Oil & Gas Corporate News
Gold Oil (LON:GOO) (GOO, 4.3p, ? 0.12%) announced that the three well workover programme in the Burdine field that commenced in January 2011 is progressing in line with expectations and the Burdine -5 well in the Putumayo Basin has now been brought on stream following a successful workover operation. The workover programme for the well was completed in February and since then surface facilities and artificial lift pumping mechanisms have been installed, ahead of original plans. Initial flow rates indicated that the well will produce at approximately 350bbl of fluid per day with a water cut of some 15%, giving an oil production rate of around 300bopd. This compares with a rate of some 100bopd produced during a long term production test in 2009. Greater definition of sustainable flow rates will be given once the well has been on production for a suitable period of time and the artificial lift mechanism and production facilities optimised. The production from Burdine -5 is in addition to the current volumes produced from the Gold Oil operated Nancy -1 well of approximately 300bopd and hence would effectively double Gold's total net production. The workover rig has now moved to Burdine -1 and has commenced operations at that location.
Niche Group (LON:NGP) (NGP, 7.32p, ? 1.38%) has been informed by Arar Petrol ve Gaz AUPAS, the Operator, that drilling at Gulhanim-2 (G-2) in the Konya Block AR/ARR/4077 has reached its Total Depth of 3,133m. The well encountered three separate hydrocarbon-bearing zones. Gas and gas condensate discoveries, previously announced, were made at Shallow (post-salt) and Intermediate (pre-salt) depths. A third, Deeper (pre-salt), pay zone encountered a 38m gross interval of porous and permeable carbonates. A combination of oil and gas was encountered in each of the pay zones of the deeper discovery. The Deeper zone encountered gas and gas condensate/oil at each of the three intervals, indicating the potential for near-term production of gas and oil from the well, initially from the Deeper zone, in carbonates of the Caldag Formation. Fluid samples of the oil were tested on site and were confirmed to be a light gravity crude oil in a range of 37-60 degrees API. The Operator has begun cleaning the well and stabilising the well pressure in anticipation of production testing from the Caldag pay zone soon.…
