Oil & Gas Corporate News

Ascent Resources (LON:AST) (BUY, £0.20) ( 4.5p) announced it has completed operations on the Fontana-1 well in Italy's Latina Valley. A core sample taken from the limestone of the target Carbonate Platform formations contained live oil, while deeper dolomite horizons have been shown to contain water from data acquired from logging tools. The Partners believe that the results are sufficiently encouraging to proceed with the permitting of a hydrocarbon appraisal well, the Anagni-2, located within 1 km of the Fontana-1 location, which will target a smaller adjacent structure.
In the Penészlek project in eastern Hungary, the project partners have made the decision to plug and abandon the PEN-106 well after a drill stem test showed the target Miocene tuffaceous formations to be water bearing at the well location. The drilling rig will now return to PEN-101 to drill a short sidetrack to bypass the damaged cementation in that production well.

Comment: Mixed news for the Company with a positive result at Fontana-1 and an obviously disappointing Pen-106. Because of the nature of the Fontana-1 well no tests have been carried out.

Cairn Energy Plc (LON:CNE) ( 411.1p) announced that its wholly owned subsidiary Medoil has completed an exploration well offshore Tunisia in the Louza block. The M'Sela West-1 well reached a total depth of 2,555m in the Serdj Formation. Although minor evidence of light oil was observed, the expected Isis target reservoir was not developed in the well. The well has been plugged and abandoned without testing.

Petrolatina Energy Plc (LON:PELE) ( 48p) announced an operational update in respect of the testing of the Santa Lucia-4 development well which was recently drilled on the Tisquirama A Block. PetroLatina is the operator of, and holds a 20% interest in the block. The Santa Lucia-4 well, a commitment well, was drilled to a total measured depth of 8,700ft and encountered the target La Paz sand at a measured depth of 8,295ft. The indicated net pay was 27ft, as expected. The well has now been on test for approximately 20 days and is expected to produce at a gross rate of approximately 240bopd when it is placed on commercial production within the next two weeks. The well appears to have essentially no water production.

Europa Oil & Gas (LON:EOG) ( 15.5p) announced it has conditionally…

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