Oil & Gas Corporate News
Bowleven (LON:BLVN) plc (UNDER REVIEW) (BLVN, 108.5p, ? 2.12%) provided an operational update for Sapele-3 exploration well in the Douala Basin, offshore Cameroon. On 14 October 2011, Bowleven announced that the well had encountered oil and gas condensate in the Deep Omicron and D-1r equivalent intervals respectively and that drilling within the Deep Omicron interval was to continue. A further MDT sampling and extensive sidewall core programme has been carried out. The data acquired will now be evaluated. Casing has now been set and a liner run pending further drilling. Given the optimised well design and progress made operationally with Sapele-3, the current intention, subject to final government approval, is to drill on through the Deep Omicron interval into the Epsilon Complex. The Epsilon Complex was previously drilled with the Sapele-1 exploration well where the presence of both gas condensate and oil were confirmed and represents a highly prospective interval that Bowleven believes warrants further investigation.
Range Resources (LON:RRL) Ltd (BUY, 24p) (RRL, 9.30p, ? 1.06%) released the quarterly report for period ending 30 September 2011. Net production for the period was 97k mcf of gas and 51,146 bbl of oil. The Company also announced that it is expecting to release details of an upward revision of its Proved (P1) Reserves in Trinidad shortly. The revised reserve estimates have been calculated and the details will be released once the announcement has been approved by the Trinidadian regulatory authority. The upward revisions follow better than expected drilling results from the Company's initial 2011 drilling program, along with recently completed engineering studies of secondary recovery potential in the Beach Marcelle Block. The engineering review, performed by the Company's Dallas-based reserve auditor Forrest A. Garb & Associates, confirmed that significant volumes of crude remain in the Beach Marcelle field that can be produced using standard secondary recovery techniques such as water flooding.
Heritage Oil (LON:HOIL) plc (HOLD, 420p) (HOIL, 218.70p, ? 7.05%) announced that it has been awarded a further Production Sharing Agreement ("PSA") in Tanzania. Highlights: The PSA has an area of 18,920 square kilometres and covers virtually the entire Rukwa Rift Basin; Heritage considers this acreage shares geological similarities with the Albert Basin of Uganda where the Company had considerable exploration success resulting in the discovery of a…
