ETAP and the Government of Tunisia, as well as many oil and gas entities involved in the regional energy game. ETAP is Co-Sponsor for the Conference Dinner.
On the evening prior to the Conference is our PetroAfricanus Dinner In The Maghreb (separately bookable) held in the same venue.
Prior to the Conference on 16th June there will be our 3rd Maghreb Oil & Gas: Strategy Briefing, conducted by Dr Duncan Clarke (Chairman & CEO, Global Pacific & Partners), with CD (950+ Images) of Presentations provided for Delegates. The Delegate Fee is at £ 1,950. Discount applies if combined with the 6th Maghreb & Mediterranean Oil & Gas Conference.
At the end of Conference we will host our Sunset In The Mediterranean Barbeque at Le Residence, the hotel Conference venue
The Conference has Official Support from ETAP and leading Corporate Players worldwide.
Madalena Ventures Inc. on behalf of its wholly owned subsidiary, Madalena Ventures International Inc., commences drilling of the TT-2 exploratory well on the Sud Remada Permit operated by Storm Ventures International.
The TT-2 well is being drilled on a large Ordovician structure which has an areal extent of approximately 70 square kilometres. The well will be drilled approximately one kilometre from an older well (TT-1) which recovered light oil and gas when drilled and tested in 1959. New 2D seismic data shot and interpreted in 2007 indicates that the TT-2 location should encounter the target Ordovician Bir Ben Tartar sandstones 15 to 20 metres higher than in the TT-1 well. It is expected that drilling and testing operations in this 1,600 metre well will last approximately 30 days.
The Remada Block has exploratory potential in the Ordovician, Silurian Acacus and Triassic Ras Hamia formations. All three zones are proven commercially productive from adjoining blocks in Libya or Tunisia with significant reserves potential. The 2D seismic program conducted over the Block during 2007 has also delineated additional prospective structures which are under review by the Company for drilling consideration. The new seismic program has enlarged the potential for the primary drilling prospect in the Ordovican, and also identified several new leads for the Acacus play. Madalena will pay 30% of the well costs to earn a 15% working interest in approximately 600,000 acres in the Remada Block, with an ongoing option to drill a second test well at 30 % participation to earn a 15% working interest in an additional 600,000 acres.
LONDON (SHARECAST) - Cairn Energy posted sharply lower underlying losses last year, adding good progress is being made towards first production of oil from its Mangala field in India in late 2009.
Underlying losses dropped from $97.1m to $49.4m, but including gains following the float of its Indian arm, Cairn posted a pre-tax profit of $1.55bn compared with a loss of $91.8m. Revenue was $288m, compared with $286m.
Production for the year, on an entitlement interest basis, decreased by 19% to 19,809 barrels daily (2006: 24,523 barrels), primarily due to reduced field production at both Sangu and CB/OS-2, Cairn said.
"All of the major contracts for the midstream and upstream developments in Rajasthan have been awarded and work is progressing well towards first Mangala oil in H2 2009," chief executive Bill Gammell added.
Costs of bringing Mangala, in Rajasthan, on stream are expected to be $1.8bn for 2008 and 2009. Cairn now estimates its Rajasthan acreage has reserves of 3.75bn barrels gross, a slight increase. Work will start of a pipeline in the second half of 2008, though it still negotiating with the Indian government over sharing the cost.
"We are increasingly confident about the scale of the resource base in Rajasthan. We firmly believe that a plateau production of 175,000 barrels is now achievable with the potential for higher rates," Gammell added.
The statement added that Capricorn, its exploration arm, is planning its first exploration drilling in Tunisia at the end of the year and is actively pursuing the longer-term growth potential of its position in Greenland.
DALLAS--(BUSINESS WIRE)--March 28, 2008--Pioneer Natural Resources Company (NYSE:PXD) announces its first quarter 2008 earnings conference call and webcast on Wednesday, May 7, 2008 at 9:00 a.m. Central time. Instructions on how to listen to the call and view the accompanying presentation are shown below.
Pioneer Natural Resources Company is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States, South Africa and Tunisia. For more information, visit Pioneer's website at www.pxd.com.
LONDON, Mar 28, 2008 (Dow Jones Commodities News via Comtex) -- MEOGF | news | PowerRating | PR Charts -- Edited Press Release
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Mediterranean Oil & Gas Friday announced as part of its operational update on its exploration well Teboursouk 1 in Tunisia (Range Operator; MOG 25%) that the CTF - Rig 06 is currently drilling at about 2400 metres of depth.
The well drilled an alternance of beige to dark argillaceous limestones and brown marls to 2222 million of depth, when the drill bit started to penetrate siltstones and sandstones levels with intercalations of marls and shales.
The new lithology can be associated to the Lower Aptian M'Charga formation which is the main exploration target.
Inside the M'Charga formation, gas shows of 0.2% are recording associated with poor cut fluorescence.
The M'Charga formation has been found 200 million deeper than in the well prognosis.
The programme is to penetrate a substantial thickness of the target formation by continuing to drill few hundred metres deeper than the originally planned Target Depth of 2500 million and run logging to evaluate the well results.
The CEO, Sergio Morandi, said "Teboursouk 1's main exploration target has been encountered deeper than expected and some hydrocarbon indication is being recorded during drilling inside the reservoir."
Tunisia - Chouech Essaida and Ech Chouech concessions (100% working interest) - CS No.8 was drilled and yielded initial production test of 555 boepd flowing from two zones; - CS No.6 was re-completed as a water injection well after testing revealed minor amounts of hydrocarbons; - EC No.1 was re-completed and is currently being tested; - CS No.9 location was built and is anticipated to spud in May 2008; - Winstar is currently acquiring a 400 square kilometre 3D seismic program with anticipated completion in early summer 2008. - Sabria Concession (45% working interest) - Sabria 12 location was built and is anticipated to spud by late summer 2008.
OSLO (Thomson Financial) - PA Resources said the three well drilling program has been completed and the production of oil has started from one of the wells at the El Bibane field offshore Tunisia.
Stockholm-based PA, which has a 25 pct stake in the field, said oil production started last week from the well, but rates have so far been variable due to a combination of factors.
'The peak daily production rate thus far is approximately 1,400 barrels of oil per day (of which net 350 bopd to PA Resources),' the firm said, adding that it expects production levels 'to rise considerably over the coming weeks'.
alastair.reed@thomson.com
ar/jlc
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A preferential trade exchange agreement will be signed soon between Algeria and Tunisia, while the economic exchange is expected to reach unprecedented levels between both countries, a Tunisian diplomatic source told El Khabar.
In this regard, cooperation between Algeria and Tunisia is expected to be bolstered as another convention related to bilateral investment boosting is scheduled to be sealed, as both sides are intending to reinforce the economic cooperation in energetic, trade sectors, as well the investment.
Furthermore, both sides have signed a convention for industrial and energetic cooperation at the last joint committee 16th session held in August 2007, particularly in energetic prospecting and production. The Tunisian oil companies are expecting to transport the crude oil from Algeria to Tunisia, through a pipeline, with view to supplying Alsekhira refinery, based in southern Tunisia, as well as completing the electricity cables works, also supplying the borderline Tunisian regions with gas.
Petrofac Ltd., the U.K. oil and gas services provider with operations in Africa, the Middle East and Asia, said full-year profit rose 57 percent on higher orders.
Net income climbed to $188.7 million, or 54.14 cents a share, from $120.3 million, or 34.87 cents, in 2006, the London- based company said today in an e-mailed statement. Sales gained 31 percent to $2.44 billion.
``We definitely see stronger earnings in 2008,'' Chief Executive Officer Ayman Asfari said in an interview. ``Demand for our services is strong.''
Oil services companies including John Wood Group Plc and Abbot Group Plc are benefiting from soaring crude prices, which have spurred exploration by producers such as Exxon Mobil Corp. and Royal Dutch Shell Plc. Oil traded in New York has risen about 80 percent in the last 12 months.
Petrofac's order portfolio rose 6.4 percent to $4.44 billion as of Dec. 31 from a year ago, Petrofac said. It will pay a final dividend of 11.50 cents per ordinary share, raising the full-year dividend to 16.40 cents a share.
Petrofac fell 17 pence, or 3 percent, to 549 pence as of 8:24 a.m. local time. The shares jumped 37 percent last year.
Drilling Program
The company plans to produce its first natural gas from the Chergui project in Tunisia before the middle of the year. Petrofac plans to continue drilling in offshore Permit PM304 in Malaysia and will also start drilling at the Don deposit in the U.K. part of the North Sea.
``We see a lot of growth in the Middle East'' and central Asia in Kazakhstan, Asfari said.
The seven-week shutdown of the Thistle Alpha platform in the North Sea following a fire on Nov. 25 didn't impact Petrofac's earnings, Asfari said. The company ``addressed very adequately'' notices from the U.K.'s Health and Safety Executive about emergency procedure handling.
On average, Islamic countries have less gender equality than non-Islamic countries, but oil turns out to be a more important factor than religion in these countries. When Ross compared Muslim countries, he found that oil-poor Tunisia and Morocco had much higher percentages of female legislators compared with oil-rich Algeria. The richest oil producers generally had the most regressive gender laws on issues as diverse as voting rights and veils.
Last year, the two sides signed an agreement protocol on oil exploration between the Mauritanian Hydrocarbons Company and the Tunisian Enterprise for Petroleum Activities (ETAP). The High Joint Committee also called for an agreement dividing potential hydrocarbon production between the two countries.
He also explained Iran's capabilities and potential for attracting Japanese companies' investments in oil and gas, communications, transportation, services as well as light and medium industries.
...
The one-day forum kicked off in Tokyo on Wednesday, March 5 with the participation of 400 Japanese managers. Representatives of 18 other countries, including Iran, Saudi Arabia, Egypt, Tunisia, the United Arab Emirates, Kuwait, Syria, Algeria and Jordan also took part.
QPI international arm has already announced it is looking the possibility of developing two refineries in Panama and Tunisia.
...
QPI is also planning to set up an oil refinery in Tunisia following a feasibility study.
TUNIS, March 2 (Reuters) - Tunisia has increased domestic petrol prices by 4.16 percent to cut an energy budget deficit that has widened on soaring world prices, the government said on Sunday.
The price of lead-free petrol and two-star petrol rose to 1.250 dinar ($1.05) per litre from 1.200 dinar.
The previous increase was announced in October.
A $1.0 rise in imported oil prices adds 35 million dinars to the annual energy subsidy budget, officials said. (Reporting by Tarek Amara; editing by William Maclean and Erica Billingham) ($1=1.19 Tunisian dinars).
Tunisia's US$28.7 billion economy is powered totally by fossil-based power plants that produce electricity equivalent to 8.5 metric tons of oil. To gain energy security and reduce carbon emission, in 2005 the Ministry of Energy signed an agreement with France's Areva, to construct a 600 MW nuclear reactor and it will cost US$I .14 billion.
LONDON (Thomson Financial) - Mediterranean Oil & Gas PLC said the Teborsouk 1 exploration well in Tunisia is now close to starting the most exciting drilling phase as it approaches the first target depth.
The company also said its Ombrina Mare 2 appraisal/development well in Italy will spud immediately while the Monte Grosso exploration well preparation continues to advance.
In nearby Tunisia, the report says steady increases in rigs should add another 18 wells to the region's total. Recent and very promising oil discoveries in Uganda, Madagascar, Ghana and elsewhere suggest that Africa is vastly under-explored, and may hold significant untapped reserves.
ORONTO - Candax Energy Inc. (TSX:CAX) has tied in the platform at the EBB-4 oil and gas well off Tunisia to the export pipeline, but production will not begin until a three-well program is completed and a gas recycling system is installed.
Candax shares were down 17 per cent Tuesday after the news from the El Bribane project.
The company disclosed that "a considerable volume of water was lost into the EBB-4 well during the drilling of the horizontal section, which will need to be removed from the near-wellbore area by gas-lifting with the recompressed gas."
It said continuing unfavourable weather in January caused new delays, but installation of the EBB-5 platform is progressing, while drilling is underway at EBB-3, the final well in the program.
The full field development now is expected to be completed in March.
Candax also disclosed it has drawn a further US$29 million on its credit facility with Bank of Scotland, following a US$20-million drawdown in December.
Candax stock was down 13 cents at 62 cents Cdn Tuesday afternoon on the TSX, with a 52-week range between $1.00 and 39 cents.
2008-02-27 The 10th Session of Mediterranean Conference and Exhibition for Oil and Gas kicked off on Tuesday morning at Dat Al Emad Complex in Tripoli.
The conference is organized by the International Organization for Energy in collaboration with the Oil National Corporation, Libyan Oil Institute, Engineering College at Al-Fateh University, Environment General Board and the UN Development Program in Great Jamahiriya.
The opening of the conference was attended by the Secretary General of the International Organization for Energy, the Secretary of Administrative Committee of the Oil National Corporation, the Secretary of the People's Committee of Al-Fateh University, the Secretary of the People's Committee of Engineering College, the representative of the Oil Producing Arab Countries and the representative of the Libyan Oil Institute.
More than 500 professors and researchers from Britain, U.S., Russia, Canada, Ukraine, Italy, Hungary, Kuwait, Algeria, Egypt, Nigeria, India, Tunisia, Iraq and Malta in addition to Great Jamahiriya will take part in the three-day conference.
Numerous scientific symposiums and seminars will held on the margins of the conference on the swinging oil prices and its repercussions on economies of producing and consuming countries, and focusing on natural gas as an alternative source of energy.
And the international exhibition for modern equipment and technology to extract and produce oil and gas was held on the margins of the conference with the participation of 18 companies specialized in the area of oil exploration, excavation, refining, treatment and marketing.
Hanoi, Feb 22 (Prensa Latina) Vietnam will explore for oil in state-run facilities in Tunisia along with the Russian company Vietsovpetro, which will invest $13 billion to set the joint venture in motion.
Petrovietnam is heading an offensive to increase its 2007 income of $12 billion to $15.6 billion and contribute over $6 billion to the national budget.
To meet its goal, the Quang Nai Province shipping company Dung Quat began to build a 105,000 ton supertanker, first and largest of three tankers for Petrovietnam.
This week the local Petroleum Technical Services Company installed a 1,400-ton oil platform in Malaysia after winning an international bid as part of a $100 million contract that includes design, production, purchase, experiments and launching.
OMV Aktiengesellschaft, Central Europe’s leading oil and gas group, generated the best results the Group ever had in its history in the year 2007. Group sales increased by 6% to EUR 20.04 bn, EBIT (earnings before interest and taxes) amounted to EUR 2.18 bn and increased by 6% compared to the same period 2006. The EBIT contribution of Petrom was EUR 581 mn. Net income after minorities increased by 14% to EUR 1.58 bn. Cash flow of operations rose by 2% to EUR 2.07 bn. The gearing ratio is 23.7%.