Resources round-up: Enegi Oil, Bowleven, Solo

Enegi Oil is nearing completion of the workover on the PAP 1 well, where data has indicated that the well can be flowed on a continuous basis. The firm has also signed an agreement with Advanced Buoy Technology to apply for licenses in the UK North Sea under the 27th Seaward Licensing round organised by the Department of Energy and Climate Change (DECC). "We are encouraged by the initial results on the workover on Garden Hill South which indicate that upon completion we can expect a positive final outcome which will provide the Company with a strong basis from which to develop," the company said.

By MoneyWeek

published 30 March 2012

in Features

Bowleven, the Africa-focused oil and gas company, today announces the completion of the sale of its entire equity interest in the EOV Permit, offshore Gabon, to Perenco SA for a cash consideration of $35m. The transaction involves the sale of GGPC Gabon, a wholly-owned subsidiary of Bowleven. GGPC's sole asset is a 100% interest in the EOV Permit. The group's net cash balances, including the disposal proceeds, are around $160m.

During the half year ended December 31st, Solo Oil increased its interest in the Reef Resources projects in Ontario and the Tanzania assets (from 12.5% to 18.75%). This has risen to 25% since the year end. In Canada, testing of an improved oil pumping system was undertaken on well A 1 at the Ausable Field and based on performance it has been agreed to install similar pumps in all the Ausable wells. The Likonde-1 well at Ruvuma was drilled was plugged and abandoned after the discovery of a 250 metre gross interval of sands with residual oil shows and reaching a gas zone at total depth.