Oil & Gas Corporate News
Max Petroleum (LON:MXP) (BUY, £0.50) (MXP, 17p, ? (0.0%)) announced that it has commenced drilling the KZI-1 exploration well on the Kyzylzhar I Prospect in Block E, the fourth of twelve post-salt exploration prospects scheduled to be drilled by the Company on Blocks A&E.
Petroceltic International (LON:PCI) (PCI, 11.75p, ? (6.0%)) announced a farm-out of its offshore Italy, Central Adriatic B.R268.RG permit to Orca Exploration and the signing of an investment agreement with Gemini Oil and Gas. The farm out Agreement has been signed with Orca Exploration Group Inc, a wholly owned subsidiary of Orca Exploration Inc. Under the terms of the Agreement, Petroceltic has agreed to transfer a 15% participating interest in the Permit to Orca. In exchange, Orca has agreed to pay 30% of the drilling and completion costs for the proposed Elsa-2 well up to a maximum amount of US$11.52m. Orca has also agreed to pay Petroceltic 15% of the back costs in relation to the well up to a maximum of US$0.52m. On completion of the Well, Petroceltic and Orca will fund all future costs relating to the Permit in proportion to their participating interests.
Valiant Petroleum (LON:VPP) (VPP, 635p, ? (2.53%)) announced that its planned side-track in the operated Tybalt exploration well 211/8c-4z (License P1632) has discovered light oil in the four-way dip 'T1' structure. The well encountered an oil bearing reservoir section in the Upper Magnus sands of approximately 550ft. This was larger than pre-drill estimates, and pressure data collected imply up to three separate oil columns may be present with the largest totalling c.423ft. The size of the overall oil column encountered suggests that the East and West Tybalt discoveries are in communication and a more complex geological setting is present which includes both stratigraphic and stacked trapping mechanisms. Initial analysis suggests the reservoir quality in this location is better than that encountered in the original East Tybalt discovery well and the net pay is estimated to be 100-200ft. As with the original discovery well, Valiant has run an extensive data collection programme including a reservoir core, wireline logs, fluid sampling, pressure readings and a vertical seismic profile. The joint venture has now decided to proceed with a drill stem test of the well with results expected in the next two weeks. Valiant is operator of the blocks with 80% working…
