Oil and Gas Corporate News
Argos Resources (LON:ARG) (ARG, 30.25p, ? 0.0%) Argos Resources Limited reported progress on the processing and interpretation of its recently acquired 3D seismic data over its 100% owned licence PL001. In April 2011, the Company announced the completion of the acquisition of 1,415 km2 of 3D seismic data, including coverage over the entire licence area, a halo outside the licence boundaries and tie-ins to key wells. The 3D data covering the north eastern quarter of the licence was prioritised to be processed on a fast-track basis. This processing was completed in May and interpretation of the data is now well advanced. The structural prospects Zeus and Demeter have been confirmed and are considered to be robust closures. In the Competent Person's Report of June 2010 these prospects were attributed Best Estimates of unrisked prospective resources of 258 mmb and 63 mmb of oil respectively, based on 2D seismic data. New stratigraphic prospects and leads have also been identified and are subject to ongoing detailed mapping. One of the principal features of the northern part of the North Falkland Basin in the vicinity of licence PL001 is the presence of a major delta system that has prograded southwards across the licence area, but does not appear to extend beyond the southern boundary of the licence. This delta is at least age-equivalent to the organic rich oil source rock, the presence of which can be mapped with improved confidence across the licence area. The 3D data quality over the delta is excellent and the Company is now using that data to identify new stratigraphic prospects in what is expected to be a sand-prone deltaic sequence. The fast track processing results have been so encouraging that the Company has commissioned similar fast track projects on the south eastern quarter and western half of its licence, with results due for interpretation in July and August respectively. The final processed data for the entire survey area is due around year end.
Tullow Oil (LON:TLW) plc (TLW, 1253p, ? 0.1%) issued a Trading Statement and Operational Update in respect of the first half of the 2011 financial year ended 30 June 2011. Production and development highlights: Jubilee field has produced over 10 million barrels gross; production currently around 80,000 bopd with ramp up to 120,000 bopd expected to be…
