Oil & Gas Corporate News
Tullow Oil (LON:TLW) (TLW, 1403p, ? (1.13%)) announced that the Teak-1 exploration well in the West Cape Three Points licence offshore Ghana has discovered approximately 73 metres of net hydrocarbons in two Campanian and three Turonian-aged reservoirs. The well was located 4.6 km northeast of the Mahogany-2 well, 2.7 km outside the Jubilee Unit boundary. In the shallower Campanian-aged reservoirs, the well intersected 6 metres of oil pay in the upper zone and 33 metres of gas pay with an underlying 15 metre 40 degree API oil leg, in the lower zone. In the deeper stratigraphic Turonian-aged reservoirs, the well intersected 14 metres of gas-condensate pay in two separate zones and 5 metres of 32 degree API oil pay in a deeper level. The up-dip combination structural and stratigraphic Campanian trap is potentially 50 sqkm in area and will be the subject of further appraisal activity. Interpretation of the potential extent of each of the deeper Turonian zones is ongoing. The Atwood Hunter rig drilled Teak-1 to a total depth of 3,170 metres in water depths of 868 metres. On completion of operations, the well will be suspended for future use and the rig will move to drill the Teak-2 well which is targeting Campanian and Turonian age reservoirs in a separate fault block between the Teak discovery and the Jubilee field. Tullow has a 22.896% interest in the West Cape Three Points licence and its partners are Kosmos Energy (Operator) and Anadarko Petroleum Corporation (30.875% each), the E.O.Group (3.5%), Sabre Oil & Gas Holdings Ltd (1.854%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest).
Enegi Oil (LON:ENEG) (HOLD, £0.25) (ENEG, 19.75p, ? (5.33%)) provided an operational update on PaP#1 Garden Hill South well. The pressure results from the ongoing chemical soak are positive. The pressure recovery rate is twice that observed prior to commencement of the work-over. The bottom hole pressure of the well is also higher than it was when the work-over commenced and is continuing to increase. The results are an indication of improved connectivity between the well bore and the reservoir, which if maintained, would be expected to result in higher achievable production rates. However, if the well is flowed before additional work has been undertaken, there is a risk of ingress of mobile solids, wax and…
