Oil & Gas Corporate News
San Leon Energy (LON:SLE) (BUY, £0.50) (SLE, 17p, ? 1.49%) announced it has completed the drilling and evaluation of its first low-cost conventional exploration well in the Nida Concession in southern Poland. The target of the well was a 3-way faulted structure in the Cretaceous sandstones, a previously untested carbonate buildup in the Jurassic, and potential reservoirs in the underlying Jurassic section. The well was successfully drilled to a total depth of 1,000m and encountered several reservoirs in the underlying Jurassic with gas shows and high quality reservoir sandstones with gas shows in the Cretaceous. The company is now plugging the well as a dry hole at a total estimated well cost of 700,000. The Jas?o DIR-700 rig is plugging the well and will immediately move the rig to the Belvedere-1 location which is ready to receive the rig. The Belvedere-1 well is targeting a four-way closure within the Cretaceous and Jurassic horizons.
Max Petroleum (LON:MXP) (BUY, £0.50) (MXP, 13.5p, ? 1.82%) announced that it has begun testing the ASK-1 exploration well in the Asanketken Field, successfully producing 35 degree API oil at a stable rate of 672 bopd from perforations in a Jurassic reservoir from depths of 1,281-1,287m during a 12 hour period. The well has been connected to temporary production facilities and will be placed on long-term test production. With the addition of ASK-1, the Company's current daily production is 3,671 bopd.
Sound Oil (LON:SOU) (SOU, 2.17p, ? 2.35%) announced the award of the Costa Del Sole Permit, onshore Sicily to the Company's wholly owned subsidiary Apennine Energy. Apennine Energy will be the 100% interest holder and operator of the permit. The award is made by the Department of Energy of the Sicily Region subject to the submission and acceptance of an Environmental Impact Assessment. Apennine Energy will submit the necessary documentation in the next few days. The permit contains the Manfria-1bis oil discovery which flowed at a rate of 150 bopd and produced a cumulative 6,000 barrels during testing. It is estimated to contain P50 contingent resources of approximately 2 MMbo. An un-drilled prospect Cielo is adjacent to the discovery and could contain a similar resource if successfully drilled. Cielo appears to be in structural continuity with Manfria indicating a possible shared oil…
