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OIL prices rose yesterday, despite the latest Energy Administration Information (EIA) report for the week ending 28 August revealing that: Total US commercial stocks grew by 5.7 million barrels a day - and at 1.
icking Horse Energy Inc. (TSX VENTURE: KCK) is pleased to announce the appointment of Mr.
Strata-X Energy (TSX VENTURE:SXE)(ASX:SXA) - Webster Drilling is mobilizing drilling rig for the Kuhlig #1 well. Kuhlig #1 is a 12 Km step-out appraisal well of the Burkett 5-34 horizontal well that reached 300 BOPD.
Parex Resources Inc. (TSX: PXT), a company focused on Colombian oil exploration and production, is pleased to announce three new Colombian oil discoveries on blocks LLA-26 and LLA-34, and increased oil production guidance for 2015.
Oil price As the weekend approaches and we see some consolidation in oil prices the markets are as uncertain as ever and looking further out there is no strong feeling of security. I suspect that market participants, as we can call them, will be happy enough with $46.
InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to provide an update on the programme of works on the Islandmagee gas storage project in Northern Ireland following completion of the drilling of the Islandmagee-1 well in June 2015. InfraStrata is a 65% shareholder of the gas storage project developer, Islandmagee Storage Limited.
Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to further update the market with news of progress at its flagship BNG asset. Shallow Wells Well 143 Roxi is pleased to announce a new discovery at the MJ-F structure located towards the North of South Yelemes field at BNG.
People are afraid of choices. Sure, traditional wisdom (the kind espoused by grey-faced jobcentre coaches and your mum's marriage advice) would like us to believe that choice empowers us, brings our decisions to the boil, and leaves us safe and happy that what we've picked is the absolutely best thing in a difficult circumstance.
Statoil Petroleum AS, operator of production licence 104, has concluded the drilling of wildcat well 30/9-27 S. The well was drilled around 7 kilometres west of the Oseberg Sør-field in the northern part of the North Sea, 150 kilometres west of Bergen.
Northcote (AIM: NCT) is pleased to announce that, further to its previously announced intention to secure and develop onshore conventional fields in Mexico, the Company has registered for, and been granted, access to the data room being administered by the National Hydrocarbons Commission ('CNH') in order to assess such development opportunities. This is part of the ongoing reopening of the vast Mexican energy sector to international companies.
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with producing and exploration assets in Europe, is pleased to note today's update from Egdon Resources regarding Extended Well Test operations on the Penistone Flags oil zone and the Ashover Grit intervals at the Wressle-1 oil and gas well on Licence PEDL180, which lies on structural trend with and 5 km from the Europa operated Crosby Warren field. Europa has a 33.
Today in Vladivostock, a working meeting has been held between the Chairman of the Gazprom Management Committee, Alexey Miller, and OMV CEO Rainer Seele. During the meeting, a Term Sheet was signed regarding long-term business projects between Gazprom and OMV.
Rosneft and Indian ONGC Videsh Limited during the Eastern Economic Forum signed the agreement of sale and purchase of 15% in Vankorneft and shareholders agreement in regard of the enterprise management. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and Managing Director of ONGC Videsh Limited Narendra Verma.
Petsec Energy is pleased to advise that its recent gas/condensate discovery well - the 16,700' RA SUA; Williams No. 2 Alternate well, which was drilled to 17,266 feet measured depth /16,873 feet true vertical depth, commenced production on 31st August 2015.
ION Geophysical Corporation (NYSE: IO) today announced an aggressive cost reduction initiative as part of an overall plan to align operating expenses with business conditions and recent declines in the current commodity price environment for crude oil and natural gas. The Company believes this cost reduction program will more appropriately scale its operations to the current commodity price environment.
This week the EIA released the first look at its new method for reporting United States crude oil production. It revealed two things.
Noble Energy, Inc. (NYSE: NBL) continues to work diligently with the government of Israel to address matters necessary to facilitate the development of its world class discoveries at Tamar and Leviathan and ensure a stable investment climate.
America Resources Exploration, Inc. (OTC PINK: AREN), today announced that it has acquired a producing oil field (The Harris Leases) in Callahan County, Texas.
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is pleased to announce that further to the news release dated June 30, 2015 the Company and the Joint Venture Partner, Jaguar Resources Inc.
Kivalliq Energy Corporation (TSX VENTURE: KIV) today announced the appointment of Mr. Jonathan Singh as Interim Corporate Secretary, effective immediately.
An editorial in OPEC's latest Bulletin caused much excitement and contributed to a price rally on oil markets on August 31. The oil producer club said it stood 'ready to talk to all other producers' but emphasized that this had to be on 'a level playing field.
Chevron Corporation (NYSE:CVX) has reached a settlement agreement with H5, a California-based e-discovery and litigation services firm. In the settlement, H5 has withdrawn its support from the litigation against Chevron in Ecuador and has assigned its 1.
Rosneft and China Petrochemical Corporation (Sinopec) signed the Heads of Agreement on cooperation within the proposed joint development of Russkoye and Yurubcheno-Tokhomskoye fields. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and the Chairman of China Petrochemical Wang Yupu during the visit of the Russian President Vladimir Putin to Beijing and in presence of the President of People's Republic of China Xi Jinping.
As commodity prices fell at the end of 2014 and in early 2015, companies that participate in the Bakken shale in North Dakota and Montana were hit the hardest amongst U.S.
In its half-year results today, Gulf Keystone confirmed continued strong operational performance from Shaikan. The company continues to produce high volumes from Shaikan (a new daily high of 45mbblsd in August), though struggles to receive revenues for its crude.
As if the recent oil price dive to the lowest level in six years wasn't enough to keep industry nerves on edge, the current price volatility is proving just as hostile to producers as sliding margins. After bottoming out in late January at $45/b, NYMEX crude had recovered to $60/b by May, in a correction now widely seen as premature as it was overcooked.
Motivation Exploration activity in the UK Continental Shelf (UKCS) has been declining steadily since 2008. In 2014, just 14 exploration wells were drilled which is the lowest number since the beginning of the industry in the 1960s.
High Peak Royalties Limited (ASX:HPR) is pleased to announce the appointment of Simon Fyfe as Chief Executive Officer of High Peak, as from 3 September 2015 subject to the terms and conditions of a conventional executive service agreement. Mr Fyfe is welcomed by the Board of High Peak and sees this appointment as a significant step to achieve the steep growth trajectory planned by the Board for royalty acquisitions in the oil and gas & mining industries, with resulting increases in cash flow.
Buru Energy Limited provides the following final weekly update on drilling operations at the Praslin 1 well as at 06:00hrs, 3 September 2015 (AWST). Praslin 1 is located 90kms east of Broome and 15kms west of Buru Energy's producing Ungani oil field.
After decades of exhaustive attempts to overcome the dirty reputation of oil sands, we finally have an environmentally-friendly and low cost method to tap into these vast resources in the state of Utah—good news both for Mother Nature and all oil and gas investors. MCW Energy Group's CEO, former Exxon President of the Arabian Gulf region, Dr.
Mosman Oil and Gas Limited (AIM: MSMN) the New Zealand and Australia focussed oil exploration and development company, has today executed a conditional sale and purchase agreement to acquire onshore NZ producing oil and gas assets for NZ$10 million (approximately £4.2 million).
Premier announces that the 3/7-10 S exploration well (Premier 40 per cent operated interest) which was targeting the Myrhauk prospect on the south east flank of the Mandal High in PL 539 in the Norwegian sector of the North Sea has reached total vertical depth of 3,464 metres. The well encountered approximately 110 metres of good reservoir quality Middle Jurassic sands but these were water wet.
Schlumberger announced today that it has acquired Novatek Inc. and Novatek IP, LLC.
In this week's Oilgram News column, Regulation and Environment, Gary Gentile asks if the risks associated with ultra-deepwater oil production endeavors are properly disclosed to shareholders. Opponents of offshore drilling in frontier environments, such as the Arctic, have opened up a new front in their effort to curtail such efforts — asking US financial regulators to require more robust disclosure of the risks involved.
Virtus Oil and Gas Corporation (OTCBB: VOIL) spud the conductor hole at the Lone Pine 34-11-5 well in Southern Utah on August 25, 2015. Energy Drilling's Rig 8 has been assembled onsite and initiated formal operations on August 31, 2015.
GeoPark Limited (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru, today announces a new oil field discovery following the drilling of exploration well Jacana 1, located on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block.
ALBERT Einstein is widely credited with saying this: 'The definition of insanity is doing the same thing over and over again, but expecting different results'. Who cares if it is either paraphrased or he didn't even say it at all? This is a fantastic quote.
ION Geophysical Corporation (NYSE: IO) and the Puntland Petroleum Minerals Agency (PPMA) announced that the PPMA has awarded ION a contract to acquire 8,000 kilometers of seismic data covering the entire Somalia Puntland offshore margin. The regional 2D multi-client survey, known as PuntlandSPANTM, is being conducted to support a future license round initiative and to assist the E&P industry in gaining a better understanding of the architecture of the sedimentary basin and the hydrocarbon potential of this unexplored offshore margin.
ROOSTER ENERGY LTD. (TSX VENTURE:COQ) announces the appointment of J.
Louisiana could be the site of the next wave of pipeline expansions, which might be a boon for refiners there, but other midstream players could find themselves on the outside looking in, depending on the origin of the crude on the lines. Southern Louisiana has long been a Gulf Coast toehold for crude-by-rail or crude-by-barge operators who can't compete with the plethora of pipelines pointed at the Houston area.
Bilfinger Salamis UK, provider of asset life extension services, has been awarded a five year contract, with two one-year extension options, for international energy company TAQA for its oil and gas operations in the UK North Sea. Under the contract Bilfinger Salamis UK will provide a range of fabric maintenance support services on all of TAQA's UKCS assets, including: scaffolding, insulation, coatings, passive fire protection, specialist cleaning and rope access.
Northern Frontier Corp. (TSX VENTURE:FFF) is pleased to announce that it has agreed to acquire SL Oilfield Construction Ltd.
ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) is pleased to announce the successful testing and completion of the Chiya Khere-8 development well in the Atrush Block in the Kurdistan Region of Iraq.
As the oil price further deteriorates, major oil-producing countries are looking to the future and to sustainability. Recently, Bloomberg forecast that two-thirds of the $12.
WPX Energy (NYSE: WPX) has completed the divestiture of its remaining mature coalbed methane properties in Wyoming's Powder River Basin and scheduled a related sale of its membership interest in Fort Union Gas Gathering L.L.
Royal Dutch Shell plc today announced that its recommended combination with BG Group plc has received unconditional merger clearance from the European Commission. Together with the previously announced pre-conditional clearance in Brazil, two of the five pre-conditions to the combination have now been satisfied.
Yemen Local sources have reported that Yemen may become two separate states, and that this will be a popular solution with the Yemenis around Aden. Gerry Northwood OBE, COO of MAST, said: 'Interestingly, should the separation occur along the pre-1990 North Yemen/South Yemen borders, both states will share jurisdiction of the Bab-el-Mandeb strait, which may create a greater challenge for those seeking to ensure that the straits are properly regulated and policed.
Aker Solutions yesterday notified employees that it has become necessary to reduce the workforce capacity in its Norwegian subsea business because of a continued market slowdown. About 500 permanent positions at facilities in Fornebu, Stokke, Moss and Tranby in Norway may be affected.
Oil price After a rise of nearly 30% it was inevitable that the oil price would come off and the data available was all a bit negative. The Chinese number was already in the price yesterday but the US data was also not up to best expectations.
Magadanmorneftegaz, Lisyanskmorneftegaz (joint ventures of Rosneft and Statoil) and China Oilfield Services Limited (COSL) signed a contract to drill two exploration wells in 2016. The wells will be drilled in the Magadan-1 and Lisyansky areas of the Okhotsk Sea.
Xodus Group has been awarded a contract with Nexen Petroleum U.K.
MX Oil plc, the AIM quoted oil and gas investment company, has been advised by its partners that the Aje-5 well in the proven Aje Field on licence OML 113 offshore Nigeria, has reached targeted depth of 3,255 metres (measured depth) and has intersected hydrocarbon bearing intervals in line with the pre-drill geological model. The Well is now being completed as a subsea oil production well.
| Wednesday, September 2, 2015
Canadian natural gas prices have held up so well that the majors are taking strategic positions to prepare for an eventual demand spike. But the paydays could be delayed depending on the outcome of the Canadian federal election on Oct.
Austin Exploration (ASX: AKK) is pleased to announce that drilling on the Board Of Education lease in Mississippi has intersected crude oil. Electronic logs and side wall core analysis have been run on the Artman & Pearline Oil Sands which indicates two zones totaling 28 feet of pay and oil saturated sands.
Sydney: High Peak Royalties Limited (ASX:HPR) wishes to announce that Steven Larkins has resigned as Chief Executive Officer of HPR with effect from 1 September 2015 to pursue other opportunities. Steven joined HPR after the merger of Phoenix Oil and Gas Limited with Torrens Energy Limited in 2014 and has since participated in the consolidation of the merged group and recent acquisitions of HPR.
Empire Oil & Gas NL (ASX: EGO) advises that Mr Brett Heading has resigned as a Director of the Company. Empire Chairman Mr Tony Iannello thanked Mr Heading for his substantial contribution to the Company during a pivotal period in its growth and development.
The Directors of Energy World Corporation wish to advise shareholders that the Company has received a Letter of Resignation from Mr. Bruce Macfarlane on 1 September 2015 resigning from the Board of Directors of EWC and the committees of which he is a member.
The Hawkeye-1 well has been completed and declared uncommercial. While encountering hydrocarbons, the volumes were at the very low end of expectations and were mostly water wet.
Winchester Energy Limited is pleased to report that testing of a second interval in the Ellenburger Formation in the White Hat 21#1 vertical well is underway. The well Operator, Carl E Gungoll Exploration LLC has reported today on the testing of a new interval at a shallower depth than the first successful test interval which was announced by the Company on Friday 28 August 2015.
With budgets coming under increasing pressure in the face of global economic shocks, oil and gas firms may be tempted to cut back on competition compliance - but it is more important than ever as the UK industry looks for a new collaborative model. One of the added risks in a downturn is always that collusion is seen as a shortcut to higher profitability, and in the UK oil firms have already been asked to walk a tightrope following Sir Ian Wood's recommendations on maximising economic recovery (MER).
Edge Resources Inc., is pleased to announce its audited results for the three month period ended 30 June 2015, highlights of which are set out below.
Range is pleased to advise that the vessel carrying the first new 4,000 m rig has arrived at the port in Trinidad. This is the largest rig to be added to Range Resources Drilling Services Limited ('RRDSL') drilling fleet this year.
'If you are the world's leading energy economy, you produce energy, that's what you do.' 'A government can stay irrational longer than it can stay solvent.
CEB Resources plc, the AIM listed investing company, is pleased to announce that it has agreed with PT Akar Golindo (PTAG) to assess the technical and commercial opportunities for monetising gas in and around the Tuba Obi East oil and gas concession in the South Sumatran Basin. Under the terms of the agreement CEB and PTAG will undertake a technical evaluation of the gas production potential of the Tuba Obi East Technical Assistance Contract (TAC), along with surrounding undeveloped gas discoveries to provide a detailed assessment of potential opportunities in the region.
Empyrean Energy, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, is pleased to provide a production update from its flagship Sugarloaf AMI Project in the prolific Eagle Ford Shale, Texas, for the three month period to the end of June 2015. Empyrean has a 3% working interest in the Project, which is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation (NYSE: MRO).
P/F Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that during the month of August, Atlantic Petroleum produced a net total of 48,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and Blackbird fields. The average daily production was 1,548 boe per day net to the Company.
The national security argument for lifting the US' long-standing restrictions on oil exports appears to be making some headway. Senator Bob Menendez, a New Jersey Democrat who in June had signed a letter to President Barack Obama saying unfettered US oil exports would harm American consumers, last week said he would support the 'strategic export of American oil to allied countries struggling with supply because Iranian oil remains off the market.
Oil price With WTI rising by 8.8% and Brent by 8.
What might decreasing oil revenues mean for the Persian Gulf oil states? With low crude prices, high supply and global economic challenges, it is natural to wonder whether the level of dependence on petrodollars by Saudi Arabia and the other Gulf Cooperation Council (GCC) countries bodes ill for their future. Perhaps the most predictable outcome of the current oil glut is that it spells doom for the Arab oil monarchs, who will no longer be able to provide their citizens with massive payouts and social welfare benefits.
Hydrocarb Energy Corporation (OTCQB: HECC) is anticipating mobilizing a drilling rig to Galveston Bay State Tract 259 to drill an exploration well in mid-October. The North Eagle Bay ST 259 #1 well is a high-impact exploration well in which Hydrocarb's subsidiary, Galveston Bay Energy, has Operatorship and a 5 percent interest.
ION Geophysical Corporation (NYSE: IO) and the Tanzanian Petroleum Development Corporation today announced that the TPDC has awarded ION a contract to acquire 4,058 km of 2D seismic, gravity and magnetic data over offshore blocks 4/1B and 4/1C in the Rovuma Delta region. The award follows an international tender, number PA/031/2014-15/W/06, for a 2D multi-client survey, to be known as 'TPDC Phase I 2015', that is planned to be acquired in fourth quarter 2015.
Oceaneering International, Inc. (NYSE: OII) announced today that Suzanne Spera has joined Oceaneering as Director, Investor Relations.
Total announces the start-up of production from the Surmont 2 oil sands project, located 63 kilometers southeast of Fort McMurray in the Athabasca region of Alberta, Canada. As a result of the technology that will be implemented, production will ramp up through 2016 and 2017, adding 118,000 barrels of oil per day gross capacity.
Gas Plus Khalakan, a 75%-owned subsidiary of New Age, is about to commence the development drilling of three wells for Phase 1 of the approved Field Development Plan for the Shewashan oil field in the Kurdistan Region of Iraq. Phase 1 of the development includes the installation of an Early Production Facility and targets production of 10,000 barrels of oil per day in 2016.
LINN Energy, LLC (NASDAQ:LINE) and LinnCo, LLC (Nasdaq:LNCO) ('LinnCo') announced today that LINN has closed the previously announced sale of its remaining position in Howard County in the Permian Basin for a contract price of approximately $281 million, subject to pre- and post-closing purchase price adjustments. The properties sold include approximately 6,400 net acres prospective for horizontal Wolfcamp drilling and approximately 2.
Pan Orient Energy Corp. (TSX VENTURE:POE) is pleased to announce the appointment of Richard M.
Deep Well Oil & Gas, Inc. (OTCQB:DWOG) is pleased to announce a production update of our joint Steam Assisted Gravity Drainage project located in the Peace River oil sands area of Alberta, Canada.
Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that the planned annual tanker shipment for export from Arcticneft on Kolguyev Island has been completed successfully. The tanker has left Kolguyev Island with 27,504 tons of crude (an equivalent of 217,282 barrels).
The main action this month has been on the oil price that continued to slide. Both WTI and Brent set new post-crisis lows but saw sharp reversals on 27th and 28th August last week.
There was good news for Petroceltic (PCI) over the weekend. ENI announced that it had made a 30tcf GIIP discovery offshore Egypt, the largest ever gas find in the Mediterranean.
Strike Energy Limited (ASX:STX) is pleased to provide an update on operations at its Southern Cooper Basin Gas Project in PEL 96 (Strike 66.67% and Operator, Energy World Corporation (ASX:EWC) 33.
Transerv announces that the present operation at Warro-5 is drilling ahead at 1857mRT TVD in a side track hole (Warro-5ST). During the week, fishing operations were not able to recover the lower part of the bottom hole assembly which had become differentially stuck.
3D Oil Limited (ASX: TDO) advises that the Sea Lion-1 exploration well is now expected to spud approximately mid-September, subject to weather conditions causing delays to the handover of the rig from the current operator. The VIC/P57 joint venture, under the operatorship of Carnarvon Hibiscus Pty Ltd, has contracted the West Telsto jack-up drilling rig to drill Sea Lion-1.
Oil moved up sharply at the end of last week-so maybe now the media will start paying attention to a fact it has so far ignored-the fact is that U.S.
Geodynamics (ASX:GDY) is pleased to announce Quantum Power Limited Chairman Richard Brimblecombe has joined the Geodynamics Board as a Non-executive Director. Mr Brimblecombe's appointment follows Geodynamics' announcement earlier today that it has declared the Quantum Power Takeover Offer free from all Defeating Conditions.
Incremental Oil and Gas is pleased to provide an update in relation to the operations and production of the newly acquired Silvertip Oil and Gas Field, located in the Big Horn Basin, Wyoming USA. Phase 1 Workover Program - return shut-in wells to production As of 31 August, 12 wells have undergone workovers and returned to production.
Aleator Energy Limited announces that it has accepted the resignation of Mr Wal Muir from the position of CEO, effective immediately. Mr Muir's resignation coincides with the sale of the Company's Ukraine assets and the ongoing strategic shift to the telecommunication sector through the acquisition of Vonex Limited.
Empire Oil & Gas (ASX: EGO) is pleased to advise that it has continued to rationalise its exploration portfolio with a farm-out agreement covering its South Perth Basin acreage, enabling Empire to focus on its exploration campaign in the highly prospective North Perth Basin permits. Under the agreement, Pilot Energy (ASX: PGY) will earn 60 per cent equity in Empire's South Perth Basin permits EP 416 and EP 480.
NEOS GeoSolutions and Palantir Solutions recently co-hosted a Lunch & Learn workshop in Calgary. The topic: how to quantify the value of information.
The characteristic feeling of the post-2008 world has been one of anxiety. Occasionally, that anxiety breaks out into fear as it did in the last two weeks when stock markets around the world swooned and middle class and wealthy investors had a sudden visitation from Pan, the god from whose name we get the word 'panic.
Highlights Binding joint bidding agreement signed with a large London listed oil and gas company on licence Block CI-513 in Côte d'Ivoire. Completion of the transaction is subject to negotiation and entry into commercial agreements Advanced farm-out discussions with numerous interested parties across the Company's assets, including The Gambia and Senegal.
| Tuesday, September 1, 2015
Central Petroleum Limited (ASX:CTP) announced that the acquisition by Central of a 50% interest in the Mereenie Oil and Gas Field has been completed today and accordingly Central has assumed operatorship of that field from Santos. Mereenie is considered the largest conventional oil and gas structure discovered onshore Australia and together with reserves at Palm Valley and Dingo it allows 230 PJ of gas to be available to be marketed by Central for the Northern Territory Gas Interconnector.
New World Oil and Gas Plc, an oil and gas exploration and development company, announces its unaudited interim results for the six months ended 30 June 2015. Chairman's Statement The oil industry as a whole continues to experience turbulent times and it appears too early to predict where oil prices might settle.
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce the conditional acquisition of Roc Oil (GB Holdings) Limited, which holds a 12.5006% interest in the Blane Unit in the UK North Sea and a 12.
Trinity, an independent E&P company focused on Trinidad and Tobago, today announces that as part of the ongoing review process it is divesting a non-core asset. Oilbelt Services Limited, a fully owned subsidiary of Trinity, has signed a Sale and Purchase Agreement to sell the Company's 100% interest in the Gaupo-1 block to New Horizon Exploration Trinidad and Tobago Unlimited for a cash consideration of US$2.
On August 31, 2015 Rosneft publishes consolidated IFRS financial results for Q2 2015. In commenting the results of H1 2015, I.
Falcon (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) is pleased to announce that drilling operations have successfully concluded on the Kalala S-1 well. Results encountered are very encouraging, with the well drilled to a total depth of 2,619 meters.