Oil & Gas News
Circle Oil (LON:COP) PLC (BUY, 90p) (COP LN, 25.25p, ? 5.21%) today announced the successful completion of the 2D and 3D seismic acquisition programme in the Lalla Mimouna and Sebou permits in the Rharb Basin, Morocco. A total of 154 square kilometres of 3D seismic data with a 12.5 metre bin size were acquired. In addition, 22 line kilometres of 2D seismic data were acquired in the Sebou block. The data was acquired by Prospectuini SA. Acquisition parameters and shooting techniques were similar to those which were employed very effectively in the previous 2D/3D survey, completed in the Sebou permit in 2007/2008, which generated the targets for the highly successful drilling programs undertaken in 2008/09 and 2010/11, during which 10 successful wells were drilled. Processing of the acquired data has now commenced and preliminary results indicate the presence of both expected and a number of additional potential targets for drilling, subject to further interpretation, in the forthcoming drilling campaigns in the Rharb permits. The interpretation of the data is expected to be completed by the end of the first half of 2012. Circle, through its wholly owned subsidiary, Circle Oil Maroc Ltd. holds a 75% interest in the Sebou and Lalla Mimouna Permit Concessions with the remaining 25% held by Office National des Hydrocarbures et des Mines (ONHYM). The successful completion of the Lalla Mimouna and Sebou seismic survey acquisition, together with the recent completion of the construction of new infrastructure makes it a very good last few days for Circle Oil PLC.
Faroe Petroleum (LON:FPM) (FPM LN, 160.0p, ? 1.08%) announced that drilling has commenced on the Kalvklumpen Prospect (Faroe 20%), located in the Norwegian North Sea. The Kalvklumpen Prospect (block 25/6) is situated east of the abandoned Frøy Field and the recent Atla discovery (Total). The 25/6-4 S Kalvklumpen well is targeting sandstones of the Paleocene Hermod Formation and the Jurassic Brent Group. The drilling operation will be undertaken by Det Norske Oljeselskap as operator (40% participating interest), using the Songa Delta drilling rig. The PL 414 licence was awarded to Faroe Petroleum in the APA 2006 licensing round. The spudding of the Kavlklumpen well will be the first of a multi-well 2012 exploration drilling programme which includes North Uist (UK, west of Shetlands), Clapton (Norway), Cooper (Norway) and Rodriguez (Norway).
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