Fox Davies Capital Update featuring Dana Petroleum, Petroneft Resources, Emed Mining and Firestone DiamondsOil & Gas Corporate News


Dana Petroleum Plc (LON:DNX) ( 1269p, ? (1.32%)) announced that it has made a significant gas discovery at the Platypus prospect in the UK Southern North Sea. The Dana operated 48/1a-5 well was drilled in a water depth of approximately 142ft to a total measured depth of 11,048ft, targeting a high quality Rotliegend age, Lower Leman prospect. The well encountered some 218 vertical feet of good quality gas bearing sands and an extensive set of wireline log data is being acquired over the reservoir section. Preliminary analysis indicates that the reserves discovered are in line with pre-drill estimates of approximately 130Bcf of gas. Following completion of the logging, a multi-rate drill stem test will be performed. The complete well data-set will then be fully analysed and development options assessed. The 48/1a-5 well will be suspended for potential re-entry and future use as a gas production well. The Transocean GSF Labrador drilling rig will then immediately move to the Monkwell prospect in Block 42/29a which is also operated by Dana.
 
Petroneft Resources (LON:PTR) (32p, ? (1.54%)) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, provided an update on its operations. Drilling of the first of 9 production wells at the Lineynoye oil field scheduled for 2010 has now been completed. Preliminary results of the log and survey data indicate that the results of this well are in line with expectations with net oil pay of about 11m. Production casing will be run in the well and cemented. The production drilling rig will then be skidded to drill the second well.  An electrical submersible pump will be installed in the well with a work-over rig later in the programme. The 60km export pipeline from the Lineynoye field to the Kiev-Eganskoye field is progressing on schedule. Remaining activities include the connection of the pipeline to facilities at Lineynoye and Kiev-Eganskoye, which are not dependent on winter roads.  The hydro test of the pipeline is scheduled for June 2010 following which the pipeline will be ready to receive first production in the third quarter of 2010. Construction of production facilities continues and is on schedule to be completed for first production in the third quarter of 2010.…

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