Oil & Gas Corporate News
Leni Oil & Gas (LGO, 1.2p, ? 4.35%) announced the acquisition of Goudron E&P Limited, a company which holds exclusive rights to acquire the Incremental Production Service Contract (IPSC) for the Petroleum Company of Trinidad Limited (Petrotrin) owned Goudron Field in onshore south-eastern Trinidad. The Goudron Field was originally developed by Texaco, and existing producing zones have reserves of proven 1.9 mmbbls and estimated 3P reserve of 21.8 mmbbls. The concession covers a total of 2,875 acres (11.4 sq km) which more than doubles LGO's land holding in Trinidad. Current production comes from a small number of active wells out of a total of 152, and the production potential has been estimated to be in the range 1,000 to 4,000 bopd, with the drilling of new infill wells possibly commencing in early 2012. Additional undeveloped reservoirs in the Gros Morne (Upper Cruse) and Lower Cruse formations also provide expkloration upside.
Gulfsands Petroleum (LON:GPX) (GPX, 185p, ? 0.27%) announced an update on the Company's drilling activity in Tunisia. The Sidi Dhaher-1 well has been drilled to a total depth of 2011m measured depth. A potential oil column has been identified in the well based on formation pressure data, and oil along with drilling mud and mud filtrate has been recovered from the reservoir via wireline sampling methods. After running casing to preserve the well-bore, the well will be suspended and a production testing operation will be undertaken after completion of programme design and mobilisation of the required equipment to the site. In the event that testing operations indicate a commercial oil discovery, Gulfsands has the option to become operator of the development.
Cairn Energy (LON:CNE) (CNE, 280.7p, ? 0.32%) announced that Cairn Lanka, a wholly owned subsidiary of Cairn India Limited, has notified the appropriate authorities in the Government of Sri Lanka of a Gas Discovery in the CLPL-Dorado-91H/1z well, drilled in a water depth of 1354m, located in the block SL 2007-01-001, Mannar Basin, Sri Lanka. A gross 25m hydrocarbon column in sandstone has been interpreted from log and MDT data to be predominantly gas bearing with some additional liquid hydrocarbon potential. Further drilling will be required to establish the commerciality of the discovery. The CLPL-Dorado-91H/1z well is the first well to be drilled in Sri Lanka in 30 years and the first…
