Oil and Gas Corporate News
Bowleven (LON:BLVN) (BUY, £5.50), (BLVN, 291.75p, ? 1.68%) announced the results of testing activities at the Sapele-1ST appraisal well drilling in the Douala Basin, offshore Cameroon. Drill stem testing was performed within the Deep Omicron interval at Sapele-1ST: Stabilised flow rate of 3,101 boepd produced on test at Sapele-1ST; High quality light oil (39.2 degree API) produced on test; and oil quality and gas-oil ratio comparable to that encountered at the original Sapele-1 well. The principal objective of Sapele-1ST was to appraise the Deep Omicron oil discovery encountered in the Sapele-1 exploration well and was conducted over a 71 metre perforated interval. Due to the stratigraphic nature of the Omicron discoveries further analysis and appraisal is required to delineate the fields and to assess the implications for resource estimates and potential development options for these discoveries. The productivity demonstrated by the Deep Omicron test at Sapele-1ST is a key step forward. In addition, a testing programme is ongoing at Sapele-2, drilled to appraise both the Lower and Deep Omicron discoveries, and the results from this will be integral to this process.
Leni Gas (LON:LGO) & Oil plc (LGO, 2.85p, ? 0.0%) announced resumption of production from the Eugene Island-184 ("EI-184") platform in the Gulf of Mexico. Production operations were resumed safely on 3 June 2011 at the EI-184 facilities following the transfer of operatorship to Marlin Energy LLP ("Marlin") as previously announced in late May. All previously active wells (A1, A3, A4, A5 and A8) were returned to production and operational reporting to the Joint Venture partners has now been resumed. During the initial five day ramp up period; gross physical production has averaged 1,199 mcfpd and 402 bopd (609 boepd). Once downtime is accounted for, this equates to an average daily rate of approximately 922 boepd. LGO holds a 7.25% working interest in the EI-184 field. Early indications are that production has been re-established at higher than pre-shut down levels, however, stabilised rates are not yet available and some flush production after a 60 day shut-in period would be expected.
PetroLatina (PELE, 27.50p,? 1.35%) announced its audited final results for the year ended 31 December 2010. Operational Highlights: 3 new wells drilled (Querubin-1, Chuira-1, Colon-3ST); Completed the Zoe-1 exploration well which is currently producing at a stable rate of 42 bopd of 23…
