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Pancontinental will now be fully carried through the cost of drilling the upcoming Cormorant-1 well, which is due to spud in September.The Cormorant prospect has the potential to contain prospective resources of 124MMbbls of recoverable oil based on an unrisked best estimate.In California, Pancontinental’s interest in the Tulainyo gas discovery in the Sacramento Basin is held by Gas Fields LLC, which is 40% owned by Pancontinental and 60% owned by Raven Energy (ASX: REL).Pancontinental also holds equity in Sacgasco-operated Sacramento Basin projects containing the Dempsey and Alvares gas discoveries.In October last year, Petrel’s 62.7%-owned Cerro Padilla-1 well in Uruguay discovered 2m of oil saturated sand, making it the first-ever confirmed onshore hydrocarbon find in the country.A second exploration well, Cerro de Chaga-1, was spudded in mid-November.The following month, Petrel entered into a share purchase agreement to sell up to 49.9% of its wholly-owned subsidiary Schuepbach Energy Espania, which owns the Tesorillo project in southern Spain.The deal, snapped up by AIM-listed Prospex Oil and Gas, will generate sale proceeds of more than €2 million, which will be used to fund a work program targeting the historic Almarchal-1 discovery well on the project.At the start of the year, the company’s 2P oil and gas reserves in the US stood at 15.9Bcf of gas and 1.137MMbbls of oil.Its Mystic Bayou oil and gas field in Louisiana has produced more than 34MMbbls of oil and 39Bcf of gas in its target horizons.The offshore Hummer field was brought online last November and is currently producing at 18 MMcfpd and 370bopd gross.In March, Petsec announced it had gained 100% ownership and operatorship of its Al Barqa licence (Block 7) in Yemen via the acquisition of an Oil Search subsidiary, which held a 40% stake in the block.The licence contains the Al Meashar oil discovery made by Oil Search in 2010 as well as nine prospects and leads identified through seismic mapping with target sizes ranging from 2MMbbls to 900MMbbls oil gross.Block 7 provides material upside to Petsec’s existing Damus production licence in Yemen, which holds the developed An Nagyah Oilfield and four undeveloped oil and gas fields, containing substantial oil and gas resources in excess of 34MMbbls of oil and 550Bcf of gas.Due to the current political climate of Yemen, the An Nagyah Oilfield has been shut in since early 2014.Petsec chairman Terry Fern said in March he hoped the recent welcome and encouragement the company received from senior members of the Yemen Government would allow the early restart of production in the oilfield.Its business strategy entails minimising project entry costs and work commitments, while adding value to its assets through desktop studies prior to seeking farm-in partners to fund seismic and/or drilling programs.In February, the company announced it had sold its beneficial interest in one offshore WA exploration permit to Perth-based independent Black Swan Resources, while retaining a 7.5% share of any net profit interest derived from the permit in each calendar quarter.Pilot chairman Wilson Xue said the deal with Black Swan was consistent with the company’s minimisation strategy.“It enables the company to reduce its risk exposure and expenditure on the project to essentially zero while retaining a portion of the profits which may result from Black Swan’s exploration efforts should they be successful,” Xue said.The company’s stock is currently under voluntary suspension until its receives a response from Gabon’s Director General of Hydrocarbons following a submission made in March relating to its Nkembe PSC.Pura Vida is seeking to change the terms of the licence contract to attract funding and facilitate its proposed work program, which includes an appraisal/development well and an exploration well, in addition to arguing the licence’s expiration date.The company was also in the process of farming out an interest in the Nkembe Block to Havoc Partners, however both parties have agreed to extend the option to acquire until May, in order to finalise work and hopefully receive a response from the Director General.In March, the company’s oilfield services business Range Resources Drilling Services Limited announced it had landed a contract to provide a workover rig for oil supermajor Shell’s onshore operations in Trinidad.Range also holds interest in the Perlak oilfield, located in the Northeast Sumatran Basin of Indonesia.
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