Oil & Gas News
San Leon Energy (LON:SLE) (BUY, 50p) (SLE LN, 12.0p, ? 5.88%) today announced that it has completed the acquisition of more than 2,280 km of 2D seismic across its Tarfaya and Zag Licenses onshore Morocco. The data was acquired by San Leon Energy's wholly owned subsidiary, NovaSeis, and San Leon will continue integrating the new seismic results into its existing basin model in preparation for opening a data room to seek partners for the exploration drilling phase. 608 line km of high density 2D seismic data was acquired on the northern portion of the San Leon operated Tarfaya License across the J North prospect. This adds to the existing 2,289 line km of existing 2D seismic across the licence. In total, San Leon currently has 12 leads and prospects across the Tarfaya license with net prospective resources of 711 million barrels of oil equivalent based on the Netherland, Sewell & Associates 2008 CPR. Several new adjacent leads have also been identified around J North as a result of the new 2D seismic data. The new seismic data quality is significantly improved compared to previous 2D seismic data in the area as a result of longer offsets and higher density acquisition. The new data is currently being processed and interpreted by the Company in its Warsaw office. 1,674 km of 2D seismic data was acquired across the San Leon operated Zag License in Morocco. This is the first seismic data ever acquired across the Zag License. The combined Zag Basin aeromagnetic survey acquired in 2009 by San Leon and the adjacent license to the north was the basis for the layout of the 2D program. The Company is focusing on the Zag license for both conventional and unconventional oil and gas potential.
Solo Oil (LON:SOLO) PLC (SOLO LN, 0.78p, ? 4.29%) and Joint Venture partner Reef Resources Limited today provided an operational update on activities in South Western Ontario, Canada. Significant progress has been made on various field activities associated with the ongoing development of the Ausable Field Gas Recycling and Enhanced Oil Recovery project. Highlights: The recently spudded North Airport #1 exploration well is progressing and is expected to reach intermediate casing point by mid-February and to reach TD at 608 metres by early March; the venturi pump has been successfully…
