Oil and Gas Corporate News
Bowleven (LON:BLVN) plc (BUY, £5.50) (BLVN, 261.50p, ? 0.57%) announced an update on activities on block MLHP-5, Etinde Permit, offshore Cameroon. Highlights: Sapele-2 testing programme completed despite compromised well bore conditions and operational issues, with oil and gas produced from the Deep and Lower Omicron intervals; Peak flow rate of 2,738 boepd, including high quality light oil, produced by DST 2 in the Deep Omicron interval; Drilling results, comparisons with Sapele-1 and seismic interpretation infer a laterally extensive Deep Omicron system, allowing updates to our views of system volumetrics; P90 unrisked in place estimates for Sapele Deep Omicron discovery area and Mean for Deep Omicron fairway assessed by Bowleven as 87 mmboe and 477 mmboe respectively; Flowed gas condensate from Lower Omicron interval; P90 unrisked in place estimates for Sapele Lower Omicron discovery area and Mean for Lower Omicron fairway assessed by Bowleven as 14 mmboe and 203 mmboe respectively; and further appraisal drilling will be carried out as part of the appraisal plan.
Range Resources (LON:RRL) Ltd. (UNDER REVIEW) (RRL, 15.13p, ? 2.42%) released its quarterly report for period ending 30 June 2011. During the quarter, the Company completed the acquisition of a 100% ownership interest, through SOCA Petroleum, in the holding and subsidiary companies that hold three production licences in producing onshore oilfields in Trinidad and significant local onshore drilling operations. During the quarter, the Company, along with its joint venture partners, Strait Oil & Gas (UK) Limited ("Strait") and Red Emperor Resources NL ("Red Emperor") commenced mobilisation in readiness for the spudding the joint venture's first highly prospective exploration well - Mukhiani in Block Vla in Georgia. The Mukhiani 1 Well is targeting the Vani 3 prospect which has estimated potential undiscovered stock tank oil initially-in-place ("STOIIP") of 92.7 MMbbl (P50 gross).
During the quarter, Range's joint venture partner and Operator of the Puntland joint venture, Africa Oil Corp. ("Africa Oil") announced the execution of a letter of intent with a drilling subcontractor paving the way for the mobilisation and drilling of the first milestone well in Q3 2011. Africa Oil continued with negotiations with the Puntland Government on various items in readiness for the historic well. In Texas, the Companys production for the quarter from North Chapman Ranch was 95k mcf of gas and 7,863 barrels of oil net to…
