Oil & Gas Corporate News
Aminex (LON:AEX) (BUY, £0.13) (AEX, 7.88p, ? 0.0%) announced plans for drilling a further exploration well in the Ruvuma Basin Production Sharing Agreement ("Ruvuma PSA") area of Tanzania. The well is designated Ntorya-1 and will be drilled in the Mtwara Block, in the southern part of the Ruvuma PSA. Partners in the well are Tullow Oil (operator - 50%), Aminex (37.5%) and Solo Oil (12.5%). In 2010 the joint venture drilled the Likonde-1 well in the Lindi Block which forms the northern part of the Ruvuma PSA. Likonde-1 reached a total depth of 3,647 metres and intersected two sandstone intervals with a combined thickness of over 250 metres (820 feet), containing evidence of residual oil and gas. Likonde-1 was terminated due to high gas influx. Ntorya-1 well will be drilled about 14 kilometres to the south of Likonde-1, to a planned total depth of 2020 metres, targeting the same high quality Lower Tertiary reservoir sands encountered in the Likonde-1 well. Seismic interpretation places the sands at Ntorya-1 structurally up-dip relative to Likonde-1. Aminex estimates that the well has a probability of success for the discovery of hydrocarbons of approximately 20%, with a mean recoverable resource potential of 100 million barrels oil equivalent. The Tanzanian authorities have now formally approved the drilling of Nyorya-1 and a rig has been secured. Spud date is likely to be September-October this year.
Coastal Energy (LON:CEO) (CEO, 417.5p, ? 0.0%) announced the successful results of the Bua Ban North B-04 appraisal well. The Bua Ban North B-04 well was drilled to 6,000 feet TVD and encountered 64 feet of net pay in the Miocene objective with average porosity of 27%. The B-04 confirms the discovery made by the B-02 well, which encountered 62 feet of net pay in the Miocene with 26% porosity. The B-04 well is currently being cased and will then be suspended pending the arrival of production equipment. The Company plans to drill a water disposal well before mobilizing the rig to its next planned location.
Petroneft (LON:PTR) Resources (PTR, 60.5p, ? 0.0%) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, provided an update on its operations. Highlights: Kondrashevskoye No. 2 well successfully tests oil; Four additional wells completed in the Lineynoye Development Drilling Programme; Drilling establishes…
