Oil & Gas Corporate News
Faroe Petroleum Plc (FPM, 119p, ? (0.83%)) announced that drilling has commenced on the Fogelberg prospect, located in licence PL433 of the Norwegian Sea. Fogelberg is a substantial oil prospect located some 10km to the north of the producing Ãsgard oil Field. The structure is similar to the recent Statoil operated Morvin oil and gas discovery located 10km to the SW, which was successfully appraised in 2006 by Statoil and is expected to come on stream towards the end of 2010. The well, 6506/9-2 S, will be drilled in a rotated fault block localised on the Halten terrace north of the producing Ãsgard field. Faroe Petroleum has a 15% interest in the well, operated by Centrica (28%) and with partners Petro-Canada (30%), E.ON (15%) and North Energy AS (12%). The drilling operation, using the West Alpha semi-submersible drilling rig, is expected to take approximately 80 days.
Fogelberg is the first of two wells scheduled for the Norwegian Sea this year. The second is the Wintershall operated Maria appraisal well (Faroe 30%) which is expected to commence in the second quarter. The other three 2010 exploration wells will be drilled in the deep water Atlantic margin, with substantial oil prospects Anne Marie operated by Eni in the Faroes, Cardhu operated by BP in the UK and Lagavulin operated by Chevron in the UK.
Egdon Resources (EDR, 13.5p, ? (1.89%)) provided an update on drilling operations at the Kirklington site in its Nottinghamshire licence PEDL203. The Kirklington-3 well was drilled directionally using the BDF28 rig to a total depth of 821m against a planned depth of 980m and encountered the target Chatsworth Grit sandstone significantly deeper than predicted. The Chatsworth Grit was encountered below the interpreted field oil water contact with only poor oil shows seen and was interpreted as water bearing. As such, a decision was made to curtail the drilling of the planned horizontal section and to cement back the well to allow the drilling of a sub-vertical sidetrack (Kirklington-3z) close to the original Kirklington-2 producer to gain additional data and enable restoration of field production. The Kirklington-3z well reached a total depth of 698m on 10 February 2010. Drill cuttings through the interval had oil staining and good oil shows. An open-hole completion has been run in Kirklington-3z…
