Tuesday, June 19, 2012
3Legs Resources (LON:3LEG) announced this morning that it plans to carry out further testing of its two existing Baltic Basin horizontal wells. Testing will enable the group to acquire valuable additional data on the performance of these two wells and advance its play understanding.
Peter Clutterbuck, Chief Executive of 3Legs Resources, said: "We are pleased to confirm that we will shortly be conducting further testing of our two existing Baltic Basin horizontal wells Lebien LE-2H and Warblino LE-1H. The testing will enable us to acquire valuable additional data on the performance of these two wells and hence further to advance our play understanding. We are pleased also that preparations are well under way for the drilling of our fifth well in the Baltic Basin, Strzeszewo LE-1. We are planning a full suite of tests and other analysis on this well in order to optimise our understanding of the geology before planning further horizontal wells.
We welcome Christie Schultz into our technical team. Our objective is to continue to build our independent capability as an operator in unconventional oil and gas, and to be able to manage all aspects of current and future oil and gas assets to the highest standards."
3Legs Resources is currently trading at 39.50 pence a share.
Serica Energy (LON:SQZ) announced an operational update on seismic operations off the coast of Namibia this morning. The company says that data from the three-dimensional seismic survey, covering 4,150 square kilometers, was of good quality.
Tony Craven Walker, Chairman and Interim Chief Executive, said: "Although we have met with some weather delays we are very pleased with the progress of seismic operations to-date. Within six months of the licence award Serica has completed the seismic acquisition obligations required during the first four year period of the licence, a record achievement. The survey, one of the largest to be undertaken off Namibia, continues with results expected later this year following which, with BP, we will be looking to making a drilling decision.
Offshore Namibia remains one of the few under-explored regions worldwide with very large resource potential. With the rapid build up of operations Serica has demonstrated its ability as an Operator and its commitment to Namibia. We look forward to completing the survey and moving to the drilling phase."
Broker FoxDavies mentioned in its morning news release that we should 'expect positive movements today.'
Serica Energy is currently trading at 24.00 pence a share, up 1.05% on opening.
Bahamas Petroleum (LON:BPC) shares have risen by 15.17% this morning and is currently trading at 9.34 pence a share.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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