Pancontinental Is Drilling With Apache And Tullow For Oil In Offshore Kenya

Gulf Keystone Petroleum (LON:GKP) , the oil and gas group active in the Kurdistan region of Iraq, said this morning that drilling was under way on the Bekhme-1 exploration well on the Akri-Bijeel block. This is the second exploration well to be drilled on the block and it lies 20 km to the north-east of the original Bijell-1 discovery well. Bekhme-1 will target prospective intervals in the Jurassic and the Triassic with a planned depth of approximately 3,000 meters.

By Bill Robertson:I'd like to examine Apache (APA) as a potential candidate for investment. The most glaring risk is the price of oil, where combined with natural gas liquids, Apache generates 81% of its revenues.

The focus on wet natural gas continues with Apache Corp (APA) picking up Cordillera Energy Partners, which owns 254k net acres in Oklahoma and Texas, in a deal worth $2.85 billion. The deal boosts Apache's holdings in the Anadarko basin by 71.5 million barrels of oil equivalent ("BOE") in proved reserves.

Shares in AIM listed oil and gas company Wessex Exploration (LON:WSX) fell by 6% to 2.6p this morning on news of delays during the drilling of a well on its acreage offshore Guyane, South America. Wessex holds a 1.25% interest in the Guyane Maritime block, which is operated by Tullow Oil (LON:TLW) and includes Royal Dutch Shell (LON:RDSA) as a majority stake holder. Tullow has previously described its initial drilling target, the Late Cretaceous Zaedyus prospect, as similar to its hugely successful Jubilee field offshore Ghana.

Main action of the week involved Vedanta Resources snapping up an 11% interest in Cairn India after Petronas offloaded their 14.9% interest in the company for US$2.1 billion. Despite launching an offer for a 51% stake in the company in August 2010, this is the first time Vedanta has laid its hands on a Cairn India share due to that particular acquisition being stalled by the need for government approval. The key asset that Vedanta wants is the 70% interest that Cairn India holds in the Rajasthan field.

Main action of the week involved Vedanta Resources snapping up an 11% interest in Cairn India after Petronas offloaded their 14.9% interest in the company for US$2.1 billion. Despite launching an offer for a 51% stake in the company in August 2010, this is the first time Vedanta has laid its hands on a Cairn India share due to that particular acquisition being stalled by the need for government approval. The key asset that Vedanta wants is the 70% interest that Cairn India holds in the Rajasthan field.

By Black Gold:Chariot Oil & Gas (OIGLF.PK) is a junior oil explorer listed on the London Stock Exchange under the symbol CHAR. The shares are also available to U.S. investors under the pink sheet symbol OIGLF.PK. Chariot's main prospects are in offshore Namibia.