Oil & Gas Corporate News
Bowleven (LON:BLVN) plc (UNDER REVIEW) (BLVN LN, 64.00p, ? 8.07%) announced that the Sapele-3 exploration well drilling in the Douala Basin, offshore Cameroon, has been drilled to a total depth (?TD?) of 4,480 metres. Having successfully extended the previously defined play fairways at the Paleocene and shallower Tertiary intervals, the well is now being suspended for future re-entry, testing and potential use as a development well. With downhole temperatures in the Paleocene exceeding the rating of the available surface equipment, the favoured strategy is to defer testing until an optimal, longer duration test programme can be run across both the Epsilon and Deep Omicron intervals. Highlights: Further 8 metres of net hydrocarbon pay intersected in deeper reservoirs, in addition to 11 metres of net pay within Deep Omicron interval previously announced; Reservoir package in Paleocene Epsilon Complex in same gross stratigraphic interval encountered in Sapele-1; Indications from shows and mud log analysis suggest Epsilon reservoir package is oil-bearing; Significant extension of Epsilon play fairway with potential for better developed sands up-dip; Well now being suspended for future re-entry, testing and potential use as a development well; and Letter of Intent (?LoI?) issued and agreement in principle reached for rig for 2012 Etinde drilling programme
Max Petroleum (LON:MXP) plc (BUY, 50p) (MXP LN, 12.50p, ? 0.0%) announced a drilling update of its activities in the Blocks A&E Licence area in the Republic of Kazakhstan. The ZMA-A19 development well in the Zhana Makat Field has reached a total depth of 948 metres, with electric logs indicating 28 metres of net oil pay. The pays include 5 metres in the Cretaceous Neocomian reservoir at depths from 648 to 654 metres, and 23 metres in the Jurassic JI and JII reservoirs at depths from 772 to 832 metres. Reservoir quality appears excellent with porosities ranging from 20% to 34%. The Company has run production casing in the well, which will be completed and placed on production immediately after obtaining the requisite governmental approvals. The PM Lucas IDECO rig is moving to drill the SAGW-2 appraisal well in the Sagiz West Field. Also, drilling has commenced at the KZIE-2 appraisal well on the East Kyzylzhar I prospect in Block E. Total depth of the well will be approximately 1,200 metres, targeting Jurassic reservoirs.
Trapoil Group plc (TRAP LN,…
