Oil & Gas Corporate News
Circle Oil (LON:COP) (BUY, £0.90) (COP, 35p, ? (0.71%)) announced that the exploration/appraisal well Al Ola-1X in Egypt reached TD at 14,323ft in the Lower Rudeis. Log analysis has shown both sand units of the Kareem Formation to be oil bearing with no indication of the OWC. Formation pressure testing showed some limited communication with the updip Al Amir SE producers and the well has proven up the southern Al Amir SE field extension in the Al Ola area. On initial testing at clean up, the Kareem Rahmi Formation Sandstones flowed 42oAPI oil at an average rate of 1,575bopd and 1.65MMscfd of gas using a 32/64" choke from the lower of the two identified pay zones in the interval 9,780-9 800ft MD. The well, which is the sixth appraisal well to be drilled in the Al Amir SE discovery area, was shut in for a pressure build up and later placed on stream at an initial rate of 1,500bopd and 1.6MMscf/d of gas using a 32/64" choke. The secondary target in the Lower Rudeis Formation was encountered with two hydrocarbon bearing intervals from 13,425-13,460ft MD and 13 510-13,540ft MD. This occurrence proves up the extension of the Lower Rudeis accumulation in the Al Amir SE-6X well, located 3.6km to the northwest. Due to repeated and multiple mechanical problems, final testing of the Lower Rudeis intervals could not be completed. Further appraisal of the Lower Rudeis is to be undertaken with future wells. The next well to be drilled is Al Amir SE-7X, to be located to the west of the Al Amir SE-4X well. This well is intended to be a water injector for the Kareem sands, but is presently planned to be deepened to evaluate the Lower Rudeis potential. In Oman the appointed contractor BGP confirmed that the seismic vessel contracted to undertake the Block 52 2D seismic survey is scheduled to arrive in Muscat on 25 November 2010. Following pre-survey testing the vessel will sail to site to commence the acquisition of 5,000km of full fold 2D seismic data. Acquisition will be undertaken though December 2010 with the survey finishing in January 2011. In Tunisia, planning for the commitment well to be drilled early 2011 is advanced and long lead drilling materials have been ordered. In line with the agreement with its partner Exxoil,…
