Oil & Gas Corporate News
Bowleven (LON:BLVN) (BUY, £3.00) (BLVN, 182p, ? (3.26%)) announced that it successfully completed its planned testing programme on the IE-3 appraisal well on the Etinde Permit, offshore Cameroon. The testing programme comprised multiple drill stem tests over various reservoir intervals. Measured flow rates per interval ranged from 845-11,778boepd with a cumulative maximum rate of 14,576 bpd of liquids and in excess of 50mmscfd of gas. Liquids produced were both high quality gas condensate and oil with a range in gravity of 36-43 degree API and total net pay from IE-3 estimated to be 40 metres (over gross hydrocarbon columns totalling 134 metres).
Petroneft (PTR, 49.25p, ? (6.49%))announced that it has commenced production on Licence 61 in the Tomsk Oblast, Russia. Construction of production facilities has been completed and production has gradually been commenced from four wells. Field production has been 1,100bbl in the first two days of production and flow rates are expected to increase as drilling fluids are cleared out and the electric submersible pumps are optimised. Three additional wells will be brought on production over the coming week. Eleven wells are scheduled to be on production at the end of the year and we anticipate meeting our year-end production target of 4,000bopd.
Leed Petroleum Plc (LON:LDP) (LDP, 2.61p, ? (6.79%)) announced that the Company has elected to participate in operations to sidetrack the Main Pass 64 #1 well in Louisiana, USA. The sidetrack was proposed by the operator of the field, Medco Energi (75% WI), and operations commenced on 23 August 2010. The Main Pass 64 #1 sidetrack well is expected to develop and add proved reserves in the field's primary pay zone. The well is planned to be drilled to a total measured depth of approximately 8,038 feet and completed for a total cost of approximately US$5.4M (US$1.35M net to Leed). Log results are expected by the end of third quarter 2010, with production expected to commence early in the fourth quarter.
Mining Corporate News
Kirkland Lake Gold Inc (LON:KGI) (KGI, 525p, ? (0.0%)) announced a strategic addition to its ongoing joint venture exploration program with Queenston Mining. Under the terms of the (new) agreement, Kirkland Lake Gold will expend $400,000.00 in exploration expenses over a one year period whilst Queenston will contribute seven claims from its 100% owned Amalgamated Kirkland property and eight claims…
