Oil & Gas News
Faroe Petroleum (LON:FPM) (FPM LN, 157p, ? 0.63%) today announced the completion of a successful initial side-track well on the Butch oil discovery (Faroe 15%) located in the Norwegian North Sea. As announced on 18 October 2011, the Butch exploration well (8/10-4 S) encountered net oil pay of approximately 50 metres in the Upper Jurassic reservoir of the Ula formation and an initial side-track (8/10-4 A) was drilled to appraise for additional volumes of oil further down-dip. The initial side-track (8/10-4A) was water-bearing and due to technical issues, a technical side-track (8/10-4 T2) was drilled with the main objective of acquiring pressure data to establish the oil-water contact. The technical side-track has been completed successfully and the operator (Centrica) has calculated a preliminary resource estimate of 30 - 60 million barrels of oil equivalent. Drilling of a second side-track well is planned to commence in the coming days. The objective of this exploration side-track well is to prove additional oil volumes in the same formation but in an exploration prospect further south on the salt structure and outside the Butch main discovery. The Butch discovery is situated in 66 metres water depth in the Norwegian North Sea, close to significant existing infrastructure with the producing fields Ula, Tambar and Gyda approximately seven kms to the west, 10 kms to the south west and 20 kms to the south respectively Equity holders in the Butch licence are Faroe 15%, Centrica 40% (operator), Suncor Norge AS 30% and Spring Energy Norway AS 15%.
Roxi Petroleum (LON:RXP) (RXP LN, 4p, ? 0.00%) announced that it has been advised by the Ministry of Oil & Gas of the Republic of Kazakhstan that its operating Company, BNG Ltd LLP, ("BNG") has received approval for gas flaring for the period 2012 to 2014, which is the final regulatory consent needed before pilot production can commence on its South Yelemes field (Airshagyl Area). Roxi now expects Well 54 and Well 805 will be put into pilot production in the second quarter 2012. After pilot production commences, BNG will test and evaluate Well 806 as part of its ongoing development of the South Yelemes field.
Petroceltic (LON:PCI) International PLC (PCI LN, 6.70p, ? 0.74%) issued an update on operations at the Ain Tsila field in Algeria.…
