Oil & Gas Corporate News
Aminex (LON:AEX) (BUY, £0.13) (AEX, 7.88p, ? 4.55%) an update on progress at the Sunny Ernst-2 well ('SE-2') on its Alta Loma property, Galveston County, Texas. Enhanced treatment facilities have now been successfully installed and other production facilities upgraded. Production is being increased gradually during pressure monitoring and is currently producing at 8.1mmscfd and 345bpd of condensate (1,695boe) from the recently perforated 'S' sands formation, with no significant decline in pressure. Higher production rates should ultimately be achieved but the well is being prudently managed for the time being in compliance with Federal regulatory limits and current pipeline availability. Gas and condensate produced from SE-2 is sold to market at a premium respectively over posted gas prices and over the West Texas Intermediate marker price for crude oil in the USA. Aminex's working interest share of production equates to approximately 636 barrels oil per day, of which 20% is condensate and 80% is gas.
Encore Oil (LON:EO.) (EO/, 59p, ? 3.67%) announced that the Cladhan appraisal well 210/30a-4x, the final well in the current four well programme located in UK North Sea Blocks 210/29a & 210/30a, has reached Total Measured Depth of 10,614 ft. The appraisal well was drilled as a side-track to evaluate a channel to the south of the current Cladhan discovery. The well encountered an Upper Jurassic reservoir with a gross True Vertical Thickness (TVT) of 171 ft and 105 ft of net sand. This final well completes the current phase of drilling at Cladhan and has helped delineate the discovery and provided greater clarity on what has been discovered in the Cladhan area, although there is still further appraisal work to be carried out in the area. An infield survey and pipeline survey is now planned to commence later this month to determine the best development options for the Cladhan discovery.
Cairn Energy (LON:CNE) (CNE, 425.1p, ? 2.77%) announced it has commenced drilling operations on two wells offshore West Greenland. The AT-7 well in the Atammik Block, approximately 160 km offshore Nuuk, west Greenland and the LF-7 well in the Lady Franklin Block approximately 300 km offshore Nuuk have both started operating. The Leiv Eiriksson, a fifth generation semi submersible and the Ocean Rig Corcovado, a sixth generation drillship, are to carry out the…
