Oil & Gas Corporate News
Providence Resources (LON:PVR) (PVR, 242.5p, ? 1.82%) announced that it has, on behalf of itself and its partners, commenced its 3D seismic acquisition project in the north Celtic Sea, offshore Ireland. The survey, which is expected to be completed within 2 weeks, forms part of the planned pre-development drilling programme on the Barryroe oil discovery ("Barryroe"). Providence operates Barryroe (50%) with partners San Leon Energy (30%) and Lansdowne Oil & Gas (20%). Using a vessel supplied by Polarcus Limited, the 3D seismic survey will be used to assist in the pre-development drilling programme designed to progress Barryroe to first oil. The drilling of Barryroe is scheduled to commence late this summer, with the GSF Arctic III semi-submersible rig already contracted for the drilling programme. The partners believe that modern 3D seismic data, in tandem with modern well completions in the current high oil price environment, will be key components to unlocking value at Barryroe.
Global Energy Development (LON:GED) (GED, 68.5p, ? 0.0%) announced significant uplift in its oil production as a result of a successful workover programme of its Tilodiran 2 and 3 wells within the Colombian Rio Verde contract. Prior to the workover programme, during the first four months of 2011, the Company averaged total gross oil production of approximately 1,100 bopd from all of its producing properties. Subsequent to the workover programme, total gross oil production has reached sustainable levels of approximately 2,200 bopd. The Company has installed additional temporary surface equipment and is currently designing the expansion of permanent surface facilities in order to handle the increased production volumes within the Rio Verde field area. Following the workover programme, the combined production tests of both wells stabilized at a gross lifted oil rate of approximately 1,800 bopd with oil gravities ranging from 15.3 to 16.2 degrees API. The workover programme targeted various un-perforated productive intervals in the middle to lower Cretaceous formations.
Oilex (LON:OEX) (OEX, 23.25p, ? 4.12%) advised that the Cambay-76H horizontal well was spudded on 8th June 2011. The Cambay-76H "proof of concept" well will evaluate the production potential of the Y Zone interval of the extensive Eocene "tight" reservoirs in the onshore Cambay Production Sharing Contract ("PSC") in Gujarat State, India. It is estimated that the well, which includes a 610…
