Oil cos. round-up: Petro Matad, Faroe, Amerisur

21st Sep 2010 09:00

Mongolia-focused oil explorer Petro Matad ran into mechanical problems with the drilling of its Davsan Tolgoi-2 well but said operations are now progressing normally. Currently the well is at the intermediate casing point, matching the pre-drilling prognosis, of 1,091.5 metres below surface. The intermediate section will now be logged, cased and cemented before proceeding with the remainder of the well. Independent oil and gas group Faroe Petroleum saw pre-tax losses cut to £3.81m in the first half of 2010 from £6.06m a year earlier, on revenue that grew to £9.3m from £2.9m.The company had cash of £80.6m at the end of the reporting period, up from £33.1m at the end of 2009, after the company raised £65.2m (net) through a rights issue to fund its drilling programme.South American oil producer Amerisur Resources said the company is generating positive operating monthly cash flow after the production enhancement programme at its Platanillo wells in Colombia boosted production to an average of 500 barrels of oil per day (BOPD).The company intends to expand its production facilities at Platanillo. Meanwhile, at its Fenix well in Colombia, the well has produced around 2,300 barrels of oil to date. "Our understanding and experience of the Fenix area continues to improve and we look forward to unlocking considerable value in these discoveries," said chief executive officer John Wardle.