France Working at UN to Unblock Rebel Access to Libya

- France Working at UN to Unblock Rebel Access to Libya

Wednesday, August 24, 2011
Deutsche Presse-Agentur (dpa)

France is working with other countries at the United Nations to unblock access for Libya's rebel-led Transitional National Council (TNC) to the country's resources, the French foreign ministry confirmed Wednesday.

The United Nations in a resolution in March blacklisted five Libyan companies, including the National Oil Corporation, as part of a series sanctions against Moamer Gaddafi's regime.

Traders have since been wary of buying Libyan oil.

Libya's rebels have been campaigning to have the oil sanctions lifted.

Ahead of a meeting between French President Nicolas Sarkozy and rebel leader Mahmoud Jibril in Paris, a foreign ministry spokesman said France considered the TNC should be able to "dispose of the financial resources that have been frozen by the UN Security Council sanctions resolutions."

"We are currently working towards that goal in New York, in close concertation with our partners," the spokesman said.

France, along with several other countries, recognize the TNC as a legitimate representative of the Libyan people.

Copyright 2011 dpa Deutsche Presse-Agentur GmbH

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Westmont to Boost Production at Marcellus Wells

- Westmont to Boost Production at Marcellus Wells

Wednesday, July 06, 2011
Westmont Resources Inc.

Westmont Resources has completed the review of the June 2011 production revenue for operations in our 3,400 acre leaseholds in the Marcellus Shale region in the southwest tier of Pennsylvania and northwest tier of West Virginia. Preliminary production on the leaseholds has 41 working wells, of the 120 currently drilled on the properties, producing .6 to .9 barrels of oil per day per well. Total daily production is averaging 29.93 barrels of oil per day from these 41 working wells. June production totaled 891 barrels or $112,526.30 in gross revenue from production.

Westmont began implantation of Phase 1 of it operations plan to increase production to over 3,500 barrels per month by the end of the 2011 calendar year. Westmont anticipates placing into production an additional 12 wells by the end of July 2011 for a total of 53 working wells. We anticipate revenue to increase to over $145,000 per month by the end of July 2011 from the production of these first 53 working wells. Upon completion of the first phase of our production program, Westmont anticipates having 170 of the 212 existing wells in production earning estimated gross revenues of $321,300 per month based on current oil pricing in excess of $90 per barrel.

"Our specialty is applying cutting-edge technology in order to 'wring additional value from' long-lived, low risk natural gas and oil properties - To squeeze more oil out of mature basins. These new Pennsylvania and West Virginia assets are an excellent fit with our existing core areas and will expand our portfolio. Phase 2 of our production program will include the implementation of our patented, proprietary technology to increase production by a factor of 6 with anticipated production in excess of 5 barrels a day per well. Our estimated monthly gross revenue would increase from an estimated $321,300 to over $2,295,000 after implantation of our technology on all existing wells," said Glenn McQuiston, Westmont's President.

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Atlantic to Farm-In to Orchid Prospect

Atlantic to Farm-In to Orchid Prospect

Wednesday, April 13, 2011
P/F Atlantic Petroleum


Atlantic Petroleum has reached an agreement to acquire a 10% stake in P.1556, Block 29/1c containing the Orchid Prospect from Summit Petroleum in return for carrying a share of the cost of the initial exploration well.

The Orchid Prospect is a four-way dip closure in the Tertiary and Chalk and is located in the Central North Sea surrounded by the producing Banff, Kyle, Bittern and Gannet fields. The Orchid prospect is located close to acreage awarded to Atlantic Petroleum in the 26th Round.

Summit, the operator, is currently seeking a semi-submersible rig to drill the prospect in the second half of this year.

Ben Arabo, CEO, commented, "This is an important addition to our 2011 program. We are pleased to join Summit in the Central North Sea which is an area of growth for Atlantic Petroleum. We look forward to working with this new partner group on the Orchid project."

Noble Halts Drilling Ops Offshore Israel

Noble Halts Drilling Ops Offshore Israel

Friday, April 01, 2011
Noble Energy Inc.

Noble has suspended drilling operations at the Leviathan #1 location, which was testing deeper potential in the well, offshore Israel. The Company identified wear on the wellbore casing, requiring additional material and equipment necessary to complete the drilling of the well. Noble Energy is working to secure the needed items, which are not available in Israel.

Sedco Express

As a result, the Company is preparing to move the Sedco Express rig to the Tamar field, where development drilling is anticipated to commence in approximately one week.

The development of Tamar remains on schedule for commissioning in late 2012.
Noble Energy operates Leviathan, offshore Israel in the Rachel license, with a 39.66 percent working interest. Other interest owners are Derek Drilling and Aver Oil Exploration with 22.67 percent each and Ratio Oil Exploration with the remaining 15 percent.

The Company is also the operator of Tamar, offshore Israel in the Matan license, with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling and Avner Oil Exploration with 15.625 percent each and Dor Gas Exploration with the remaining four percent.