Proactive Oil highlights: Touchstone Exploration, Eco Atlantic, Mosman Oil & Gas…

Touchstone Exploration Inc achieved a higher-than-expected production rate from its Coho-1 well, onshore Trinidad.

Output peaked at 19.8mln cubic feet (MMCFD) of sweet natural gas, the equivalent of 3,300 barrels of oil per day, and averaged 17.5MMCFD, or 2,917 of crude equivalent.

Eco Atlantic Oil & Gas Plc chief executive Gil Holzman has told investors that this is still an exciting time for the explorer, as it looks ahead to the next round of drilling offshore Guyana.

The company’s management have also spent around £250,000 increasing their stakes in the explorer following a recent share price slide.

Mosman Oil & Gas Ltd told investors that the Northern Territory Government has approved a 12 month suspension to ‘Year 3’ commitments for the Amadeus basin project in Australia.

The group has also signed preliminary agreements with undisclosed parties for a potential joint venture at the project.

Coro Energy PLC told investors that the Tambak-1 well has confirmed the Mako gas field as a “very valuable gas resource”.

Falcon Oil & Gas Ltd completed drilling the vertical section of the Kyalla 117 N2-1 appraisal well, in Australia’s Beetaloo basin, while its interim financial statement confirmed US$13mln of cash at the end of September.

SDX Energy Plc highlighted a better than expected initial performance from the South Disouq field in Egypt.

The company, in its third quarter update, said that following ‘first gas’ on 7 November and production has so far risen from 25mln cubic feet per day to 35mln cubic feet per day over the first two weeks of operation.

Sound Energy PLC received approval for its environmental impact assessment (EIA) at its Sidi Moktar permits in Morocco.

Cadogan Petroleum Plc expects production to resume soon at the Blazhiv field in Ukraine, after the awarding of 20-year production license was delayed.

The group has also agreed to sell its wholly owned subsidiary AstroInvest Ukraine LLC for US$1.2mln.

Columbus Energy Resources PLC has appointed Tony Hawkins as its chief executive with immediate effect.

The company is also continuing talks about extending the incremental production service contract (IPSC) for Trinidad’s Goudron oilfield.

Hurricane Energy PLC began drill stem testing on the Warwick West well, located in the UK’s West of Shetland continental shelf.

Gulf Keystone Petroleum Ltd has appointed Ian Weatherdon as its new chief financial officer, to join the Iraq based oil firm in January.

Union Jack Oil PLC told investors that it is in the process of preparing a possible equity fundraise.

In a statement, just after last Friday’s market close, the onshore oil and gas junior firm responded to market speculation confirming it is “taking market soundings from investors” over a potential £5mln placing.

Europa Oil & Gas Holdings PLC announced that Hugh Mackay has stepped down from his position as chief executive with immediate effect.

He will remain with the company until the end of December and hand over to Simon Oddie, who will now be interim chief executive as well as executive chairman.

Shares in G3 Exploration Limited restarted trading on London’s main market on Friday after it suspended trading in its shares on Thursday following a request for liquidators to be appointed by its principal bondholder.

Source: Proactive Investors