Afren (LON:AFR)
Announced that The Okoro-14 development well targeting Tertiary aged reservoir sands has been completed and brought on-stream via the existing Okoro floating production storage offloading vessel at a stabilised rate of 5,000 bopd of 38° API oil, making it the most productive well drilled in the Okoro area to date. The Adriatic IX drilling rig has now been relocated to the Ebok field in order to undertake planned rig-based work, which includes the drilling of a development well to similarly establish early production from the Ebok North Fault Block discovery that was announced in May 2012.
Amerisur Resources (LON:AMER)
Updated on Platanillo-9 in the Platanillo Field, Colombia, the fourth well of a planned eight well drilling campaign. Platanillo-9 is being drilled directionally to a reservoir target approximately 1,525ft west of the bottom hole location of Platanillo-3. The well is currently at a depth of 5,725ft, having successfully set and cemented 9.5/8″. Total depth of the well will be approximately 8,650ft. The Company expects log data from this well and to update the market by the middle of November. The wells in the Platanillo field continue to produce commercially at a controlled rate of approximately 3,800 BOPD. The Company expects to exit 2012 with a production rate of 5,000 BOPD.
Bridge Energy (LON:BRDG)
A 20% licence partner in PL554, confirms that following the announcement made by the Company on 26 October 2012 regarding an oil discovery at the Garantiana well, the Borgland Dolphin rig will now drill a sidetrack (34/6-2A). The purpose of the sidetrack is to prove up additional oil volumes in the Garantiana Cook formation and to determine oil/water contact.
Caza Oil & Gas (LON:CAZA)
Released an operational update on the Company’s drilling activities in southeast New Mexico. The Forehand Ranch 27 State Com No. 1H horizontal well has reached the intended total vertical depth of approximately 9,450 feet subsurface and log data and core samples have been obtained. Based on analysis of the log and core data, Caza and its partners are now preparing to commence drilling the horizontal section of the well through the primary objective 2nd Bone Spring Sand targeting the interval centered at 7,350 feet measured depth.Once the horizontal section is complete, the well will be fracture stimulated, and the market will be updated accordingly. Caza said that “good mud log shows for oil and natural gas throughout the Bone Spring formation while drilling the vertical section, notably in the Avalon Shale and 1st, 2nd and 3rd Bone Spring Sands along with shows in the shallower Delaware and Lower Brushy Canyon and the deeper Wolfcamp formations” Caza has a 54.83% working interest before payout (42.02% net revenue interest) and a 63.00% working interest after payout (48.27% net revenue interest) in the Forehand Ranch 27 State Com No. 1H well. The Caza Ridge 14 State No. 3H horizontal Bone Spring well has been fracture stimulated in twelve stages. Horizontal Bone Spring wells require large fracs and may take up to three weeks post frac to establish a stabilized flow rate. Wells on trend usually take up to a week or more before observing meaningful hydrocarbon production during frac fluid recovery. Once a stabilized flow rate has been established, the market will be updated accordingly.
Chariot Oil & Gas (LON:CHAR)
Received approval from the Namibian government to enter the Second Renewal Phase of its northern and southern offshore blocks. The renewals cover Licence 14, which encompasses Chariot’s Northern Blocks 1811 A&B, and Licence 15, which encompasses Southern Block 2714B. The Second Renewal Phase of these licences runs from 27 October 2012 until 26 October 2014.
Circle Oil (LON:COP)
This week announced that they have spudded the Bou Argoub-1 (BAB-1) exploration well in the South West Belli area of its Grombalia Permit in Tunisia. The well is located near to the Belli, El Manzah and Beni Khaled fields and has an expected total depth of 1,350 metres. It is targeting a fault-bounded structural culmination crossing two vertically stacked fractured carbonate reservoirs, the Eocene Bou Dabbous Formation and the Late Cretaceous Abiod Formation. These are the main oil-producing formations in the north-eastern part of Tunisia.
Edge Resources (LON:EDG)
Has successfully drilled, completed and equipped two oil wells at its Grand Forks property in Alberta, Canada. The AIM and TSX-V quoted oil and gas group said the wells has already been tied-into existing pipelines and were being production-tested using its existing facilities. Edge listed its stock in London over the summer. At the time its production figures stood at 850 barrels of oil equivalent per day across its projects in Alberta and Saskatchewan. At Grand Forks, the company holds a 97% working interest and operator-ship of the property. Based on the geological logs from the new wells, which showed better porosity and slightly more reservoir thickness than expected, the company expects to significantly increase production at Grand Forks.
Europa Oil & Gas (LON:EOG)
Have submitted an application to the High Court in relation to its Holmwood prospect in the Weald Basin, Surrey, onshore UK. The application is for an order quashing the decision of the Secretary of State for Communities and Local Government to dismiss an appeal made by Europa against Surrey County Council’s refusal to grant planning permission to drill one exploratory borehole and undertake a short term test for hydrocarbons at Holmwood.
Fastnet Oil & Gas (LON:FAST)
Has managed to recruit ex-Anadarko exploration manager Carol Law as an executive director. Ms Law, who joins Fastnet with immediate effect, is a geologist by training and has over 28 years’ experience in the petroleum industry. (Her experience and record are the envy of many) In that time, she has been active in exploration management, exploration geology, research, and consulting in a variety of geological settings worldwide, having been involved in exploration activities in more than 40 countries.
During her career, she has been a member of teams responsible for discoveries in Mozambique (Rovuma Gas), Ghana (Jubilee), Brazil (multiple Campos Basin discoveries), Alaska (Nikaitchuq), China (Bohai Bay) plus Angola, the Gulf of Mexico and others. Most recently Ms Law was Exploration Manager – East Africa & Caribbean for Anadarko Petroleum Corporation and was responsible for the team that discovered the Prosperidade gas complex in Rovuma Area 1, offshore Mozambique. Ms Law will retain outside interests but, as an executive director of Fastnet, a significant portion of her time will be spent working with the Fastnet senior management team to develop and execute an oil and gas strategy focused on near term growth.
Ithaca Energy (AIM:IAE)
Has been offered two new traditional licenses in the UK’s 27th Offshore Licensing Round. The company has been awarded two operated licenses; Block 29/5d in the vicinity of its existing Greater Stella Area (GSA) interests and Block 15/17b in the Outer Moray Firth. The license offers are based on the completion of technical studies, leading to a drill or drop decision on each license within two years of formal license award.
Magnolia Petroleum (LON:MAGP)
Still riding high Magnolia announced that it has agreed to acquire 6,700 net mineral acres in Montana for a cash consideration of US$4
million. Magnolia COO, Rita Whittington said, “We believe that this acreage in Daniels County, Montana, has the potential to become a significant extension for production from the Bakken/Three Forks Sanish formations. Today’s acquisition matches our investment criteria, namely early, affordable access to liquids rich onshore US formations, where the application of modern techniques such as
horizontal drilling may dramatically improve recovery rates and, in the process, substantially increase net production and reserves. The Directors believe that with lower drilling costs and multiple payzones, the economics of drilling to the Bakken/ Three Forks Sanish formations in Montana are very attractive”
Nighthawk Energy (LON:HAWK)
More good news came this week from Nighthawk. The Knoss 6-21 well has been successfully completed in the Cherokee formation using the same completion techniques that brought the successful John Craig 6-2 well on-stream in September 2012. This involved perforation of three intervals of the Cherokee and mild acidisation of the formation under moderate pressures. The well, like many in the Denver Basin, is not sufficiently pressured to induce natural flow, but each of the three perforated intervals successfully produced a mix of oil and water during completion operations, with this production being measured and monitored over a continuous period of ten hours or longer on each interval. The total amount of oil recovered was over 180 barrels indicating oil production potential under pumping conditions above 200 barrels/day for the well.Further oil-bearing zones, in addition to the Cherokee, have been identified from the open-hole logs and have been left for future completion. The Steamboat Hansen 8-10, the fourth well in the drilling program has been successfully drilled to its target depth of 8,500 feet, well below the Cherokee formations. The well has been logged and cased. Open-hole logs from the Steamboat Hansen 8-10 have identified a potential oil-bearing formation at around 8,000 feet. Nighthawk is currently designing the optimum approach to complete and test this horizon. The logs also show positive signs for the primary target of the Cherokee and Marmaton shale formations but completion work on these will be on hold whilst this deeper structure is properly evaluated. The drilling rig is now on location at the Whistler 6-22 site, drilling is underway. This is the final well in the 2012 drilling program and is targeting similar 3D seismic defined structures and zones to the Steamboat Hansen 8-10 well. Stephen Gutteridge, Chairman of Nighthawk, commented: “The results from the Knoss 6-21 well are very encouraging, particularly as we have now proved up our completion approach in the Cherokee successfully on two wells which are 15 miles apart. With two wells out of the first three drilled soon to be in commercial production, we are making good progress in both stepping up our oil production and in demonstrating the breadth and consistency of opportunity across our total acreage. “The log analysis from our northernmost well is intriguing, and will require additional consideration before we can confirm our completion strategy. It has however further demonstrated the value of our detailed geo-science evaluation in identifying the ‘sweet-spots’ in our acreage.”
Nostra Terra Oil & Gas (LON:NTOG)
Some long over-due news came this week from Nostra who reported that the second well at its Bale Creek Prospect in Oklahoma is now producing oil and generating revenue. Hooray. The US-based exploration and production group said that production testing on the second (vertical) well had been underway for 790 cumulative hours over recent weeks. After correcting for the initial “flush production”, the well has produced at an average of 2.5 barrels of oil per hour. To date, 1,930 of those barrels have already been sold to purchasers. Given the positive production results on the second well, Nostra Terra has decided to discontinue work on the first well where pressure was low, and to focus resources on future wells. The result adds some much needed oil to Nostras’ daily bopd approx’ 18 barrels per day for Nostra which equates to just over a 45% increase in daily production.
Roxi Petroleum (LON:RXP)
And partners on the BNG licence have agreed well locations and secured a rig to commence drilling in December 2012. The $25 million planned drilling activity at BNG will involve three wells. Those will include one deep well to a depth of 4,700 metres which will target the Permian/ Carboniferous, & two wells to a depth of 2,800 metres which will target the Jurassic.Roxi has gathered 1,376 sq km of 3D seismic over the BNG licence area which has prospective resources of 202 mmbls risked and 904 mmbls unrisked. Despite a general shortage of deep drilling rigs the participants have negotiated the supply of one on a turn-key basis for the 4,700 metre well. Spudding of the deep well is scheduled for December 2012. One potential hiccup that could derail the drilling plans, is an outstanding problem related to a farm-out deal at BNG between Roxi and KNOC, the South Korean national oil company.
Sefton Resources (LON:SER)
Serial bullshitters Sefton carried on the charade this week by releasing two totally non-events. Laggs pipeline certification. Of course there’s no gas, no gas customers, no third party gas, and as Jim Ellerton said on the 9th October 2012 there’ll be no gas pumped as it’s “Uneconomic” of course the very fact that the company admitted that there’s absolutely no chance whatsoever of gas going through the pipeline for the fore-seeable future didn’t stop them heralding it as the next best thing to sliced bread. EFF Drawdown being the only reasons why this non-event has been ramped. Of course what Sefton failed to tell punters is that Fox Davies resigned this week as the company NOMAD. 12 YEARS OF BULLSHIT CONTINUES APACE. Stay well away from this company they are financially and morally bankrupt!
