Oil & Gas Corporate News
Antrim Energy (LON:AEY) Inc (AEY LN, 77.0p, ? 0.65%) today announced the preliminary results of the Erne exploration well, 21/29d-11, in the UK Central North Sea. (Premier 50 per cent working interest.). The Erne well has been drilled to a total depth of 5,562 feet. A gross hydrocarbon column in excess of 50 feet was encountered in the Eocene Upper Tay Sandstone, according to preliminary estimates. This includes 20 feet of net oil pay and ten feet of net gas pay, with average porosity exceeding 30 per cent and average hydrocarbon saturation of approximately 80 per cent. A sidetrack well from the pilot hole will now be drilled to further delineate the reservoir. Erne is situated between the Premier-operated Fyne field and the West and Northwest Guillemot fields.
Leni Gas (LON:LGO) & Oil plc (LGO LN, 0.55p, ? 1.65%) today announces plans for additional drilling at the Eugene Island Field in the US Gulf of Mexico. The Company has approved the first of a number of projects designed to tap into undeveloped reserves within the Eugene Island-184 leases operated by Marlin Energy LLC ("Marlin") where LGO holds a 7.25% working interest. Highlights: Two well sidetracks are planned to access new reserves, potential pay zones have been identified in the Tex-X2 and X3 reservoirs, drilling operations will commence by early 2012, successful completions will lead to an immediate increase in production. Work will start almost immediately with preparatory operations in the A#2 well to abandon the existing well below 7,600 feet ahead of the arrival of a drilling rig, Ocean Columbia. The rig is scheduled to be on site by early January 2012. The A#2 sidetrack is targeted to reach a downthrown fault block which Marlin considers to have good seismic amplitude support on the available 3D seismic data. The fault block has an estimated mean recoverable reserve of 0.5 million barrels of oil within the primary, Tex-X2, target level at a depth of approximately 13,000 feet subsea. The slightly deeper Tex-X3 reservoir will also be tested by the well. Both reservoirs are productive in other wells throughout the field. The cost of drilling, logging and evaluating the A#2 sidetrack is estimated to be $280,000 net to LGO's interest. Additional costs will arise for production completion of the well if successful.
