Oil & Gas Corporate News
Matra Petroleum (LON:MTA) (BUY, £0.07) (MTA, 2.375p, ? (13.1%)) announced that a suitable rig to undertake side-tracking operations on well-12 has now been contracted and mobilisation to the well-site has begun. For operational reasons, TNK-BP has been unable to release the previously contracted rig. Remedial cementing operations have now been completed on well-13. After a short flow period to ascertain if the water has been successfully isolated, the well will be shut-in while surface production equipment is installed before restarting production. Issue of the Production Licence is expected before the end of this month.
Comment: Some progress being made but no conclusion can be drawn yet as long as the results of the remedial job on A-13 are not known and the sidetrack on A-12 has not been carried out.
JKX Oil & Gas (JKX, 319.9p, ? (0.63%)) has successfully completed and tested horizontal well R-103 in the Rudenkovskoye field in Poltava, Ukraine. Well R-103 is the first of a series of horizontal wells designed to develop and further appraise the significant gas resources of the deep tight gas Rudenkovskoye reservoirs. Well R-103 flowed at a stabilised rate of 8.1MMcfd of gas and 18bpd of condensate through a 85/64" choke with a flowing wellhead pressure of 930 psi over the final 8h period of a multi-rate test. The well has been tied back to the main field processing facility with an 8km flow line and will be placed on production. Well R-103 reached a measured depth TD of 4,641m in the Devonian sandstone with an openhole section in the reservoir of 1,026m, making it the longest horizontal well drilled in Ukraine to date. Drilling and completion of the well, including drilling of the initial 3,850m pilot hole, took 227 days. The well was drilled using the Skytop N-75 drilling rig. The rig has now moved to well M-169 to drill a horizontal well in the Devonian reservoir of the Molchanovskoye North Field. It will then return to the Rudenkovskoye Field in early 2011 to drill horizontal well R-105 in the Devonian sandstone, an offset to well R-103, followed by well R-104 which will target the Visean reservoir sands present in the northern field area. The Company currently has 21.6MMboe of probable reserves booked in the Rudenkovskoye field and is planning to undertake a reserves review on…
