Oil & Gas Corporate News
Ascent Resources (LON:AST) plc (BUY, £0.15) (AST, 4.75p, ? 15.15%) announced that it has flowed gas from an open-hole test of the Karpatian reservoir of the Pg-11A well and now continues drilling to the planned total depth of 3,500m. The Pg-11A well is positioned to become the first re-development well in the Petisovci Project in Slovenia where the Company has a 75% interest. Following the re-commencement of operations on the Pg-11A in April 2011, the well was re-drilled to a depth of c. 3,000m where a 7" liner and tie-back string was successfully set and cemented immediately above the Karpatian reservoir. The top part of the sandstone reservoir was cored and the well deepened to expose approximately 50m of reservoir. An open hole test on this section produced and flared good quality hydrocarbon gas at a constrained rate of c. 2,500 m3 per day (c. 90 Mscfd). On-site gas analysis indicated a better than expected carbon dioxide concentration of less than 1%. Gas samples and the core will now be analysed and integrated with the extensive geological and engineering data already obtained from the well. Whilst the preliminary results from the Karpatian reservoir are positive, the delineation of the full extent of the reservoir is the primary purpose for the extra 450m drilling to the planned total depth of 3,500m. Although the Karpatian may produce at commercial rates unstimulated, hydraulic fracturing maybe required or economically justified to optimise production rates.
Bahamas Petroleum Company (LON:BPC) (BPC, 16.25p, ? 1.52%) announced that it has signed a contract with Fugro N.V. to undertake a high resolution seabed survey on the Company's licence area. The survey will begin in early June; will take approximately six weeks to complete; and will also be used for the 3D seismic survey being undertaken by CGGVeritas.
Cairn Energy (LON:CNE) plc (CNE, 419.20p, ? 2.26%) provided an operational update on its upcoming Greenland exploration campaign. The Company plans to drill up to four wells further exploration wells (following on from the 2010 campaign) targeting gross unrisked mean prospective resource potential of 3.2 billion barrels of oil equivalent at target subsurface depths between 2,500 and 4,750 metres. In each case the principal target is oil but evidence of both oil and gas generation is found regionally.…
