Oil & Gas Corporate News
Desire Petroleum (LON:DES) plc (DES, 40p, ? 7.4%) announced that the 14/15-3 well on the Ninky prospect has reached a total depth of 2,620 metres in the Barremian source rock interval. Based on drilling and wireline logging, the well encountered two sand-prone sections in the Upper and Middle F2 intervals, which were the primary targets (2323 metres to 2334 metres and 2365 metres to 2389 metres). The sands have a combined gross thickness of 35 metres and oil shows were encountered throughout both intervals while drilling. The reservoir quality is generally poor having only 5.6 metres of net reservoir with an average porosity of 13%. A thin interval of around 1.2 metres at the top of the Middle F2 zone is interpreted to be oil bearing from log analysis. Wireline formation pressure measurements were attempted, but no valid pressures were obtained, indicating that the reservoirs are low permeability at this location. As a result no wireline sampling was attempted. The depositional model suggests these sands are sourced from the east and therefore better reservoir quality may be expected downdip. In addition, there are indications from seismic of further sands along strike on the Ninky structural high, which were not penetrated in this well. These opportunities will be evaluated with the new 3D seismic as part of Desire's prospect inventory update. Operations on the Ninky well will now be completed and the well will be plugged and abandoned. The Company also provided an update on its 3D seismic programme. The operations are ongoing in a joint programme with Rockhopper. To date, approximately 1485 km2 of data have been acquired in the Desire operated part of the programme.
Heritage Oil (LON:HOIL) Plc (HOLD, 420p) (HOIL, 270p, ? 0.2%) announced that Heritage and its wholly owned subsidiary Heritage Oil & Gas Limited ("HOGL") have received Particulars of Claim filed in the High Court of Justice in England by Tullow Uganda Limited ("Tullow") seeking $313,447,500 for alleged breach of contract as a result of HOGL's and Heritage's refusal to reimburse Tullow in relation to a recent payment made by Tullow of $313,447,500 to the Uganda Revenue Agency ("URA"). Heritage and HOGL believe that the claim has no basis and will vigorously and robustly defend it. Heritage and HOGL have also reserved their other rights against Tullow…
