Oil & Gas Corporate News
Dana Petroleum Plc (LON:DNX) (DNX, 1265p, ? (5.95%)) announced two new oil discoveries in Egypt. The Dana 100% operated Lorcan-1x in the North Zeit Bay PSC area, onshore Gulf of Suez in Egypt, was drilled to a total depth of 7,500 feet and encountered good quality oil bearing sands in the Kareem formation in line with Dana's prognosis prior to drilling. During the drill stem test, the well flowed strongly with high downhole pressures delivering flow rates of up to 4,714bod. Dana is already in discussion with the Egyptian General Petroleum Corporation in order to achieve early production from the Lorcan oil field. The rig is being retained by Dana and has been moved to drill the Fin-1x exploration well, which has now spudded. The Fin-1x well is expected to take approximately 45 days to drill with the key aim being to prove up further oil reserves on trend with the Lorcan oil discovery. The Fayoum-2x well in the East Beni Suef concession, onshore Egypt (Dana 50%), discovered oil in the Upper Bahariya formation, with net pay of 64 feet, and in the A/R G-20 sands, with net pay of 10 feet. Test data indicates that the well should be capable of flowing at oil rates of approximately 600boepd. The Operator is currently progressing plans to bring this new discovery on stream. Elsewhere, the Bamboo well, offshore Nile Delta (Dana 50%) has been temporarily abandoned thus leaving the potential option to re-enter the well in the future. And the Monkwell well, 42/29a-10, in the UK Southern North Sea, encountered the target below the area's gas-water contact. This result indicates that the Monkwell gas discovery is too small to be economic. The rig will now move to the Tolmount location and this Eon-Ruhrgas operated well is expected to spud shortly.
Oilex Ltd (LON:OEX) (OEX, 4.75p, ? (0.0%)) announced that it has completed the interpretation of the Rose 3D seismic data in permit WA-388-P located outboard of the North West Shelf Project and on trend with Pluto, Wheatstone, and Gorgon fields, offshore Western Australia. A portfolio of leads and play types has been developed. Seven leads have been identified ranging in potential size from 0.3 to 2.8Tcf of prospective gas resource. Work that has been completed in the past 4 months confirms that the seismic amplitude anomalies evident in the 3D seismic data…
