Oil & Gas News
Enegi Oil (LON:ENEG) PLC (ENEG LN, 8.75p, ? 0.00%) today announced that it has received confirmation from Dragon Lance Management Corporation (?DLMC?) that it, and its investors, remain fully committed to the EL1070 Farm-Out Agreement and are currently waiting on drilling operations on the 3K-39 well to be completed and on the results of the subsequent application for a Significant Discovery Licence over the EL1070 area. As announced by the Company on 16th August 2010, Enegi via its wholly owned subsidiary PDIProduction Inc. ("PDIP") entered into a farm-out agreement with DLMC with respect to development of the deep rights in EL1070 ("EL1070 Farm-Out Agreement"). Under the EL1070 Farm-Out Agreement DLMC are obliged to: commence a seismic programme on or before 30th September 2012, provided that required environmental approvals have been received; and select a drill site and spud a new well on or before 30th September 2013 to test the Shoal Point lead, subject to rig availability, environmental approval, surface accessibility and receipt of all regulatory approvals. All costs associated with the seismic programme and the new well will be paid for by DLMC, following which DLMC will earn a 70% interest in the deep rights in EL1070.
Jubilant Energy (LON:JUB) NV (JUB LN, 28.5p, ? 2.70%) today announced that KPL-H, the fourth of the seven development wells of the Phase-III drilling campaign in oil producing Kharsang field, Arunachal Pradesh was spudded on 9 December 2011. KPL-H, located in the north-western area of the field to the west of KSG#22, is being drilled with a primary objective of appraising the shallow C-50 and D-00 oil reservoir sands together with a secondary objective of appraising the G-00, G-60 and H-00 oil sand layers. The well will be deviated by approximately 274 metres to the west from the existing plinth of well KSG#22 and drilled to a target depth of approximately 1,010 metres True Vertical Depth (?TVD?). The well is expected to take about four weeks to drill and the estimated cost is approximately USD 2.28 million (USD 0.57 million net to Jubilant). The third development well, KSG#60 (previously referred to as KPL-G), which was spud on 5 October 2011, has been successfully drilled to a target depth of 1,470 metres Measured Depth (?MD?) (1,432 metres TVD) and was completed on 27 November 2011.…
