oil and gas updateOil & Gas Corporate News

Tullow Oil Plc (LON:TLW) ( 1321p, ? (0.08%)) announced that the Kasamene-3 and Kasamene-3A wells in the Butiaba region of Uganda Block 2 have successfully delineated the extent of oil in the Kasamene field and discovered oil in the Wahrindi North fault block. The Kasamene-3 well was drilled down-dip and 2.2km to the southwest of the Kasamene-1 discovery well. This deviated well was drilled to a total depth of 1,109m and results of logging confirmed some 10m of oil pay within a 35m thick reservoir section of the Kasamene field. Pressure data confirmed this pay to be in communication with the up-dip Kasamene-1 well, successfully extending the column height of these reservoirs to over 100m. High quality reservoirs, 25m thick, were encountered on prognosis below the oil-water contact. This successful outcome proves the viability of this location as a future water injection point to support up-dip oil production. A second well, to explore the Wahrindi North fault block, was then drilled utilising the top-hole section of Kasamene-3. This well, Kasamene-3A, was drilled to a total depth of 988m into a separate fault compartment 300m to the southwest and encountered over 15m of oil pay. The rig will now move to the Kaiso-Tonya area to drill the Nzizi-3 appraisal well in support of the accelerated Nzizi gas development project.

Valiant Petroleum (LON:VPP) ( 644p, ? (0.16%)) announced that drilling operations have commenced on its operated Tybalt exploration well (Licence P1632, Blocks 211/8c and 211/13c). The well is preparing to spud today using the Diamond Ocean Nomad semi-sub drilling rig and take around 30 days to reach its target depth of approximately 11,400ft true vertical depth sub-sea.

Providence Resources (LON:PVR) (3.25p, ? (2.40%)) announced that RPS Energy has carried out a third party audit on the Baxter's Copse accumulation that resulted in 2P and 3P undeveloped gross reserves of c. 5.4MMbo and c.15MMbo, respectively. The partners have agreed a work programme to advance the Baxter's Copse discovery to development with the first potential horizontal production well to be drilled from the Singleton facilities in 2011. The Group also plans to further evaluate the other prospects and discoveries within PEDL 233. The Baxter's Copse discovery is located in the Petroleum Exploration and Development Licence (PEDL) 233, in the Weald Basin, Onshore UK. Providence…

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