Oil & Gas Corporate News
Cairn Energy (LON:CNE) (CNE, 295.6p, ? 5.16%) announced an update on exploration drilling campaign offshore Greenland. The Delta-1 exploration well, drilled by the Leiv Eiriksson semi-submersible drilling rig, located in a water depth of 293m and approximately 365km offshore Aasiaat, in the Napariaq Block is being plugged and abandoned. The Delta-1 well which was targeting the Cretaceous Section beneath the Tertiary volcanic, reached Total Depth (TD) at 2,977m still within Tertiary volcanics without encountering hydrocarbon shows. On the AT2-1 Well, Atammik Block, South Ungava Area, The Ocean Rig Corcovado has commenced drilling the well, located in a water depth of 1,045m as a fifth well in the 2011 exploration drilling campaign. The Leiv Eiriksson will move south shortly and will start operations to re-enter the AT7-1 well in the Atammik block, located in 909m of water and 198km offshore Nuuk, and drill to the planned TD. This well was temporarily suspended to allow the Leiv Eiriksson to drill the Delta-1 well to optimise the drilling time in the West Disko area.
Caza (LON:CAZA) Oil & Gas (CAZA, 14p, ? 3.7%) announced operational results for the San Jacinto, Bongo, Windham and Hite Offset properties. Caza has increased its net, daily production by approximately 88% over Second Quarter rates from 199 boe/d to approximately 374 boe/d. All near term wells remain fully funded. As previously announced, the Caza Elkins 3401 and 3402 wells on the San Jacinto property in Texas reached target depths of 11,854 ft and 11,852 ft respectively. Log data from both wells indicated multiple potential pay sands for both oil and gas in the Spraberry, Dean, Wolfcamp, Strawn, Atoka and Mississippian formations. The wells were fracture stimulated in all potential pays, except the Spraberry, which will be stimulated at a later date, and have been flowing back frac fluids. The wells are currently performing better than expected and the flow back is still ongoing. Current gross producing rates for the 3401 well are 151 bbl/d of oil and 172 Mcf/d of natural gas. Current gross producing rates for the 3402 well are 68 bbl/d of oil and 184 Mcf/d of natural gas. Caza has five additional proven undeveloped locations to drill on the San Jacinto property, and plans to drill the next two wells in the fourth quarter. The remaining three locations should…
