Oil and Gas Corporate News
Gulf Keystone Petroleum (LON:GKP) Ltd. (BUY, £2.75) (GKP, 147.50p, ? 1.03%) provided an operational update. The Company is in the commissioning phase of oil export operations from its Extended Well Test (EWT) facility close to Shaikan-1 and Shaikan-3. The commissioning phase, involving final preparations and customary checks and tests on all elements of the process, including loading and transportation logistics, as well as metering and receiving facilities, is underway in order to enable the Company to steadily ramp up export volumes to 5,000 bopd with an eight month target of over 10,000 bopd. To date just over 3,700 barrels of oil have been delivered to the storage tank facilities at the export pipeline injection point. Prior to commencing the commissioning phase the storage tank at the EWT facility was emptied of approximately 21,000 barrels of oil, which have been sold into the domestic market in order to allow preparations for oil export to commence. All volumes of oil are in addition to those previously reported in the Annual Results on 11 April 2011.
Empyrean Energy (LON:EME) plc (EME, 7p, ? 0.0%) provided an operational update on its operations at the Sugarloaf Project within the Sugarkane Gas & Condensate Field, Texas. The PMT #1H well commenced production on 10 May 2011, Empyrean will provide a production update when this well has achieved 30 days of production. The fracture stimulation of the Davenport #1H well is now complete, the isolation plugs will shortly be drilled out, production tubing run and then the well will be unloaded and flowed to sales. The Best Huth #1H well reached a Total Depth of 16,159ft on May 19 2011. The fracture stimulation of this well is presently underway and once complete it will be unloaded and flowed to sales. The fracture stimulation of the Jordan #1H (3% WI) well is complete and it will shortly be unloaded to sales. The Best Fenner #1H well has been drilled and reached a total depth of 18,020 ft on the 27/04/11. This well has been successfully cased and will be fracture stimulated in due course. Gilley #1H (3% WI) - Following the completion of a modified stimulation on this well attempts were made to unload the well, however frac sand production is presently bridging across the completion and limiting flow. Further…
