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Oil & Gas Round-Up: 9 October

09 October 2009

Caza Oil & Gas (CAZA) announced a discovery in the Abo/Wolfcamp horizontal oil play in New Mexico, USA. The Lucky Penny 10 State #1 horizontal well is Caza's initial well in the play and details on flow rate will be provided once fracture fluid has been recovered and oil production has stabilized. Caza has a 12.5% carried (by Endeavour International) working interest in the well.

Gulf Keystone Petroleum (GKP) has discovered more oil in the Shaikan-1 exploration well in the Kurdistan region of Iraq, this time 40 degree API oil. A limited test resulted in oil rates up to 2,000 bopd and associated gas rates of up to 2 mmscf/d. The light oil discovery is in addition to the 2 to 4 billion barrels of heavier (22 to 17 degree API gravity) oil previously announced at various levels.

Northern Petroleum (NOP) discovered gas in the Tiendeveen -1 exploration well in the Netherlands. The gas in the Permian Zechstein carbonates which had been identified as a secondary target in the well has been confirmed from wireline logs and drilling data. Intermediate casing will now be run in the hole cemented and pressure tested before the drilling on to the primary reservoir targets.

Drilling operations have commenced on the Bati Ayazli-1 exploration well in the Black Sea, offshore Turkey according to Stratic Energy (SE.). The well will take about 49 days to TD and Stratic has a 12.25% interest in this well.

Stratic Energy has also kicked off drilling operations at the Al Tayr-101 well on the Jebel Nasrani prospect located in Block XVII in the Palmyride Basin of south west Syria. Stratic has a 35% interest in Block XVII. The well is targeting gas and is estimated to take 80 days to drill to a total depth of approximately 3000 meters.

Desire Petroleum (DES) announced that a recently completed Competent Person's Report on its prospects in the North Falklands Basin, concluded that the mean, gross, unrisked prospective recoverable resources in the ten prospects evaluated, is over 4.6 billion barrels. Prospect size ranges from 122 million barrels recoverable to 1,631 million barrels recoverable.

Providence Resources (PVR) said preliminary fast track data from the 3d seismic survey over its Spanish Point acreage, west of Ireland, has confirmed the potential for further reservoir above that tested by the 35/8-2 discovery well. It has also provided a clearer perspective on the nearby Burren discovery.

Nighthawk Energy (HAWK) has announced that its Revere waterflood Project in Kansas and Missouri now has 140 wells on primary production, 65 wells awaiting completion, 38 water injection wells at various stages of injection and one active salt water disposal well. Gross primary production from Revere is averaging 150 barrels of oil equivalent per day and is expected to rise significantly once the waterflood effect kicks in.

In its results statement for the year ended 30 June 2009, Nighthawk Energy said that production, although important, has not been a priority and that the company's efforts are best focused on proving up the extent of the Jolly Ranch asset, in Colorado to establish the project as a world-class non-conventional shale play, rather than concentrating on generating maximum production at this stage.

Broker Hanson Westhouse flagged that it sees the first horizontal well on Jolly Ranch, currently being cased and fracced, as one to watch.

Northern Petroleum (NOP) and Shell Italia E&P are set to acquire a 3D seismic survey in their joint exploration area offshore Sicily.

Empyrean Energy (EME) reported that a programme of fracture stimulation is about to start on three existing horizontal wells on Block B of its Sugarloaf Project in Texas, US. Separately, planning has commenced for a 2010 drilling programme as part of the recently announced farm-in deal, with the first wells likely to be within Block B.

Anthony Trevisan has resigned from the Board of Mediterranean Oil and Gas (MOG) to focus on other existing commitments.

EnCore Oil (EO.) has appointed Keith Hughes as a Non-Executive Director and promoted James Clark to the Board as Commercial Director. Keith Hughes is a senior partner at EnCore's legal advisors Dewey & LeBoeuf. James Clark was previously EnCore's Manager of Tax and Commercial.

Chariot Oil & Gas (CHAR) has appointed Paul Welch as its new CEO with immediate effect. James Burgess who has been interim CEO will continue in his previous role as Commercial Director. Paul Welch, (46), worked for Shell International for twelve years, followed by a further nine years with independent companies, most recently with Hunt Oil and Pioneer Natural Resources.

Aminex (AEX) has appointed Keith Phair as a non-executive director with immediate effect. Keith Phair has held a number of senior global product management positions in the capital markets with major international banks and investment banks. He has been an active and engaged investor in various oil and gas exploration companies for many years.

And finally, Art Milholland's new company, Velo Energy has agreed to acquire North Sea licence interests that include Sheryl and Catcher, assets of Oilexco Incorporated's wholly owned subsidiary prior to its bankruptcy. Art Milholland was the former CEO of Oilexco.