Oil & Gas Corporate News
Faroe Petroleum (LON:FPM) PLC (FPM LN, 147.75p, ? 2.75%) today announced that drilling has commenced on the T-Rex prospect, located in the Norwegian Sea. The T-Rex prospect (Blocks 6506/12, 6406/2&3 part) is situated next to the Statoil operated Smørbukk fields on the Halten Terrace in the Norwegian Sea, an area where the Company made the Fogelberg and Maria discoveries in 2010. The main targets in the T-Rex well (6406/3-9) are lower Cretaceous sandstones of the Lange and Lysing Formation, which have already been tested and flowed oil in thin sand intervals in well 6506/11-2 (drilled by Statoil in 1991) at the edge of the prospect. The sands are expected to improve in thickness and properties down-dip over the T-Rex prospect. The drilling operation, to be undertaken by Maersk Oil as operator (70% participating interest), using the Transocean Winner drilling rig, is expected to be completed early in the New Year, 2012. The T-Rex licence was awarded to Faroe Petroleum in the Norwegian APA (Awards in Predefined Areas) 2006 Licensing Round.
Rockhopper (LON:RKH) Exploration PLC (BUY, 600p) (RKH LN, 218.50p, ? 2.10%) today provided an update on Exploration well 14/10-9 (the Well). The Well penetrated multiple targets: Casper, Sea Lion Main Complex (SLMC), Kermit. The Well was drilled 5.9 km to the south west of the 14/10-2 discovery well towards the southern edge of licence PL032. The Well was successful both in Casper and Sea Lion proving a high quality reservoir package and oil column. Good quality sands with oil shows were also penetrated in Kermit. The Casper prospect was penetrated in a relatively updip position to the west of the structural low approximately 4.8 km to the west of the 14/10-8 well. Reservoir quality is good with porosity of up to 27% and permeability of up to 232mD. Wireline logging and formation testing indicate 8.4m of net gas pay above 9.6m of net oil pay. The gas oil contact is observed at -2399m tvdss. The well also penetrated both the SL10 and SL20 lobes of the Sea Lion Main Complex (SLMC). Reservoir quality was good with porosity of up to 27% and permeability of up to 1285mD. Net oil pay was 22m in the SL10 and 14m in the SL20. A free water level with a 10m transition zone above was observed at 2501m…
