Oil and Gas Corporate News
Ascent Resources (LON:AST) plc (Buy, 15p) (AST, 3.3p, ? 0.0%)has commenced drilling the Pg-10 well which is the second redevelopment well of the Petisovci Project in Slovenia. The primary objective of the well is to confirm the reservoir quality and commerciality of the Middle Miocene reservoir section, independently assessed by RPS Energy ('RPS') to contain over 400 Bcf of gas-in-place, and secondarily to further delineate the substantial new deeper reservoir which was recently discovered by the Pg-11 well. Early estimates suggest that the newly discovered reservoirs could increase the RPS P50 gas estimate by over 50%. Significantly the deeper Miocene pay section in Pg-11A has better reservoir characteristics than the thinner sands, which produced a total of 8 Bcf of gas from the Pg-1 and Pg-5 wells at initial rates of 1.5 and 2.5 MMcfd in 1987. These rates were achieved after fracture stimulation of the vertical wells using, what are now considered to be, outdated techniques. With the increase in the gas resources of the field and their high pressure and temperature, a stimulation programme involving state-of-the-art fracturing treatments to optimise the gas recovery from the redevelopment is being implemented. Full details of the forward programme will be announced when fracture stimulation design, which will incorporate the extensive log and core data obtained from the Pg-11 and 11A wells, is complete within the next few weeks.
Caza (LON:CAZA) Oil & Gas, Inc. (CAZA, 20.8p, ? 0.0%) provided an operational update on the Company's San Jacinto property in Midland County, Texas. The Caza Elkins 3401 well in Midland County, Texas, reached a total depth of 11,854 feet on June 21, 2011. Electric logs indicate multiple potential pay sands for both oil and gas in the Clearfork, Spraberry, Wolfcamp, Strawn, Atoka and Devonian formations. Caza is currently running production casing and preparing the Caza Elkins 3401 well for further completion operations. The completion procedure will include a fracture stimulation program. The rig has been released and will be moved to the Caza Elkins 3402 well location. The positive results associated with the Caza Elkins 3401 well have caused Caza to revise the target depth on the Caza Elkins 3402 well from 10,500 feet, as previously announced, to approximately 11,800 feet in order to test the Devonian formation. The well should take approximately 30 days to…
