Oilex has decided to suspend operations at its Cambay-76H horizontal well onshore Gujarat, India, after suffering repeated mechanical problems. Oilex had been conducting operations to recover and replace a damaged drill pipe and to recover milling assemblies from the well. During these operations the firm said the drill pipe had parted on three separate occasions at 282 metres, 2,294 metres and, most recently, at 977 metres. "The intent is to resume operations, possibly as part of an expanded work program at the earliest opportunity," Oilex said. The news cause the company's share price to plummet almost 29% in early trading.
Rialto Energy has provided the latest of its weekly updates on drilling operations at the Gazelle-P3 ST Well offshore Ivory Coast. It said the well was spudded on 12 March 2012 and since the firm's last report had been drilled to a depth of 2181m. Rialto said it expected to drill and wireline log the Upper Cenomanian reservoir section during this week. This didn't seem to satisfy investors who pushed down the share price almost 14% following the announcement.
Latin America-focused Gold Oil said it had received expressions of interest from a number of potential 'farminees' after it released plans to seek partners for its interest in Block Z34, offshore Peru. "The company will now progress discussions with interested parties with a view to firming up proposals and deciding on the next steps," it said.
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Oil and gas producer Ithaca Energy said it remained in takeover talks with several suitors, but disappointed investors by failing to say who they were or whether there was a favourite. The update followed media claims that Kuwait's national oil company had decided it was no longer interested in the firm. A timetable for the submission of final bids has been set and the company said it expected to provide a further update to the market within the next four weeks.
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