Oil & Gas Corporate News
Coastal Energy (LON:CEO) (CEO, 390p, ? 3.31%) announced that the Bua Ban North B-01 exploration well was drilled to 7,960 feet TVD and encountered 28 feet of net pay in the Upper Oligocene with 23% average porosity and 29 feet of net pay in the Lower Oligocene with 16% average porosity. Net pay estimates are based on log analysis, shows and MDT analysis; the well has not been flow tested. The Company estimates that this fault block contains a total of 13 million barrels of oil in place across these two intervals. The B-01 well also encountered good oil shows in three zones in the Miocene; however, this interval was not targeted in this well and the Miocene was not encountered in an optimal structural position. There was also an oil show in the Eocene interval. The Company has spudded the Bua Ban North B-02 well, which will test two Miocene intervals in an optimal structural position. The B-02 well will also test Oligocene and Eocene targets. Although high gas readings were encountered throughout the Eocene and an oil show was observed, the top of the Eocene reservoir was penetrated at 7170 feet, below our interpreted threshold for development of reservoir quality sands.
Rockhopper (LON:RKH) Exploration (BUY, £5.00) (RKH, 238, ? 0.0%) announced that the 14/10-5 appraisal well ("the well") was spudded on 1 May 2011. The well is located just north of the Sea Lion 14/10-2 discovery well and 13 metres updip at top reservoir level. The well is designed to appraise the Sea Lion main fan reservoir and investigate hydrocarbon column and reservoir distribution. The location is 77 metres updip at top reservoir level from the recently drilled 14/10-4 appraisal well. Specialist flow test equipment is being mobilised and Rockhopper intends, if reservoir is as prognosed, to flow test the well to obtain a greater understanding than was possible during the test of well 14/10-2 last year. Drilling operations are expected to take approximately 38 days and a further announcement will be made once drilling is completed.
Argos Resources (LON:ARG) (ARG, 30.13p, ? 2.02%) announced that its Environment Impact Statement (?EIS?) was submitted to the Falkland Island Government on the 2nd of May 2011. There now follows a statutory 42 day period of public consultation. The…
