Ascent Gets OK for License Extension Offshore Netherlands

- Ascent Gets OK for License Extension Offshore Netherlands

Tuesday, September 13, 2011
Ascent Resources plc

Ascent Resources has received confirmation of the extension of its M10/M11 block licenses ('the Project') located offshore Netherlands in the southern North Sea until June 30, 2013.

The M10/M11 appraisal project is in the shallow waters off the north coast of the Netherlands. In the license area there are three structures, all of which contain gas discovery wells with the gas present in the Slochteren unit of the Rotligendes sandstones. A conceptual development plan has been prepared and a final appraisal well is being planned for H2 2012 to confirm reservoir parameters for the detail project design. This well will be an appraisal well for the Terschelling Noord discovery, which is in a structure that lies partly within the M10/M11 license area and partly to the area to the south. The well would be expected to then become a production well for the development.

ARN holds a 54% interest in the Project. Other partners in the Project are Energie Beheer Nederland B.V with 40% and GTO Limited with 6%.

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RBG Clinches Apache Contract Extension in North Sea

- RBG Clinches Apache Contract Extension in North Sea

Thursday, September 08, 2011
RBG

RBG has secured a major £30 million two year contract extension to provide Apache North Sea Limited with fabric maintenance and deck crew services.

The contract, which RBG has held since 2008, will see the continued delivery of a wide range of integrated services, including coatings specification, application and repair, passive fire protection, thermal insulation, special access solutions and scaffolding, across the five Forties field platforms, located in the North Sea.

Working with Apache, RBG has established an excellent safety record over the past three years, recording more than 542,000 hours without a lost time incident. RBG deploys multi-disciplined teams that execute the complex workscopes whilst minimizing pressures on bed space and travel logistics.

Dave Workman, RBG, chief executive officer, said, "Securing this contract underlines our position as the leading support contractor of choice in the UKCS and highlights the benefits of our integrated service offering. The region is still a major growth area and securing this extension positions us well for our plans in the region in 2011 and beyond.

"Over the past 35 years we have established an unrivaled track record for delivering fabric maintenance services across the North Sea. Securing this extension is recognition of the great work our projects team carry out and the safe, quality service they deliver, both onshore and offshore."

Bill Logan, Apache North Sea's production manager, said, "RBG has delivered a high quality service over the past three years and we are happy to continue our working relationship with the company."

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Circle Oil Granted Extension for Oman Exploration

- Circle Oil Granted Extension for Oman Exploration

Monday, September 05, 2011
Circle Oil plc

Circle Oil announced the following operational update on its activities in Blocks 49 and 52 in Oman.

Block 49

Circle confirmed that the Ministry of Oil and Gas, Oman has granted an extension to the exploration period for our onshore Block 49 now ending December 26, 2012. Within this time frame, Circle will be required to complete an additional 2,500 line kilometers of closely spaced 2D seismic survey and drill one exploration well. The seismic program is to be acquired in the south-eastern part of the permit, north-east of and adjacent to the 3D survey which was completed in 2010. This survey is intended to provide a better understanding of the whole southern permit area, and outline potential additional drilling targets. It will complement the existing dataset, and cover an area with sparse coverage of legacy 2D lines. Acquisition parameters for the survey will draw on the experience obtained during the acquisition and processing of the 3D survey.

Block 49, covering an area of over 15,438 square kilometers, lies about 700 kilometers south-west of Muscat in a relatively unexplored area of Southern Oman. The concession agreement includes the right of conversion to a production license of 30 years in the event of commercial discoveries. Circle Oil Oman Ltd is the operator of Block 49 with a 100% working interest.

Block 52

The processing of the 5,026 line kilometers of marine 2D seismic, recorded from December 2010 to February 2011, has been completed. The processed data received to date are of a significantly improved quality over the historic seismic data. Interpretations have confirmed the presence of multiple structures and potential targets for exploration drilling. As result a farm-out process has recently been initiated using both internal data rooms and an external agency. The farm-out process is aimed at seeking a partner(s) to drill a commitment well in Block 52 within the next 18 months.

Circle's interpretations detailed in the farmout package in Block 52 have identified several promising play types in stratigraphy ranging in age from Pre-Cambrian to Tertiary, but the offshore Outer Sawquirah Area of Late Cretaceous to Palaeogene structural closures is considered the most prospective.

The identified principal reservoir intervals are Palaeogene Hadhramaut carbonates and clastics and late Cretaceous Aruma Group carbonates. Potential source rocks are considered to be Lower Hadhramaut and Aruma shales with additional potential in the basinal Jurassic Sahtan Group and the Infra-Cambrian Huqf Super Group. Sealing units for potential traps are provided by extensive shale units of the Fars, Hadhramaut and Aruma groups.

Nine large four way dip closed prospects are recognized in the Outer Sawqirah Area. Internal pre-drill deterministic STOIIP of these nine prospects for the most likely unrisked case is calculated as 7,264 MMBO. The associated ultimate recoverable resources for the nine prospects are estimated internally as 2,179 MMBO.

The water depths for proposed drilling locations on the nine prospects range from 724 to 956 m and target depths range from 1,490 to 2,850 m. The largest individual prospect, presently designated as Prospect A1, is situated in a water depth of approximately 769 m, with an internally estimated deterministic most likely STOIIP of 2,435 MMBO and associated most likely ultimate recoverable resources of 731 MMBO, with depth to top target at 1,490 m.

The Company would emphasize the point that the pre-drill deterministic estimates of STOIIP and resources are based on the information and interpretations available at time of issue and are made based on Circle's management deterministic best estimates. There can be no assurance that such estimates will prove to be accurate as future technical evaluations and results, including drilling results, could lead to variations or differ materially from those indicated in this release.

As expected, further exploration work is necessary and the Company is now seeking partners to join in this effort. Further announcements will be made in due course.

Block 52, covering an area of over 63,460 square kilometers, lies about 500 kilometers SSW of Muscat in an underexplored area of offshore Southern Oman. The concession agreement includes the right of conversion to a production license of 30 years in the event of commercial discoveries. Circle Oil Oman Offshore Ltd is the operator of Block 52 with a 100% working interest.

Commenting Prof. Chris Green, CEO, said, "The granting of the extension for Block 49 will allow Circle to further evaluate drilling opportunities within the southern area of the permit. In Block 52, the new seismic is of excellent quality and multiple closures, including some leads we mapped previously, have been firmed up as prospects. The interpretations coming from Block 52 seismic have allowed us to prepare a comprehensive farm-out package."

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Noble Briefs New Contracts, Contract Extension for Rigs

- Noble Briefs New Contracts, Contract Extension for Rigs

Monday, August 08, 2011
Noble Corp.

Noble has been awarded a contract for the semisubmersible rig Noble Paul Romano and received a contract extension on the semisubmersible rig Noble Max Smith, two rigs located in the Gulf of Mexico. In addition, the Company has been awarded a contract for the jackup rig Noble George Sauvageau operating in the Southern sector of the North Sea.

The Noble Paul Romano has been awarded a six well, approximately 180-day contract by Gujarat State Petroleum Corporation Ltd. (GSPC) for operations offshore Egypt at a dayrate of $325,000, excluding mobilization revenues. The rig, which has been idle in the U.S. Gulf of Mexico since June 2010, is expected to commence the new contract in October 2011, following mobilization to an initial drilling location in the Eastern Mediterranean Sea. The contract could be extended for up to four optional wells. The Noble Paul Romano is a Noble EVA 4000, conventionally moored deepwater semisubmersible rated to operate in water depths of up to 6,000 feet.

Also, the Noble Max Smith, operating offshore Mexico for Pemex Exploracion y Produccion (PEMEX), has received a five-month extension of its current contract. The extension commenced in August 2011 at a dayrate of $380,000. The Noble Max Smith is a Noble EVA 4000, conventionally-moored deepwater semisubmersible capable of operating in water depths of up to 7,000 feet. The rig has operated offshore Mexico since August 2008.

In addition, the Company reported that the semisubmersible rig Noble Driller commenced its full operating dayrate of $383,000 on August 1, 2011 and has mobilized to an operating location in the U.S. Gulf of Mexico. The rig is under contract through June 2013.

Finally, the Noble George Sauvageau has been awarded a one-year contract by Wintershall for operations in the Southern sector of the North Sea at a dayrate of $115,000. The rig is now firmly committed through 2012.

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Atwood Secures Extension for Jackup Vicksburg

- Atwood Secures Extension for Jackup Vicksburg

Thursday, August 04, 2011
Atwood Oceanics Inc.

Atwood Oceanics announced that one of its subsidiaries has been awarded a twelve-month contract extension with an affiliate of Coastal Energy Company for the jackup Vicksburg, priced at the current day rate of $90,000 from January 1, 2012 to June 30, 2012, after which the day rate will be $95,000 until Dec 31, 2012. With the extension, the Vicksburg's firm commitment extends through December 31, 2012.

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AGR Receives Contract Extension from Statoil

- AGR Receives Contract Extension from Statoil

Thursday, July 14, 2011
AGR Group ASA

AGR Field Operations has been awarded an extension worth approximately NOK 60 million by Statoil for Inspection and Certification of non-complex lifting equipment. The services will cover Statoil's operations on the NCS, from Snøhvit in the North to Sleipner in the South.

The contract covers 30 offshore installations and 4 onshore facilities. The duration of this extension is 24 months with an option for a further 24 month period worth approximately NOK 60 million in revenue. Including the remaining option, AGR Field Operations estimates the total value to be around 120 MNOK.

Åge Landro, Executive Vice President commented, "We are very pleased with the continued trust shown in our technology and services from Statoil. We have had a successful long term partnership with Statoil across a range of products and services and view this extension as an affirmation of the value we bring to their operations. The geographical coverage and breadth of the workscope under this contract has been challenging and we feel we have managed to deliver both quality and a high standard of service to our customer."

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Bowleven Gets Exploratin Extension at Etinde Permit

- Bowleven Gets Exploratin Extension at Etinde Permit

Friday, July 08, 2011
BowLeven plc

Bowleven announced the following update on activities on the Etinde Permit, offshore Cameroon.

Highlights

• One year extension to Etinde PSC exploration phase
• Cameroon LNG project progressing; gas sales term sheet signed by Etinde joint venture and SNH/GDF Suez
• Sapele-2 testing program ongoing; update now expected in around two weeks

Etinde PSC Extension

In accordance with the provisions of the Etinde PSC, Ministerial approval has been received from the Government of Cameroon for a one year extension to the exploration phase of the Etinde PSC (to December 21, 2012). The Etinde Permit comprises blocks MLHP-5, 6 and 7 and planning for continuing exploration and appraisal activities during 2012 across the Etinde Permit is already underway.

Cameroon LNG

The GDF Suez and SNH initiative to advance the monetization of the substantial undeveloped gas resource within Cameroon via an in-country gas aggregation scheme to supply an LNG facility is progressing. On June 30, 2011, GDF Suez, SNH and the Etinde joint venture signed a term sheet that includes the principles intended to govern the sale and purchase of gas to the proposed LNG facility.

Sapele-2 testing program

The Sapele-2 well was drilled to appraise both the Lower and Deep Omicron discoveries and a testing program is ongoing. Mechanical difficulties, which have now been resolved, were encountered during testing activities and consequently results are now expected in around two weeks.

Kevin Hart, Chief Executive of Bowleven, commented, "We are delighted with progress made in securing an exploration extension for Etinde and in agreeing outline terms for the sale of gas to the proposed Cameroon LNG facility. The Etinde PSC extension allows us to maintain momentum in pursuing our dual strategy of targeting high impact exploration in Cameroon whilst also focusing on converting resources to reserves. We eagerly await the test results from Deep and Lower Omicron at Sapele-2."

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Shell Will Seek Kazakhstan Project Deadline Extension - Report

- Shell Will Seek Kazakhstan Project Deadline Extension - Report

Friday, July 01, 2011
Dow Jones Newswires
LONDON
by London Bureau

Shell and its partners are to ask the Kazakh government for an extension to the 2013 deadline for the first oil from their Kashagan field, U.K. newspaper The Daily Telegraph reports Friday, citing a person at an unnamed oil company in the city of Atyrau.

According to the paper, the consortium--which also includes Total, ExxonMobil, Eni and Kazakh state firm NC KazMunaiGas--rejected a plan to meet the deadline by pumping at least 50,000 barrels of oil a day directly onshore, bypassing an unfinished processing plant on an artificial island.

As a result, the consortium now has no choice but to ask for an extension, the newspaper reports, citing the person.

A spokesperson for the North Caspian Operating Co., which operates the project, said the consortium hadn't altered its plans to meet the 2013 target.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Lundin Confirms Avaldsnes Extension

- Lundin Confirms Avaldsnes Extension

Monday, June 27, 2011
Lundin Petroleum AB

Lundin announced that the first appraisal well, 16/3-4 has confirmed the extension of the Avaldsnes field to the south-east of the 16/2-6 discovery well in PL501 on the Norwegian Continental Shelf (NCS). The well was successfully tested and a comprehensive logging and coring program has been acquired.

Avaldsnes was confirmed as an oil discovery by the Lundin Norway operated well 16/2-6 in 2010 and is located approximately 25 km east of the Lundin Norway operated Luno discovery.

The first appraisal well 16/3-4 was drilled approximately 6.5 km south-east of the discovery well and has proved an oil column of 13,5 meters in excellent quality sandstone of Jurassic age. A high net to gross has resulted in net pay at the appraisal location in excess of that at the discovery well. The data acquired confirms excellent reservoir properties, with average porosity of approximately 30 percent and multi-Darcy permeability. The average production rate was in excess of 5,500 barrels of oil equivalent per day through a restricted choke size of 60/64 inch.

The well will now be side-tracked to confirm the lateral continuity of the reservoir towards the west.

The well will then be plugged and abandoned. The total depth of the well is 2020 meters.

Ashley Heppenstall, President & CEO of Lundin Petroleum commented, "We are very pleased with the results of the first Avaldsnes appraisal well which encountered oil bearing reservoir of thickness and quality which is better than the discovery well. We will now sidetrack the appraisal well to provide information regarding the lateral continuity of the reservoir towards the part of the structure we had assumed in our previous resource estimates was non- hydrocarbon bearing. We will update our Avaldsnes resource estimates following the sidetrack and second appraisal well."

Lundin Norway is using the semi submersible drilling rig Bredford Dolphin to drill the well. The rig will start drilling the second appraisal well on Avaldsnes, 16/2-7, immediately after 16/3-4.

Lundin Norway is the operator with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway AS with 20 percent interest.

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Mediterranean O&G Gets Extension Offshore Malta

- Mediterranean O&G Gets Extension Offshore Malta

Wednesday, June 01, 2011
Mediterranean O&G plc

Mediterranean O&G announced the following news on Offshore Malta Area 4 PSC (Blocks 4,5,6,7), the Guendalina Gas Field Development in Italy and the appointment of Panmure Gordon as joint broker.

KEY POINTS

• 18 month extension of Malta Area 4 PSC exploration period to January 18, 2013
• Advanced negotiations to farm out 75% of Malta Area 4
• Guendalina Gas Field development progressing on schedule - first gas on track for September
• Appointment of Panmure Gordon Limited as joint broker

Michael Bonte-Friedheim, the Company's CEO, stated, "We are very pleased to have reached an agreement with the Government of Malta to extend the exploration phase for all blocks of Area 4. The additional 18 months will allow us to progress our analysis of the acreage and hopefully identify attractive drilling targets.

We are in advanced discussions with a third party for the farm out of a 75% interest in Area 4 and are hopeful that the seismic survey will identify further prospects in the area and make the drilling of an exploration well attractive.

The Guendalina development is progressing well, the most critical phase having been completed successfully, and on schedule. The development represents one of the key milestones of the Company's business plan that will allow it to significantly increase net gas production and revenues, once this comes on stream.

We look forward to working with Panmure Gordon and, post the recent reorganization and fund-raising, believe it is the right time to strengthen the Company's team of advisers to help take the Company forward."

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Mainland Resources Names New Director, Extension to Merger Agreement

- Mainland Resources Names New Director, Extension to Merger Agreement

Monday, May 23, 2011
Mainland Resources Inc.

Mainland Resources has accepted the appointment of Gerry Jardine as a director of the Company effective May 18, 2011.

Mr. Jardine has worked in corporate finance and administration for public companies for the past 30 years and has considerable experience in fund raising for public companies. Since 1989, he has been President and principal shareholder of Amcan Fiscal Consultants, a private management consulting company based in Vancouver, British Columbia. Mr. Jardine founded and has served as Director and Officer of TSX Venture Exchange, NASDAQ and OTC Bulletin Board companies primarily within the research and development, mineral resource and oil and gas sectors. His responsibilities have included acquisitions, funding, and corporate governance and investor relations functions. Mr. Jardine has also served as a director of Mercer Gold Corporation since May 2011.

The Board has also accepted the resignation of Rahim Jivraj as a director of the Company effective May 18, 2011.

The Company also announced that it and American Exploration Corporation ("American Exploration") have entered into an amending agreement to extend the termination date of the Merger Agreement between the companies to August 31, 2011.

The previously announced Merger Agreement between Mainland and American Exploration contemplates a stock-for-stock merger between the companies, subject to approval of the shareholders of both companies. The companies have entered into the amending agreement to extend the termination date of the Merger Agreement from May 31, 2011 to August 31, 2011, in order to allow for additional time to complete required administrative and regulatory matters related to the merger process.

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Sinopec Gets JDA Nod for Extension of Exploration Phase in Nigeria

- Sinopec Gets JDA Nod for Extension of Exploration Phase in Nigeria

Thursday, May 19, 2011
ERHC Energy Inc.

ERHC announced that the Nigeria-São Tomé & Príncipe Joint Development Authority (JDA) has approved a 12-month extension to Exploration Phase I Joint Development Zone (JDZ) Block 2. ERHC holds a 22 percent working interest in JDZ Block 2 which is operated by ERHC's technical partner, Sinopec Corp.

The JDA approval of extension is subject to final approval by the Nigeria-São Tomé & Príncipe Joint Ministerial Council.

ERHC's partner, Sinopec Corp., completed drilling of the Bomu-1 exploration well in Block 2 in October 2009. The well was drilled to a total depth of 3,580 meters, targeting 13 individual sands. Eight sands were found to contain biogenic methane gas. During the Exploration Phase I extension, the contracting parties led by the operator are expected to conduct further geological and geophysical studies on the Block. Further, they will assess exploration strategy and overall course of action regarding Exploration Phase II.

Negotiations on the exploration program in JDZ Blocks 3 and 4 continue between the JDA and the contracting parties, led by Addax Petroleum. ERHC holds 10 percent working interest in JDZ Block 3 and 19.5 percent working interest in JDZ Block 4.

In addition to its working interests in JDZ Blocks 2, 3 and 4, ERHC holds working interests in Blocks 5, 6 and 9 of the JDZ. ERHC also holds 100 percent working interests in Blocks 4 and 11 of the Sao Tome and Principe Exclusive Economic Zone (EEZ) with an option to acquire up to 15 percent working interests in two more Blocks in the EEZ.

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TWMA Receives Contract Extension by Total

- TWMA Receives Contract Extension by Total

Wednesday, May 18, 2011
TWMA

TWMA has been awarded a $6.4million contract extension by Total E&P UK Limited for continued drilling-waste management services in the UK North Sea.

The UK-headquartered firm has been contracted for a further two years to process and handle drill cuttings from the Rowan Viking's first drilling campaign with Total.

The N-class newbuild drill unit will commence a two-well UK offshore drill program late-May initially for development drilling in the Elgin field, followed by the planned drilling of the Corfe prospect, south of Elgin.

The Rowan Viking jack-up is owned by Houston-based Rowan and currently operated by Total. It is one of the largest jack-up rigs operating in the North Sea.

Under the extended deal, TWMA's TCC RotoMill thermal processing technology will process and recycle cuttings alongside the firm's Cuttings Containment and Distribution System (CCDS).

The CCDS system contains large volumes of drill cuttings at the rig site, while the TCC RotoMill recycles recovered oil back into the drilling fluid. This gives operators a complete environmentally sensitive system at remote offshore locations.

Ronnie Garrick, managing director of TWMA, said, "We have a long-established relationship with Total and are very pleased that the operator has chosen to continue using our services following a successful waste management campaign on the Rowan Gorilla V.

"We look forward to working with Total over the course of this latest drilling program."

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Jubilant Receives Extension in Krishna Godavari Block

Jubilant Receives Extension in Krishna Godavari Block

Wednesday, April 27, 2011
Jubilant Energy N.V.
by SubseaIQ

Jubilant announced that the Management Committee for the Krishna Godavari Block (KG-OSN-2001/3), which consists of two nominees from Government of India (Ministry of Petroleum and Natural Gas and Directorate General of Hydrocarbons) has recommended the grant of an extension to the existing contract area by 20.5 km2.

The Field Development Plan ("FDP") for Deen Dayal West area ("DDW") in Krishna Godavari block, which includes wells KG-8, KG-15, KG-17 and KG-28, was approved by Government of India in November, 2009.

The hydrocarbon plays encountered in discovery wells KG-8 and KG-15 extend towards South/South West of the original block boundary. As per the Production Sharing Contract ("PSC"), the Management Committee has recommended the enlargement of the DDW development area in this direction. The previously approved development area for DDW is 17 km2.

As disclosed in CPR at time of the Company's IPO, this extended area of 20.5 km2 will increase the existing 2P reserves and 2C resources for KG block.

Jubilant holds a 10% participating interest in this block through its subsidiary Jubilant Offshore Drilling Private Limited in India. Gujarat State Petroleum Corporation Limited, with an 80% participating interest, is the Operator for the block.

Atwood Awarded Contract Extension for Vicksburg

Atwood Awarded Contract Extension for Vicksburg

Tuesday, April 26, 2011

Atwood Oceanics Inc.

Atwood announced that one of its subsidiaries has been awarded a six-month contract extension with a six-month option, both priced at the current dayrate of $90,000, with an affiliate of Nucoastal (Thailand) Limited for the company's jackup Vicksburg. The option must be exercised by August 31, 2011. With the extension, the Vicksburg's firm commitment extends through December 31, 2011.

FMC Technologies Scores Gig for Hibernia Southern Extension Proj.

FMC Technologies Scores Gig for Hibernia Southern Extension Proj.

Monday, April 25, 2011
FMC Technologies Inc.

FMC Technologies has signed an agreement with Hibernia Management and Development Company Ltd. (HMDC) to manufacture and supply subsea systems for the Hibernia Southern Extension Project.

The Hibernia Southern Extension Project is an expansion of the Hibernia field, located on the Grand Banks, approximately 200 miles (315 kilometers) southeast of St. John's, Newfoundland and Labrador. FMC's scope of supply includes provision for up to six subsea injection trees and wellheads, one manifold and associated control systems. All equipment will be manufactured at FMC's St. John's and Houston operations. Deliveries will commence in the second quarter of 2013.

Hibernia Field

"Hibernia Southern Extension is a significant offshore project," said John Gremp, President and Chief Executive Officer of FMC Technologies. "We look forward to supporting ExxonMobil Canada and its co-venturers' efforts and to expanding our technologies in Canada's offshore fields."

Sagres Receives Exploration Extension Offshore Jamaica

Sagres Receives Exploration Extension Offshore Jamaica

Monday, April 25, 2011
Sagres Energy Inc.

Sagres announced that the Petroleum Corporation of Jamaica (PCJ) has approved a 9 month extension of the Initial Exploration Period on Sagres' offshore blocks 9, 13, and 14. The Initial Exploration Period, Phase 1 will now end December 15, 2011, by which time Sagres must elect whether to enter Phase 2. Phase 2 of the Initial Exploration Period for each block carries a one well commitment and now must be completed by December 15, 2013.

Under Phase 1 of the Initial Exploration Period, Sagres has conducted bathymetric, geologic, seismic, and environmental surveys of blocks 9, 13, and 14, and regional geologic surveys of the adjacent Walton and Lower Walton basins, and the Island of Jamaica. Sagres has met all the work commitment under Phase 1. On August 27, 2010, Sagres announced the results of an independent evaluation of the resource potential prepared by Chapman Petroleum Engineering Ltd. ("Chapman"); "certain prospects identified in Sagres' blocks 9, 13 and 14 in the shallow-waters (20 meters) of the Pedro Bank 120 kms offshore Jamaica, show a gross mean prospective resource estimate (oil) of 3.0 billion barrels". Chapman is a qualified reserves evaluator and is independent of Sagres, each as determined in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. Sagres holds a 100% interest in each block and is currently seeking a partner to proceed with exploration drilling.

David Johnson, President and CEO of Sagres Energy commented that, "There is renewed interest in exploration in Jamaica, with 9 of 11 previously drilled wells having oil shows, 3 potential source rocks, a new CGG-Veritas multi-client seismic survey revealing greater than 10km of sedimentary fill in a previously unmapped deep-water Lower Walton basin, and a new deep-water lease round currently underway." The newly released blocks in the Lower Walton Basin lie immediately south and adjacent to Sagres' blocks 13 and 14. The deep-water bid round is scheduled to close September 1, 2011. David further commented that, "Jamaica is ready to commercialize its resource potential with refining capacity of 45,000 barrels of oil per day; electricity generators that accept gas, oil, or biodiesel fuels; established bauxite, shipping, and cement industries; and a geographic position central to the major global marine trade routes."

The resource estimates above are for prospective resources, which are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

Sagres is continuing to pursue joint venture partners to further explore and develop its interests in the blocks. Several international energy companies have signed confidentiality agreements with Sagres in order to access the data for the blocks, and evaluate the potential for a joint venture. Sagres does not currently expect to incur any material expenditures in respect of the blocks in 2011.

AED Receives Extension for Rombebai PSC Contract

AED Receives Extension for Rombebai PSC Contract

Wednesday, April 20, 2011
AED Oil Ltd.

AED announced that AED Rombebai B.V. as 100% operator of the Rombebai Block in Papua, Indonesia has received an extension of the exploration period for its current production sharing contract (PSC) until July 15, 2013.

AED Oil Executive Chairman Mr David Dix said, "This extension is a very positive event for the Company. It provides us with increased certainty of control over an asset with outstanding commercial potential. We believe this certainty will leave us well placed to attract and negotiate with potential farm-out partners who can work with us to develop this world-class prospect."

The Rombebai prospect contains the Gesa structure, which is a world-class prospective resource where AED is targeting in excess of 7 Tcf of gas. In addition to the significant gas potential within Rombebai, we believe there is also the real possibility of a major oil find.

Rombebai has an excellent path to market with the potential to become a major liquefied natural gas development similar to the nearby BP Tangguh LNG development. AED has become increasingly optimistic about Rombebai. Our initial assessment had suggested the presence of biogenic gas only; however recent analysis of previous drilling results suggests the presence of hydrocarbons.

New seismic data and interpretation work has significantly increased the prospectivity of the Gesa structure. Recent studies suggest oil as well as thermal gas potential indicated by oil fluorescence in Gesa 1 and 2, and from oil analyzed in hydrocarbon seeps.

Our 2011 geological and geographical program will focus on reprocessing data and performing detailed AVO studies to better quantify the hydrocarbon type and distribution, as well as sampling oil seeps in the region.

AED plans to recommence farm-out discussions with interested parties, with a view to conducting drilling operations at the Kare-1 well upon obtaining the required forestry permits.

AED believes that the additional time will allow the following activities to be performed before the time at which for a Plan of Development is required to be submitted in respect of the Rombebai Block:

• Drilling and testing and evaluation on the result of the Kare-1
• Drilling further exploratory/delineation well pending results from Kare-1
• Geological and geophysical studies to confirm and certify any hydrocarbon reserves discovered
• Acquisition & processing of further seismic as required.

Key terms of the extension are as follows:

• To continue to perform drilling operations and activities as per the current 2011 approved work program in relation to drilling the exploration well Kare-1 by November 15 2011 (a condition which may be waived if AED has made significant progress in drilling preparations for this well)
• If the exploration well is a "dry well," AED Rombebai B.V. may apply to continue to explore the Rombebai Block for the remainder of the exploration period
• If within the exploration period, AED Rombebai B.V. discovers an economic hydrocarbon reserve to be developed, then AED Rombebai B.V. may submit an additional request for a maximum of a further twelve months effectively for the purpose of determining commerciality of the Block
• AED Rombebai B.V. will relinquish the Rombebai Block if economic hydrocarbons are not discovered during the exploration period
• The term of the PSC remains unchanged at 30 years.

Aminex Receives Extension for Nyuni PSA

Aminex Receives Extension for Nyuni PSA

Thursday, April 14, 2011
Aminex plc

Aminex has received a formal extension of 6 months to the Nyuni East Songo-Songo Productions Sharing Agreement (Nyuni PSA) from the Tanzanian Ministry of Energy and Minerals. This extension is to cover the likely eventuality that the Nyuni-2 well, due to be spudded in the next few weeks, will not be completed within the life of the existing Nyuni PSA which expires this year.

As announced on April 12, the Minister of Energy and Minerals has now signed a 25-year Development License for the Kiliwani North Gas Field. This license area has been carved out from the Nyuni PSA. Terms for a new and expanded PSA to replace the expiring Nyuni PSA have been negotiated and agreed and are expected to be formally concluded in due course.

Aminex chairman Brian Hall commented, "We are very grateful for the co-operation we have received from the Tanzanian authorities in facilitating completion of our current drilling program and we are looking forward to continuing activity in this interesting part of the East African coastal margin."

The Nyuni PSA is held as follows:

* Ndovu Resources Ltd. 65% (operator)
* RAK Gas Commission 25%
* Bounty Oil 5%
* Key Petroleum 5%

ASCO Awarded Contract Extension from Perenco

ASCO Awarded Contract Extension from Perenco

Thursday, April 07, 2011

ASCO

ASCO UK announced the award of a 5-year contract extension from Perenco UK.

The contract is worth around £21.5million and covers logistics, transport, fuel and port services for Perenco's Southern North Sea operations in Great Yarmouth and its Northern North Sea ports in Aberdeen and Peterhead.

Derek Smith, Chief Executive Officer of ASCO's Europe, Middle East and Africa region, commented, "We're very pleased to have developed a long-standing relationship with Perenco and the award of this 5-year contract extension is testament to the safe, efficient, innovative and collaborative logistics service we have provided them so far."

Roger Everitt, ASCO's Southern North Sea Managing Director, continued, "We're delighted that the new contract will involve the addition of Aberdeen and Peterhead locations, supporting Perenco's continued North Sea expansion plans over the coming years. We very much look forward to working closely with Perenco in support of these plans."