Oil & Gas Corporate News
Bowleven (LON:BLVN) Plc (BUY, 550p) (BLVN, 343p, ? 3.3%) announced that the Sapele-1ST well drilling in the Douala Basin, offshore Cameroon has encountered a total of 23 metres of net hydrocarbon-bearing pay in the Omicron objectives based on the results of drilling, conventional wireline logs, samples of reservoir fluid and pressure data. A testing programme is expected to commence shortly. The principal objective of Sapele-1ST was to appraise the Deep Omicron oil discovery encountered in the Sapele-1 exploration well. The well was also designed to intersect both the Upper and Lower Omicron objectives. The well was drilled to a TVD of 3,634 metres (4,483 metres measured depth) in water depths of around 25 metres approximately 2 kilometres South East from the Deep Omicron oil discovery in the original vertical well.
Global Energy Development (LON:GED) plc (GED, 77p, ? 3.1%) announced that it has begun planning the acquisition of 100 km2 of new 3D seismic over the Company's Bolivar Association Contract area. The Company has previously reprocessed existing seismic over the contract area and made an exhaustive interpretation. The acquisition and interpretation of the new seismic data will enable the Company to validate the previous interpretation and establish the optimum position of the future wells scheduled to be drilled on the contract area.
Europa Oil & Gas (Holdings) plc (EOG, 23.1p, ? 1.1%) provided an interim management statement for the six months ended 31 January 2011. In the UK the exceptionally cold winter weather shut down the facilities for two weeks. Production was also affected during the drilling operations for the new WF-9 well at West Firsby. The Company?s target of 500 bopd remains in place but is unlikely to be met by financial year-end. In Romania, the Barchiz-1 exploration well, targeting an Oligocene thrust-belt oil prospect, was drilled. The well did not reach its planned target horizon due to two factors: a thicker than anticipated Eocene section and a poor formation integrity test in the 9 5/8" casing limiting the depth of drilling. In effect the drilling was terminated before reaching the main exploration objective. The Company hopes to deepen the well as soon as practicable. Also in Romania, plans to appraise the Voitinel gas discovery have progressed following incorporation of the 2010 seismic data into the interpretation model. The group…
