Oil & Gas Round-Up: 27 August
27 August 2010
PetroNeft Resources (PTR) has commenced year round production from Licence 61, Tomsk Oblast, Russian Federation. Field production from four wells has been 1,100 bbls of oil in the first two days. Eleven wells, producing 4,000 barrels per day in total are expected to be online by the year end.
Bowleven (BLVN) has completed its testing programme on the IE-3 appraisal well on the Etinde Permit, offshore Cameroon. The testing programme comprised multiple drill stem tests over various reservoir intervals. Measured flow rates per interval ranged from 845 to 11,778 boepd with a cumulative maximum rate of 14,576 bpd of liquids and in excess of 50 mmscfd of gas.
Solo Oil (SOLO) has said that the Reef Ausable #2 horizontal well in South Western Ontario, has been successfully completed. The well is currently being flow tested up tubing to recover frac water and nitrogen. Subject to recovery of frac fluids and nitrogen the stage frac tools will be recovered followed by an extensive flow test to determine gas and oil flow rate.
In Texas, Caza Oil & Gas (CAZA) has completed the Matthys-McMillan Gas Unit #2 development well in the Yegua formation. The well has been producing a gross average of 146 barrels of condensate per day and 1.1 million cubic feet of natural gas per day. Caza plans to install permanent production equipment, including a gas lift system that may increase current production levels once installed.
Rockhopper Exploration (RKH) has completed its logging runs and plugged and abandoned the Ernest 26/6-1 exploration well as a dry hole. The Ocean Guardian drilling rig is moving to the Sea Lion discovery well to perform the flow test. The flow test is expected to give an early indication of the production potential of the reservoir sands.
Leni Gas & Oil (LGO) announced the commencement of the drilling activity and the spudding of the hole for the Hontomin extended well test in northern on-shore Spain. The objective of the Hontomin programme is to appraise the long term production potential of the Hontomin-2 well.
Global Petroleum (GBP) has signed an amendment to its Participation Agreement with Texon Petroleum expanding the contract area of the Leighton Prospect to 1,651 acres for all depths beneath the Olmos Formation by cross-assigning its 15% working interest in the existing 873.691 acres, with 777.059 acres in which Texon holds an average 96% working interest. Global will now own an undivided 7.939% working interest across the expanded area including the Eagle Ford Shale.
EnCore Oil (EO.) said that $12.9 million previously held in escrow in respect of the sale of its interest in the Breagh gas discovery have now been released.
Harry Barnum has stepped down as a director of Sefton Resources (SER) but will remain as President of TEG USA and will continue to focus his efforts on the day-to-day management and operation of Sefton's California assets.
San Leon Energy (SLE) has appointed Dr. John Buggenhagen as Director of Exploration and Daniel Martin as a Non Executive Director.
Northern Petroleum (NOP) has parted company with its Finance Director, Nigel Wright, who only took up the role in April this year.
Cadogan Petroleum (CAD) has appointed Alessandro Benedetti and Bertrand des Pallieres as non-executive Directors.
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