Resources round-up: Empyrean, Rialto, Cove Energy

Aussie firm Aurora Oil and Gas has agreed to purchase a six per cent interest in the Sugarloaf Project, in which Empyrean Energy holds a three per cent working interest. Empyrean said the move signals a strong interest in Eagle Ford Shale assets in the USA and in particular within its project acreage, adding that the liquids rich nature of the acreage shelters the partners from low gas prices in the US. 'The read across valuations from these corporate activities gives the board great comfort that our Sugarloaf Project is progressing successfully and that the fundamental value of the project is robust,' Empyrean said in a statement.

By MoneyWeek

published 15 May 2012

in Features

Rialto Energy, which is currently drilling the Gazelle-P3 well, Offshore Cte D'Ivoire, has said the well has encountered encouraging oil and gas shows, which will be evaluated and sampled once the well, which is currently at a depth of 3,161 metres, reached 3,400 metres.

Cove Energy has made a major new gas discovery at the Golfinho well, 20 miles northwest of the Prosperidade complex. The operator of the site, US ol major Anadarko, has estimated that the area holds between 13 and 45trn cubic feet of gas in place. Once drilling at Golfinho has been completed the venture will move onto the Atum-1 exploration well. "This new gas accumulation is independent and separate to the Prosperidade gas complex and with successful appraisal could be advantageously developed, given its close proximity to shore and the fact that it completely enclosed in Area 1," the firm said.