Oil & Gas Corporate News
Aurelian Oil & Gas plc (AUL, 18.25p, ? 1.39%) announced that it has discovered gas at the Krzesinki-1 exploration well in Block 207 (Poznan East), Poland. The well is located on the same licence as the Siekierki tight gas field and was targeting the same age reservoir, Permian Rotliegendes sandstones, within a separate structure. Krzesinki-1 has encountered a 65 metre gas column, and 175 metre of core has been recovered. The extensive quantity of core recovered has so far yielded measured ambient porosities of 5% to16%, and ambient permeability of 0.04 mD to 40.0 mD in the gas column. A preliminary estimate of 10-20 bcf GIIP has been made. Wireline logging has been completed and the well is now being prepared for testing which will be complete by the end of the year. Krzesinki-1 is positioned 8 km west of the Trzek-3 multi-frac horizontal well ("MFHW") which is currently in the pressure build-up phase following the recent long term flow test. All of the Krzesinki well data will be added to Aurelian's existing database on the Siekierki gas field and will be used to assist in the development of an updated appraisal plan for the field's future development. In Romania, the Horodnic-1 exploration well was spudded on 11 October 2011 in the Brodina licence in northern Romania. The well will test the late Badenian sandstones which successfully flowed gas in the Voitinel-1 discovery in 2009. Horodnic-1 is located 2.5 km to the southeast of Voitinel-1 and is testing a mid-case gross GIIP volume of 52bcf. Results from this well, expected late November/early December, will drive a potential commercialisation plan for the Voitinel trend.
Faroe Petroleum (LON:FPM) plc (FPM, 144.00p, ? 0.70%) announced an oil discovery in well 8/10-4S on the Butch prospect (Faroe 15%) located in the Norwegian North Sea. Highlights: The well encountered net oil pay of approximately 50 metres in the Upper Jurassic reservoir of the Ula formation; the entire reservoir section was found to be oil bearing and an oil water contact was not penetrated; and the joint venture has decided to proceed immediately to drill a down-dip side-track well to appraise for additional volumes of oil further down on the large salt induced structure in accordance with the success case contingency plan. Preliminary results based on extensive coring, wireline logs and pressure data show…
