Oil and Gas Corporate News
Coastal Energy (LON:CEO) (CEO, 447.5p, ? 0.56%) announced the results of two wells drilled at the Bua Ban North B field, offshore Thailand. The Bua Ban North B-08 well was drilled to a total depth of 5,900 feet TVD and encountered 92 feet of net pay with 28% porosity and 25% water saturation in the Miocene interval. The B-08 well was drilled on the easternmost fault block of the field and successfully appraised the discovery made by the B-03 well. As a result of the B-08 drilling, the lowest known oil was moved 140 feet lower in this fault block. The B-07 well was drilled as a water injection well and to establish the oil water contact in the field. The B-07 encountered the oil water contact at 3,824 feet, which was in line with the prognosis based upon previous drilling results. Pressure and log data from the B-08 well indicate that the oil water contact may be deeper on the eastern side of the field.
Chariot Oil & Gas (CHAR, 323.7p, ? 0.09%) announced that its wholly owned subsidiary, Enigma Oil & Gas Exploration (Pty) Limited, has received formal approval from the Ministry of Mines and Energy in Namibia to enter the First Renewal Phase for its Central Blocks, 2312 A & B and Northern Halves of 2412 A & B, and Southern Block, 2714 A, offshore Namibia. The First Renewal Phase will take effect from 31 August 2011 until 30 August October 2013. In order to move into the next phase of these licences, Chariot (and its partner) are required to complete the following work programmes over the next two years: 2312 A & B and Northern Halves of 2412 A & B - to acquire 2,000km of 2D seismic or 200km2 of 3D seismic for a minimum exploration spend of US$5MM; and 2714 A - to drill one well to a minimum depth of 3,000m for a minimum exploration spend of $US20MM. Petrobras, as part of entering the renewal phase in block 2714A, has exercised the option granted at the time of its original farm-in (May 2009) and thus has committed to both drill and operate the commitment well.
Salamander Energy (LON:SMDR) (SMDR, 260.6, ? 3.37%) announced that its wholly-owned subsidiary Salamander Energy (Bangkanai) Limited has today signed a Gas…
