Oil & Gas Corporate News
Cove Energy (LON:COV) (CVE, 61p, ? (12.23%)) announced that drilling operations at its Ironclad prospect have reached total depth and the results are presently being analysed by operator Anadarko Petroleum Corporation. The Company notes the comments attributed to the Mineral Resources Minister, Esperança Bias, cited in various news sources this morning, including the Mozambique daily newspaper 'Noticias'. The Company awaits more detailed analysis and evaluation and will update the market shortly.
Serica Energy (LON:SQZ) (SQZ, 43.75p, ? (30.28%)) provided an operations update on the Oates exploration well in Block 22/19c in the Central North Sea and on its Indonesian offshore drilling programme. The Oates well 22/19c-6 was spudded on 30 July. The target of the well was the Palaeocene age Forties Sandstone, which is a significant oil and gas producing reservoir in the Central North Sea. The data acquired on the Oates well confirms that the Forties Sandstone was entered at 9,531 feet MD BRT but logging indicates that no hydrocarbons are present in the sands at this location and the well will be plugged and abandoned as a dry hole. Detailed analysis of the well results will be used to evaluate the remaining potential of Block 22/19c, which also contains a second Forties Sandstone prospect known as Bowers. Under the terms of a farm-in agreement, Premier Oil (LON:PMO) plc is paying 100% of the Oates drilling costs in order to earn a 50% interest in the Block 22/19c licence and has assumed the operatorship of the block. Serica retains a 50% interest in the licence. Later this month, Serica expects to mobilise the Trident IX jack-up drilling rig for the Dambus and Marindan wells in the Kutai PSC offshore Indonesia. Dambus is expected to commence drilling in early September and will be followed immediately by the Marindan well.
Victoria Oil & Gas (LON:VOG) (BUY, £0.09) (VOG, 2.99p, ? (0.33%)) announced an update on its operations at Logbaba, Cameroon. The second well drilled by the Company, La-106, has continued to flow from the initial perforated interval in the Lower Logbaba formation during most of July. As previously reported, the delivery of special equipment to assist with the high temperatures and pressures experienced in the well bore was duly procured and the perforation of the remaining intervals was successfully completed. Following completion of the last perforations the…
