Oil & Gas Corporate News
Caza Oil & Gas (LON:CAZA) (CAZA, 10.75p, ? (4.88%)) announced that the O.B. Ranch #1 well on the Bongo prospect in Wharton County, Texas reached total depth of 16,280ft on August 10, 2010 having encountered Yegua, Cook Mountain and Wilcox sands. Logging results and shows indicate that hydrocarbon-bearing sands were encountered in the Eocene, Cook Mountain sand formation at 12,400-12,900ft and represent a potentially significant discovery of natural gas and natural gas condensate. High resolution electric log analysis indicates the Well encountered in excess of 100ft of net potential pay. The analysis indicates that the Cook Mountain sandstone interval should be productive in the Well. Additionally, log and seismic data indicate the Well penetrated the margins of a Yegua anomaly at approximately 10,200ft that may hold additional high-value potential. The Well also encountered multiple Wilcox sands at 13,930-16,280ft. Well log analysis confirms the sand to be gas bearing but also indicates extremely low permeability throughout the penetrated Wilcox section. Caza has analyzed all data collected from the Well and has determined that the Wilcox section is unlikely to be productive at commercial rates.
Nautical Petroleum (LON:NPE) (NPE, 155.5p, ? (2.3%)) announced that the 9/02b-D appraisal well on North Sea Block 9/2b spudded on 12 August 2010. The drilling activity is being performed by the Ocean Nomad semi submersible rig and the full programme is expected to take approximately 45 days. A further announcement will be made once the drilling is completed. Nautical holds a 35% equity share in North Sea Block 9/2b and is the operator.
Mediterranean Oil & Gas (LON:MOG) (MOG, 22p, ? (8.33%)) reported that on August 11, 2010, Legislative Decree no. 128, dated June 29, 2010, amending the Italian Environmental Code (decree no. 152/2006), was published in the Official Journal of the Italian Republic. The Decree will come into force on August 26, 2010. The Decree prohibits, among other things, offshore exploration and production activities for liquid hydrocarbons within 5 miles of the Italian coast, applying to ongoing authorisation procedures relating to those activities. The Ombrina Mare oil and gas field is located less than 5 miles from the Italian coastline. However, given there are exemptions to the Decree which the Company believes may be applicable; it remains unclear whether the Decree operates to prohibit further development of the Ombrina Mare field. The Company,…
