Oil & Gas News
Petrolatina Energy Plc (LON:PELE, 55p, ? (0.0%)) announced that it has commissioned works to connect the Serafin-1 gas well to the main Colombian gas trunk line, and expects production to commence during the last quarter of 2010. The Serafin gas field is located in the Tisquirama licence block in the Middle Magdelana Valley. The well was worked over in January 2007 and tested at flow rates of 14MMscf/d. Based on the recent assessment by Ryder Scott, GIIP is estimated to be 5.37Bcf with 1P Reserves of 3.13 Bcf, and the well is expected to be capable of initially producing up to 7MMscf/d. Since January 2007, the gas price which the Company expects to receive and which is not subject to price regulation from the regulatory commission for energy and gas has substantially increased from US$3.50/mscf, to between US$5-US$6/mscf. The Company has held negotiations with several potential gas customers and commercial gas sales are expected to commence in the final quarter of 2010. PetroLatina announced on 17 December 2009 that it had resolved all technical and legal issues relating to the tie-in of the Serafin-1 gas well to the main Colombian gas trunk line. The Company has now entered into a contract to construct a 'city gate' gas handling station to connect the Serafin-1 gas well to the Ballenas-Barrancabermeja gas trunk line which carries the bulk of Colombia's gas production from the Caribbean coast to the gas consuming cities in the centre of the country. The Company has pre-paid its share (US$680,000 net to PetroLatina) of the estimated total cost of the development (US$1.36m) for the construction works. The construction project is expected to take six months to complete.
Aminex (LON:AEX, 12.75p, ? (0.0%)) announced that the Olympia Minerals-1 well at Shoats Creek, Louisiana (OM-1) has reached total measured depth of 9,508ft. Wireline logs have identified several potential oil and gas bearing intervals in Cockfield sands at 8,200-9,335 ft. The sands identified closely match the prognosis obtained from interpretation and mapping of new 3D seismic over the property. OM-1 has now been cased and a testing programme will be initiated in the immediate future, commencing with the perforation of an interval at 9,320ft MD. Following the test results it is anticipated that the well will initially be placed on commercial production from one…
