Petro Matad (LON:MATD) said, with results of the data acquired during the 2015-2016 exploration work programme, it has significantly upgraded its prospective basin portfolio.
"The current data coverage in the Company's acreage has revealed 12 basins and this is likely to increase as more work program activities, including seismic acquisition, are undertaken in the future," it said in a statement.
"Therefore, excellent potential for discovering material hydrocarbon volumes exists within the Company's acreage."
- Regional petroleum basin modelling and play evaluation work has addressed 6 key basins where the data coverage is currently more complete; these are: Biger, Shal, Baatsagaan, and Baidrag in Block IV; and Taats and Tugrug in Block V. The other basins (which only have sparse data coverage) that make up the remainder of the 12 basins are: Delger, Bayantsagaan, Khangai, Orog, Khovor and Guchin-Us.
- Potentially generated hydrocarbons using the play and basin analysis method on the 6 high-graded key basins is estimated to be circa 90 billion barrels of oil in the Upper Jurassic-Lower Cretaceous play, which is the proven and producing petroleum system in Mongolia. The volume of potentially trapped oil ranges from 9 to 23 billion barrels of Stock Oil Initially in Place (STOIIP), assuming trapping efficiencies of 10% to 25%. Further upside potential exists in the deeper Permian-Jurassic play, which is analogous to the prolific systems in the western Chinese basins. The remaining six other sub-basins and other areas with limited data coverage will be the focus of future new seismic acquisition to determine their prospectivity potential.
- The Company's play and basin focused exploration strategy has enabled the Company to build a portfolio which contains a wide range of exploration opportunities. This diversified basin portfolio approach has provided the framework for a spectrum of leads and prospects with different risk and reward factors, to be developed. The result is that the Company has an extensive drill-ready high impact prospect portfolio for the upcoming 2017 drilling campaign and beyond.
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Circle Oil (LON:COP) says it remains in discussions with Circle Link S.ar.L, the holder of the $20 million convertible loan and will update shareholders in due course.
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Providence Resources (LON:PVR) said the Minister of State for the Department of Communications, Climate Action and Environment has agreed to extend the first phase of Licence 2/11, Kish Bank Basin, by two years until Aug. 17, 2018 and an overall extension of one year to the licence term until Aug. 17, 2020.
"Such extensions should allow for the planning, consent and drilling of an exploration well on the Kish Prospect within the first phase of the Licence. The Company has also voluntarily relinquished 55.39% of the area under the Licence considered to be unproductive," the company said.
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Frontera Resources Corporation's (LON:FRR) fully owned subsidiary Frontera Resources International LLC has been chosen as winner of the bidding for exploration and production of hydrocarbons in the Republic of Moldova. Following completion of the bidding, Frontera Resources International LLC and the Government of Moldova are set to conclude respective agreements on the hydrocarbons exploration and development.
These agreements are subject to both Frontera Resources International LLC and the Government of Moldova negotiating suitable terms for the exploration and development of hydrocarbons outlined in the initial bidding process.
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Egdon Resources (LON:EDR) has acquired an additional interest in PEDL201 in the company's East Midlands core area.
Egdon will acquire a 12.5% interest in PEDL201 in the Widmerpool Gulf from Corfe Energy limited for an all share consideration of £50,000.
The number of consideration shares will be calculated based on the average closing mid-price for the five days prior to the day of completion.
Egdon will have a 45.00% operated interest in PEDL201 following completion of this acquisition which will add a total of 2,471 net acres to Egdon's licence holdings. The licence is considered by Egdon to hold significant prospectivity for both conventional and unconventional resources. The transaction is subject to Oil and Gas Authority approval.
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Total (LON:TTA) and Corbion are joining forces to develop bioplastics by creating a 50/50 joint venture to produce and market polylactic (PLA) polymers.
The two partners plan to build a world-class PLA polymerization plant with a capacity of 75,000 tons per year at Corbion's site in Thailand that already has a lactide (PLA monomer) production unit that will become part of the joint venture. Corbion will supply the lactic acid necessary for the production of the PLA and the lactide.
The new company will be based in the Netherlands and will launch operations in the 1st quarter of 2017, subject to regulatory approvals.
(LON:AUR) Aurum Mining PLC share price was +0.05p at 5.15p
(LON:BOR) Borders Southern Petroleum PLC share price was +0.09p at 2.62p
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(LON:EDR) Egdon Resources PLC share price was 0p at 14.75p
(LON:ENQ) EnQuest Plc share price was +1.63p at 26.88p
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(LON:INDI) Indus Gas Ltd share price was -13.12p at 321.88p
(LON:MATD) Petro Matad Ltd share price was +0.75p at 3.78p
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