Oil and Gas Corporate News
Cove Energy (LON:COV) plc (COV, 63p, ? 1.18%) together with the operator, Anadarko Petroleum Corporation ("Anadarko" or the "Operator"), announced a successful appraisal well at Barquentine 2 in the Rovuma Area 1 Offshore Mozambique block. Barquentine 2, which targeted Oligocene reservoirs only, is the first well in a planned continuous two-year exploration and appraisal drilling and well testing programme utilising two drillships. The overall objective of this programme is to confirm the true resource range of this prolific block, and obtain all necessary data, initially in the Windjammer/Barquentine/Lagosta discovery area, to independently certify gas reserves for the planned Liquefied Natural Gas (LNG) project for which certain engineering and design contracts have now been awarded. Barquentine-2 was the first appraisal well in the Windjammer, Barquentine and Lagosta complex, which is estimated to hold a minimum of 6 trillion cubic feet (tcf) of recoverable natural gas resources.
Petro Matad (LON:MATD) Ltd. (MATD, 80p, ? 0.0%) announced that the Company's Davsan Tolgoi-9 well ("DT-9") has reached a total depth of 1,766m in metamorphic rocks below the Lower Tsagaantsav objective. The well penetrated the top of the Lower Tsagaantsav at 1,596m where it encountered sandstone with live oil shows consisting of fast bluish white fluorescent cut. The shows were preceded by elevated gas in the overlying Lower Zuunbayan seal. The well drilled a 132m gross thickness of Lower Tsagaantsav, with 8 metres of net pay averaging 23% porosity within a single principal zone between 1,639 and 1,651m depth DT-9 was designed to test a Lower Tsagaantsav structural closure within Petro Matad's Shoroo prospect. The Company is preparing future drilling locations in a contiguous part of Shoroo Prospect, where the Lower Tsagaantsav reservoir is 100m higher than at DT-9. The high porosity sandstone with high calculated hydrocarbon saturation in DT-9 provides a well-defined test interval for Petro Matad's on-going testing programme. The exploration drilling rig has now been relocated from DT-9 to the DT-10 location. DT-10 will target a Lower Tsagaantsav primary objective 4.3 km south of DT-9, within a separate structural closure that is 450m higher than DT-9. The structure lies between the Company's Shoroo and Gal prospects in an area that was enhanced by recent reprocessing of the Davsan Tolgoi 3D seismic survey. The DT-10 structure is analogous to producing structures at the Tolson Uul field…
