Lundin Extends Avaldsnes Field with Second Appraisal Well

- Lundin Extends Avaldsnes Field with Second Appraisal Well

Wednesday, August 31, 2011
Lundin Petroleum AB

Lundin announced that the second appraisal well, 16/2-7, has confirmed the extension of the Avaldsnes field approximately 5.5 kilometers south of the 16/2-6 discovery well and 4.5 kilometers south-west of the first appraisal well 16/3-4. The Avaldsnes field is located in license PL501 on the Norwegian Continental Shelf and is in communication with the recently announced Aldous Major South discovery in PL265 to the west.

The second Avaldsnes appraisal well encountered a gross reservoir column of excellent quality Upper Jurassic age sandstone of approximately 35 meters of which seven meters was above the oil water contact. A comprehensive coring and logging program has been performed which has confirmed excellent quality reservoir characteristics.

The appraisal well will now be sidetracked to obtain further reservoir information. The sidetrack will be completed by mid September. The well was drilled to a total depth of 2,500 meters MD and in a water depth of 113 meters.

Lundin Petroleum is using the semi submersible drilling rig Bredford Dolphin to drill the well.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "The second Avaldsnes appraisal well results have confirmed the extension of the field to the south. We will, following the sidetrack, incorporate the results of the two well appraisal program and Statoil's Aldous Major South well in PL265 into our geotechnical models. We will then release a revised resource range from the previously announced 100 - 400 million barrels of recoverable of oil equivalent contained within PL501. The Avaldsnes /Aldous Major South discovery is already the largest discovery on the Norwegian Continental Shelf since the mid 1980s and I am confident has the potential to grow as the field is appraised. It is likely that a third appraisal well will be drilled on Avaldsnes during the fourth quarter of 2011."

Lundin Norway AS is the operator of PL501 with a 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway with 20 percent interest.

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Premier Oil Sees 60,000 Boepd Production in Second Half

- Premier Oil Sees 60,000 Boepd Production in Second Half

Thursday, August 25, 2011
Dow Jones Newswires
LONDON
by Iain Packham

Independent oil and gas company Premier Oil expects production to increase to around 60,000 barrels of oil equivalent a day in the second half of the year as its Chim Sao and Gajah Baru projects come on line in the next few weeks, Chief Executive Simon Lockett told Dow Jones Newswires Thursday.

First-half production averaged 36,900 barrels of oil equivalent a day, down from 46,600 in the first half of 2010 as unplanned maintenance work sapped production. Full-year production is estimated to be between 40,000 and 45,000, similar to levels in 2010.

Premier has put in place a $40 million investment program to minimize future disruptions and some of the work undertaken will actually boost production, Lockett said.

Premier said it expects second-half production to be higher than the first half as the Chim Sao project in Vietnam, which it operates, starts oil production in the next few weeks. This will be supplemented by the start of gas production at the Premier-operated Gajah Baru project in Indonesia.

Lockett said he expects production from Gajah Baru and Chim Sao will "push our production numbers up from the low end that we had in the first half of this year up to 60,0000 barrels [of oil equivalent] a day towards the back end of this year."

"That will keep us on track to deliver 75,000 barrels [of oil equivalent] a day back-end of next year and on to 100,000 barrels a day in the medium term, which is the stated target."

The company is also stepping up its exploration activities and estimates up to 20 exploration and appraisal wells will be drilled in the next 12 months, targeting around 300 million barrels of oil equivalent. It expects to drill 10 exploration wells in the second half of 2011 in Indonesia, Vietnam, Norway and the U.K.

Finance Director Tony Durrant told Dow Jones Newswires that Premier's exploration activities will cost around $250 million over 2011 and estimated that $150 million of that will be spent in the second half.

Premier said it has set itself an exploration target of achieving 200 million barrels of oil equivalent of reserve additions by 2015, of which around 75 million barrels have already been achieved.


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

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Seadrill Ltd Reported Q2 Results

- Seadrill Ltd Reported Q2 Results



Aug 25, 2011

Seadrill Limited (NASDAQ:SDRL) reported Q2 EPS of $1.34, vs. consensus estimates of $0.69 per share. Revenues for the quarter rose 6.6% year-over-year to $995 million, missing consensus estimates of $1.01 billion.

Seadrill has a potential upside of 23.8% based on a current price of $31.04 and an average consensus analyst price target of $38.42.

Seadrill is currently below its 50-day moving average (MA) of $33.03 and below its 200-day MA of $34.15.

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JinkoSolar Holding Reported In Line Q2 EPS

- JinkoSolar Holding Reported In Line Q2 EPS



Aug 16, 2011

JinkoSolar Holding (NYSE:JKS) reported Q2 EPS of $1.38, in line with consensus estimates. Revenues for the quarter rose 152% year-over-year to $350.6 million, topping consensus estimates of $320.3 million.

The company sees Q3 revenues of $310 to $330 million, vs. consensus estimates of $343.13 million, with shipments of about 230 to 250 MW. For 2011, JinkoSolar sees revenues of $1.4 to $1.5 billion, vs. consensus estimates of $1.36 billion, with shipments of 950 to 1k MW.

Mr. Kangping Chen, JinkoSolar's chief executive officer said, "We are pleased to announce the second quarter results that came in ahead of our expectations, despite the challenging market environment. During the quarter, we exceeded our shipment and revenue guidance, and were able to maintain relatively healthy margins as a result of further improvements to our cost structure. The healthy growth is a testament to our ability to capitalize on our brand name and maintain the strong relationships we have built with our existing customers across the globe."

JinkoSolar has a potential upside of 81.2% based on a current price of $16.76 and an average consensus analyst price target of $30.37.

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Petronas to Award Second Deal for Marginal Field Soon

- Petronas to Award Second Deal for Marginal Field Soon

Monday, August 15, 2011
The New Straits Times
by Kamarul Yunus

Petroliam Nasional Bhd (Petronas) is expected to announce the second contract to develop a marginal oil field soon.

"Petronas is currently finalizing the second risk services contract (RSC) and will make an announcement in due time," a Petronas spokesman told Business Times.

The spokesman, however, did not identify the field.

In January this year, Petronas said it will award two marginal oil field contracts by April. The only RSC awarded so far is for the Berantai field to the Petrofac-Kencana Petroleum-SapuraCrest Petroleum partnership early this year.

But in its prospectus for listing on Bursa Malaysia last month, Bumi Armada Bhd said it was awarded a floating, storage and offload (FSO) vessel contract for the Sepat field. It is claimed to be the first under the marginal fields initiative of the government's Economic Transformation Program (ETP).

Responding to Business Times' query, the spokesman clarified that Sepat is a field currently being developed under a production sharing contract operated by Petronas Carigali Sdn Bhd, the exploration and production arm of the national oil company.

In December last year, Petronas Carigali awarded the engineering, procurement, construction, installation and commissioning contract for Sepat to Petrofac, which in turn awarded the FSO vessel contract to Bumi Armada.

The development of the marginal oil and gas fields under the new RSC arrangement is part of the initiatives under the ETP.

Malaysia, according to Petronas, has 106 marginal fields, with 580 million barrels of oil.

(C) 2011 The New Straits Times. via ProQuest Information and Learning Company; All Rights Reserved

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Sempra Energy Reported Mixed Q2 Results, Top Line Up 21%

- Sempra Energy Reported Mixed Q2 Results, Top Line Up 21%



Aug 9, 2011

Sempra Energy (NYSE:SRE) reported adjusted Q2 EPS of $0.97, missing consensus estimates of $0.98 per share. Revenues for the quarter rose 21% year-over-year to $2.42 billion, topping consensus estimates of $2.18 billion.

The company sees 2011 EPS of $4.00 to $4.30 per share, vs. consensus estimates of $4.20 per share.

Debra L. Reed, chief executive officer of Sempra Energy said, "Through the first half of the year, we are performing well across the board and are on track to meet our 2011 earnings guidance. Our utility and pipeline acquisitions are providing strong contributions to our earnings. We also are making excellent progress on our major California utility projects and our build-out of contracted renewable energy infrastructure."

Sempra Energy has a potential upside of 24.6% based on a current price of $46.03 and an average consensus analyst price target of $57.36.

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Abraxas Petroleum Announces Production And 2011 Estimates

- Abraxas Petroleum Announces Production And 2011 Estimates



Aug 9, 2011

During the month of July, Abraxas (NASDAQ:AXAS) produced 4,160 barrels of oil equivalent per day up from an average of 3,845 barrels of oil equivalent per day for the Q2.

Abraxas expects production for 2011 to average 4,000 to 4,200 barrels of oil equivalent per day, including its equity interest share of Blue Eagle's production that would generate an exit rate for 2011 between 4,700 and 4,900 barrels of oil equivalent per day.

Abraxas Petroleum (NASDAQ:AXAS) has a potential upside of 97.6% based on a current price of $3.09 and an average consensus analyst price target of $6.11.

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Pioneer Drilling Topped Q2 Estimates, Top Line Surged 46.4% YoY

- Pioneer Drilling Topped Q2 Estimates, Top Line Surged 46.4% YoY



Aug 4, 2011

Pioneer Drilling (AMEX:PDC) reported Q2 EPS of $0.07, ahead of consensus estimates of $0.04 per share. Revenues for the quarter rose 46.4% year-over-year to $171.3 million, topping consensus estimates of $166.0 million.

William Locke, President and CEO of Pioneer Drilling said, "We continue to see strong demand for our drilling rigs in the West Texas drilling division, which has grown from zero to 12 rigs since the beginning of 2011, and we have contracted four more rigs that will begin operating in West Texas by year-end, although day rates are lower in West Texas when compared to certain other regions, putting rigs back to work results in higher utilization rates and increased Adjusted EBITDA."

Pioneer Drilling has a potential upside of 14.3% based on a current price of $15.58 and an average consensus analyst price target of $17.81.

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Oilex: Second Stage in Cambay's Frac Stimulation Program Underway

- Oilex: Second Stage in Cambay's Frac Stimulation Program Underway

Wednesday, August 03, 2011
Oilex Ltd.

Oilex advised that the first stage of the large volume multi-stage fracture stimulation program of the horizontal Cambay-76H well has been completed successfully and the second stage is now underway.

The fracture stimulation program comprises eight stages with two fracture initiation points per stage. After completion of the fracture stimulation program the well will be flowed to surface to remove stimulation fluids from the well bore (well clean-up phase) and then a flow test will be conducted.

The Cambay-76H "proof of concept" horizontal well is evaluating the production potential of the Y Zone interval of the extensive Eocene "tight" reservoirs in the onshore Cambay Production Sharing Contract ("PSC"), Gujarat, India.

• Report date: August 2, 2011
• Status: Conducting fracture stimulation operations
• Past Week's Operations
  • Rigging up fracture stimulation equipment
  • Testing wellhead equipment, replace faulty high pressure valves
  • Prepare well bore and conduct mini fracture stimulation test prior to first stage large volume fracture stimulation
• Objective: Cambay Eocene "tight" reservoir Y Zone
• Total Depth: 2,740 meters including 610 meters horizontal section

The participating interests in the Cambay PSC are:

• Oilex Ltd (Operator) 30%
• Oilex NL Holdings (India) Limited 15%
• Gujarat State Petroleum Corporation Ltd 55%

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Ford to Invest $1 billion In Second Car Plant in India

- Ford to Invest $1 billion In Second Car Plant in India



Jul 27, 2011

Ford is planning to build a second car plant in India. According to a person briefed in the matter, Ford will invest $1 billion in the plant that will employ 5,000 people and begin producing cars in 2014.

The company said in the e-mailed reply to questions, "Ford continues to pursue an aggressive growth strategy in India to bring world class vehicles. As part of its plan to introduce eight new products by the middle of the decade Ford is significantly expanding its capacities in its existing facility in Tamil Nadu as well as exploring other options to meet the growing demand of consumers in India and export markets across the world."

Ford Motor (NYSE:F) has a potential upside of 59.3% based on a current price of $12.35 and an average consensus analyst price target of $19.67.

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Enegi to Begin Second Phase of Workover at Newfoundland Well

- Enegi to Begin Second Phase of Workover at Newfoundland Well

Wednesday, July 27, 2011
Enegi Oil plc

Enegi announced that a program for the next stage of the workover of its PAP#1 ST#3 well ('the Well'), onshore Newfoundland, has been submitted to the Department of Natural Resources ('DNR'). The well was drilled in 2008 and, following flow tests in 2009 and an extended well test in 2010, reworked in late 2010 and early 2011. The first phase of this workover program has increased the pressure recovery rate and improved reservoir connectivity, and the encouraging results have moved the company to undertake a second phase in the hope of achieving further improvements. The proposed program should commence in the next 2 weeks and take a maximum of 4 weeks to complete. The latest initial program results and proposed second phase of the workover are as follows:

Initial Program Results

• The time taken for the bottom hole pressure to recover from approximately 18,000kPa to 31,000kPa was 8 days in June 2011, compared to 229 days following the initial flow test in 2009 and 68 days immediately after the initial stages of the workover in November 2010.
• The initial results of the first chemical soak indicate improved connectivity between the wellbore and the reservoir.
• Between May 31 and June 3, 2011, the well was flowed, as part of testing, for 9.5 hours each day, through a 94% choke, and produced between 75 and 94 barrels each day.

Proposed Workover: Second Phase 

• Flow the Well for a 3 day period to gather data to confirm the full effects of the first chemical soak.
• Squeeze paraffin solvents and dispersants, followed by dead crude, down the Well.
• Shut in the Well to monitor pressure recovery over 60 hours and flow the Well for a further 2 day period to gather data before squeezing further chemicals, dead crude and acid down the Well.

Depending on the results observed during this initial period, the Company may choose to shut the Well in for a further period, flow it back or prepare to re-acidize. Once complete, and again dependent upon results, the workover program will be followed by an extended well test, during which the parameters for production from the Well will be determined and preparations for production, including applications for all necessary approvals, will be completed.

The results of the program will also be accounted for in a revised resource estimate for the Company's assets in the region, which is currently being undertaken by AJM Deloitte of Calgary.

Equipment and personnel required for the workover program will be mobilized to site once approval to commence the program is obtained from the DNR. The Company will provide further details over the coming weeks.

Alan Minty, CEO of Enegi Oil commented, "As previously announced indications are that the completed elements of the workover allow a sustainable production rate of 200 bopd which would mean the well is economic. The results of the Initial Program are encouraging and we eagerly await the outcome of the Second Phase."

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Ford Topped Q2 Estimates, Top Line Up 16%, Maintained FY Industry Volume Estimate

- Ford Topped Q2 Estimates, Top Line Up 16%, Maintained FY Industry Volume Estimate



Jul 26, 2011

Ford (NYSE:F) reported Q2 EPS of $0.65, ex-items, ahead of consensus estimates of $0.60 per share. Auto sector revenues rose 16.3% year-over-year to $33.5 billion, topping consensus estimates of $31.6 billion.

The company expects full year industry volume of 13 to 13.5 million units, in line with its previous estimate.

Chairman and CEO Mike Bannister said, "Ford Credit's business continues to perform well, with low credit losses and strong originations capability. We continue to succeed in our mission to support Ford sales."

Ford Motor has a potential upside of 49.3% based on a current price of $13.17 and an average consensus analyst price target of $19.67.

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Baker Hughes Tops Q2 Earnings and Revenue Estimates

- Baker Hughes Tops Q2 Earnings and Revenue Estimates



Jul 25, 2011

Baker Hughes (NYSE:BHI) reported Q2 EPS of 93 cents, topping consensus estimates of 91 cents. Revenue rose 41% year-over-year to $4.74 billion, better than the $4.55 billion analysts were expecting.

Adjusted EBITDA in the second quarter 2011 was $1.02 billion, up $63 million sequentially.

Chad Deaton, chairman and CEO, said, "Our performance was solid this quarter with steady improvement of our international profit margin. As expected, the sequential profit improvement in US Land and the Gulf of Mexico nearly offset the seasonal decline in Canada."

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Manas Begins Second Seismic Survey at Mongolian Blocks

- Manas Begins Second Seismic Survey at Mongolian Blocks

Thursday, July 14, 2011
Manas Petroleum Corp.

Manas announced the commencement of the second seismic survey on the two Mongolian blocks - Zuunbayan-XIV Block and Tsagaan Els-XIII Block - owned by Gobi Energy Partners GmbH.

This year's seismic survey includes up to 1,700 km of 2D seismic. It covers 10 prospective areas over both blocks, which were identified by our integrated interpretation. The program is laid out in 8 phases without any interruption between the phases; however, some phases show interdependencies. Preparation and mobilization has commenced and the acquisition is expected to begin in mid-August. The seismic work will be conducted with vibrators.

Through its wholly-owned subsidiary, DWM Petroleum AG, Manas owns record title to 100% of the issued and outstanding shares of GEP GmbH, though 26% is held in trust for others. GEP GmbH owns 100% of Gobi Energy Partners LLC ("Gobi"), the Mongolian operator of the oil and gas projects on the two blocks. Gobi signed the agreement for Seismic Services with Sinopec Mongolia, a wholly-owned subsidiary of China Petrochemical Corporation (Sinopec Group), on July 12, 2011. Sinopec has extensive seismic experience in this area. Sinopec offers all services from seismic to drilling and drilling related services. Sinopec will use Sercel equipment for the survey. The total cost of the program, including mobilization and demobilization, is projected to be US $4.2 million. Nine companies participated in the tender.

This seismic survey is being carried out in an effort to improve the quality of existing data and increase the chances of success of exploratory wells the company intends to drill upon completion and interpretation of the new data. The first well is anticipated to be spudded in the second quarter of 2012.

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Second Seismic Survey Commenced at Manas' Tajikistan Licenses

- Second Seismic Survey Commenced at Manas' Tajikistan Licenses

Tuesday, July 12, 2011
Manas Petroleum Corp.

Manas announced the commencement of the second seismic survey on CJSC Somon Oil Company's WEST and NORTH WEST licenses in the Republic of Tajikistan. This program includes up to 774 km of 2D seismic survey, which up to 115 km will be acquired over the WEST license and up to 659 km will be acquired over the NORTH WEST license. An additional 24 km will extend across the Kyrgyz-Tajik border into Manas' Tuzluk license in the Kyrgyz Republic.

Somon Oil, a 90% owned subsidiary of DWM Petroleum AG, signed the agreement for Seismic Services with the Tajikistan branch of the Kazakh company, DANK Scientific Industrial Firm ("DANK"), on June 29, 2011. DANK has extensive experience in the hydrocarbon exploration industry performing seismic work in the larger Caspian region. DANK also performed Somon's seismic survey in 2010. The seismic work will be conducted with vibrators, airguns (a significant volume of the data is to be acquired across the Karakum Reservoir, for the first time), with the remainder utilizing dynamite as a source.

This seismic survey is being carried out to improve the quality of the existing prospect data, and hence increase the chances of success of the exploratory wells to be drilled upon completion and interpretation of the new seismic data. The first well is anticipated to be spudded at the end of the first quarter of 2012.

Santos International Ventures Pty Ltd ("Santos International")., a wholly owned subsidiary of Santos Ltd., has an option to farm-in to Somon Oil pursuant to an option agreement signed between DWM Petroleum AG, Santos International (and others) on December 10, 2007. The Production Sharing Agreement has yet to be ratified and remains one of the hurdles for Santos exercising the option. Prior to exercise of that option, Santos International has agreed to provide preliminary discretionary funding towards the costs of the abovementioned seismic, although binding fully funded commitments are not intended to arise until exercise of the option. Once exercised, it is intended that (subject to further agreement on terms), Santos International will fully fund the seismic survey and that these costs will be credited to the total funding commitments to be agreed.

Somon has also commenced the process of obtaining all required permits to commence drilling operations in the Chkalovsk area (WEST license) as well as in the West Supetau area (NORTH WEST license).

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U.S. Energy Enters Second Eagle Ford Agreement

- U.S. Energy Enters Second Eagle Ford Agreement

Thursday, June 30, 2011
U.S. Energy Corp.

U.S. Energy Corp. has entered into a second participation agreement with Crimson Exploration Inc. to acquire an interest in an Eagle Ford oil prospect and associated leases located in Zavala and Dimmit Counties, Texas.

Under the terms of the agreement, USE will acquire 30% of Crimson's working interest (~23% net revenue interest) in approximately 7,186 acres (2,156 acres net to USE). All of the leases are currently held by production and produce approximately 200 gross BOE/D (46 net BOE/D) from the Austin Chalk formation. It is estimated that under current spacing there is a potential for up to 44 gross (13.5 net) drilling locations on the acreage. All drilling and leasing on this prospect will be on a heads up basis. This acquisition brings USE's total acreage in the Eagle Ford to approximately 11,861 gross acres (3,558.5 acres net to USE) with the potential for up to 70 gross and 21.3 net Eagle Ford drilling locations. The prospect also has additional Austin Chalk and Buda formation production potential. For competitive reasons, the financial terms of the transaction will not be disclosed at this time.

The prospect is in the Eagle Ford shale oil window in Zavala and Dimmit Counties, Texas. Crimson will operate and tentatively plans to spud the first horizontal well in the prospect in October 2011. The well is planned to be drilled to a total drilling depth of 12,500 feet (~6,000 ft. vertical, ~6,500 ft. horizontal), and to be completed with 15 to 20 fracture stimulation stages.

"We are pleased to announce another oil venture with Crimson Exploration. These assets complement our existing Leona River acreage and provide both U.S. Energy and Crimson with a potential multi-year drilling inventory in the Eagle Ford oil window," stated Keith Larsen, CEO of U.S. Energy Corp. "We look forward to drilling our first well on this acreage in the near future and to continue seeking additional Eagle Ford opportunities with Crimson as well," he added.

About U.S. Energy Corp.

U.S. Energy Corp. is a natural resource exploration and development company with a primary focus on the exploration and development of its oil and gas assets. The Company also owns the Mount Emmons molybdenum deposit located in west central Colorado. The Company is headquartered in Riverton, Wyoming and trades on the NASDAQ Capital Market under the symbol "USEG."

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Kashagan's Second Phase Concept to Be Presented in Sept.

- Kashagan's Second Phase Concept to Be Presented in Sept.

Friday, June 17, 2011
Knight Ridder/Tribune Business News
by A. Maratov, Trend News Agency, Baku, Azerbaijan


The concept for the Kashagan Field's second phase of development will be revealed in September, according to Chairman of JSC National Company KazMunaiGaz Kairgeldy Kabyldin.

Kashagan is a major oil and gas field in Kazakhstan, located north of the Caspian Sea. Kashagan's geological reserves are estimated at 4.8 billion tons of oil, according to Kazakh geologists.

In the second half of 2010, the head of the KMG said that the terms of implementing the second phase of the Kashagan field may be postponed to 2018-2019. The delay will affect the start of the Caspian oil transportation system project.

As the Kazakh Oil and Gas Minister Sauat Mynbayev said earlier, the postponement of the second phase is due to high costs, which may be incurred by consortium participants. At the same time Mynbayev stressed that the discussions regarding postponement of the second phase will not affect the terms of commercial oil production at Kashagan.

The largest participants of the Kashagan project are currently the companies Eni, KMG Kashagan B.V., Total, ExxonMobil, and Royal Dutch Shell (winner of 16.81 percent of the consortium). Other participants are ConocoPhillips -- 8.4 percent and Inpex -- 7.56 percent.

Copyright (c) 22011, Trend News Agency, Baku, Azerbaijan

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Navistar Reports Mixed Q2, Tightened Guidance Shows Upside vs. Estimates

- Navistar Reports Mixed Q2, Tightened Guidance Shows Upside vs. Estimates



Jun 7, 2011

Navistar International Corporation (NYSE:NAV) reported Q2 EPS of $1.02 today, falling short of the consensus estimate for $1.17 per share. Revenues for the quarter grew 22.3% year-over-year to $3.35 billion, above the consensus estimate for $3.30 billion.

Daniel C. Ustian, Navistar chairman, president and chief executive officer said, "The second quarter results represent good earnings and strong cash flow from operations while building to deliver to our 2011 and beyond objectives. We continue to see increasing customer acceptance of all our engine and vehicle families, confirming we have the right strategy in place and that we will deliver full year results toward the higher side of our previous guidance."

For the full year, the company tightened its guidance, and now sees 2011 EPS of $5.50 to $6.00, vs. the consensus estimate for $5.46 per share.

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Johnson Controls Topped Q2 Estimates, Issued 2011 Revenue Guidance

Johnson Controls Topped Q2 Estimates, Issued 2011 Revenue Guidance



Apr 25, 2011

Johnson Controls (NYSE:JCI) reported Q2 EPS of $0.56, ahead consensus estimates of $0.55 per share. Revenues for the quarter rose 22% year-over-year to $10.1 billion, topping consensus estimates of $9.4 billion.

The company sees 2011 revenues of $39.5 billion, vs. consensus estimates of $38.7 billion.

Stephen A. Roell, Johnson Controls Chairman and Chief Executive Officer said, "The second quarter results show solid momentum across all three of our businesses, with each achieving significantly higher revenues and profitability. The backlog in Building Efficiency grew to record levels as a result of continued market share gains and our strong position in the emerging markets. Power Solutions benefitted from aftermarket battery demand that exceeded our expectations and Automotive Experience revenues outpaced industry production with the launch of 18 major new programs."

Cooper Spuds Second Butlers Well

Cooper Spuds Second Butlers Well

Wednesday, April 20, 2011
Cooper Energy Ltd.

Cooper announced that the Butlers-3 appraisal/development well in PEL92 spudded at 3:30 pm April 19, 2011. The current operation is drilling ahead in the surface hole at 395 meters.

Butlers-3 is the second appraisal/development well on the Butlers Oil Field in the current PEL92 back to back eleven well drilling program and follows the successful appraisal of the northern extent of the field by Butlers-2. Butlers-3 is targeting the Namur oil reservoir 0.3km to the northwest of the Butlers-1 discovery well. The well will be drilled to a total depth of about 1,360 meters and is expected to take 9 days to drill and complete.

The Butlers oil field is currently producing approximately 1,400 barrels of oil per day from the Namur reservoir via the Butlers-1 well. It is expected that additional Butlers' development wells will more efficiently drain the field and accelerate production. The drilling will be accompanied by an upgrade of the Butlers surface facilities to handle the increased production. Oil production from Butlers is exported via the pipeline to Tantanna and then exported to Moomba.