Beach Spotlights Discoveries in Egyptian Abu Sennan Concession

- Beach Spotlights Discoveries in Egyptian Abu Sennan Concession

Wednesday, August 24, 2011
Beach Energy Ltd.

Beach announced discoveries from its two wells in the Egyptian Abu Sennan concession, with production testing on both wells continuing to assess volumes and commerciality. It is expected that there will be an expeditious tie-in of the wells due to the location of the wells being within 10 kilometers of existing pipeline infrastructure. Details regarding the outcomes of the flow testing from the wells will be advised in due course.

GPZZ-4 was drilled as the first well of a six-well program in the Abu Sennan concession. During initial drilling, hydrocarbon shows were found in the lower and upper Bahariya Formations, and the Abu Roash "G" Member. An extensive testing program of these formations is currently underway.

The second well, Al Ahmadi-1, has also encountered hydrocarbon shows within the Kharita Formation, the lower Bahariya Formation, the Abu Roash "G" Member and the Abu Roash "E" Member. Hydrocarbon zones highlighted by the wireline logging and testing will be followed up with a significant cased hole testing program.

Beach Managing Director, Mr Reg Nelson said, "This is a fantastic result for Beach's International operations and is a credit to the team that identified the potential of this permit in Egypt's Western Desert. We have mentioned on a number of occasions that in order to grow reserves and production, one has to look beyond its own shores, hence why we strategically identified and invested in countries such as Egypt. These discoveries at Abu Sennan justify this strategy and we firmly believe that there will be further success in the not too distant future."

The Joint Venture equity interests in Abu Sennan are:

• Beach (via wholly owned subsidiary Beach Petroleum (Egypt) Limited) - 22%
• Kuwait Energy - 50% and Operator
• Dover Petroleum - 28%

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TAG Confirms O&G Discoveries in Taranaki Basin

- TAG Confirms O&G Discoveries in Taranaki Basin

Thursday, August 11, 2011
TAG Oil Ltd.

TAG Oil reported that strong test results confirm new oil and gas discoveries in the Sidewinder-2 well and the Cheal-C1 well, both located in the Taranaki Basin, New Zealand.

Lower Mt. Messenger Oil Discovery in Sidewinder-2 Well

TAG has completed isolated flow testing on oil-and-gas-bearing zones discovered in the Sidewinder-2 well. These additional productive zones were encountered in the shallower Urenui Formation and in the lower Mt. Messenger Formation, below the main Sidewinder gas zone discovery, which tested at stabilized rates of 8.8 million cubic feet per day (~1467 BOE per day).

Of particular importance are the oil-bearing sands Sidewinder-2 discovered in the lower section of the Mt. Messenger Formation (~1800m), where the Company recovered significant volumes of light oil during recent swab testing. Technical data suggests that this oil zone can produce at rates consistent with other established Mt. Messenger oil wells in the immediate area. These oil-bearing Mt. Messenger sands are interpreted to be widespread in the Sidewinder permit area and will be a primary target in future exploration wells.

TAG will proceed to commercialize oil production from the lower Mt. Messenger zone and will acquire artificial lifting equipment that will best suit the overall Sidewinder exploration and development strategy.

Also of interest in Sidewinder-2 is the gas discovered in the shallow Urenui Formation (~1400m). The Company tested clean, dry natural gas at rates ranging from 1 to 2 million cubic feet of gas per day (167- 333 BOE's per day) utilizing various choke sizes. Production from the Urenui Formation zone can be commercialized by comingling with the main Sidewinder gas zone.

TAG CEO Garth Johnson commented, "We continue to achieve excellent exploration results which indicate that TAG has potentially discovered a large oil and gas field at Sidewinder. In addition to the prolific main gas zone discovered, there are now two significant high-impact discovery zones to pursue in this acreage. This new Mt. Messenger oil discovery will add high net-back oil production to the ~5000 BOE's of behind pipe awaiting commissioning of the Sidewinder production facilities."

The Sidewinder oil and gas discoveries are located in TAG Oil's Petroleum Exploration Permit 38748 (TAG 100%) in the Taranaki Basin, New Zealand.

Cheal-C1 Testing Confirms Oil Discovery

TAG also reports that testing of the Cheal-C1 exploration well confirms the oil and gas discovery in the Cheal "C" area. Cheal-C1 intercepted oil-and-gas-bearing sands in the Mt. Messenger Formation producing substantial volumes of light oil during swab testing along with clean, dry gas at rates between 1.5 million to 3 million cubic feet per day.

Artificial lifting equipment is now being acquired to establish daily oil production rates, however the Company estimates production capabilities from Cheal-C1 to be similar to TAG's Cheal-B4ST well. This well tested 360 barrels of oil + 240 thousand cubic feet of gas per day.

The Cheal-C1 well also encountered strong oil shows within a 73-meter-thick section of sandstone within the deeper Moki Formation. The Moki zone was tested but commercial flow rates were not achieved. TAG's technical interpretation indicates that Cheal-C1 penetrated a "transitional zone" where oil migrated through the contacted zone into a large structural closure, updip from the Cheal-C1 penetration. Given the extensive oil shows recorded while drilling coupled with the excellent reservoir quality interpreted from electric logs, TAG will plan a new well that will directly target the Moki Formation prospect, drilled from a more optimal location on the structure.

TAG CEO Garth Johnson said, "I'm pleased to achieve such positive results from the Cheal-C1 well, significantly expanding the Cheal development area. We expect to commercialize the Cheal-C1 discovery in conjunction with appraisal drilling included in our next drilling campaign, scheduled to start in September 2011."

The Cheal oil and gas discoveries are located in TAG Oil's Petroleum Mining Permit 38156 (TAG 100%) in the Taranaki Basin, New Zealand.

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Petrobras Makes O&G Discoveries Offshore Brazil

- Petrobras Makes O&G Discoveries Offshore Brazil

Tuesday, July 05, 2011
Petrobras

Petrobras announces new discoveries of oil and gas in Espírito Santo Basin, within the Concession Area BM-ES-23, Block ES-M-525, totaling 3 discoveries in this concession.

These new discoveries are 115 km far from the coast of the State of Espírito Santo, at water depths of about 1,900 meters, and occurred during the drilling of wells 1-BRSA-939-ESS (1-ESS-199) and 1-BRSA-936D-ESS (1-ESS-200D), informally referred to as Pé-de-moleque and Quindim. Recently, another discovery found after the drilling of well 1-BRSA-926D-ESS (Brigadeiro) has been announced.

Petrobras is the operator of the consortium for exploration of Block BM-ES-23 (65%), further constituted by companies Shell Brasil Petróleo Ltda. (20%) and Inpex Petróleo Santos Ltda. (15%). The consortium will continue the activities referring to the Minimum Exploratory Program within the concession area.

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ExxonMobil Touts Three Deepwater GOM Discoveries

- ExxonMobil Touts Three Deepwater GOM Discoveries

Wednesday, June 08, 2011
ExxonMobil Corp.

ExxonMobil announced two major oil discoveries and a gas discovery in the deepwater Gulf of Mexico after drilling the company's first post-moratorium deepwater exploration well.

The KC919-3 wildcat well confirmed the presence of a second oil accumulation in Keathley Canyon block 919. The well encountered more than 475 feet of net oil pay and a minor amount of gas in predominantly Pliocene high-quality sandstone reservoirs. The well, which is continuing to drill deeper, is located 250 miles southwest of New Orleans in approximately 7,000 feet of water.

Drilling in early 2010 encountered oil and natural gas at Hadrian North in KC919 and extending into KC918, with over 550 feet of net oil pay and a minor amount of gas in high-quality Pliocene and Upper Miocene sandstone reservoirs.

ExxonMobil encountered 200 feet of natural gas pay in Pliocene sandstone reservoirs at its Hadrian South prospect in Keathley Canyon block 964 during drilling in 2009.

"We estimate a recoverable resource of more than 700 million barrels of oil equivalent combined in our Keathley Canyon blocks," said Steve Greenlee, president of ExxonMobil Exploration Company. "This is one of the largest discoveries in the Gulf of Mexico in the last decade. More than 85 percent of the resource is oil with additional upside potential."

"We plan to work with our joint venture partners and other lessees in the area to determine the best way to safely develop these resources as rapidly as possible," Greenlee said.

ExxonMobil is the operator of KC918, KC919, KC963 and KC964 with 50 percent working interest. Eni Petroleum US LLC and Petrobras America Inc. each hold a 25 percent working interest in KC919, KC963 and KC964. Petrobras America Inc. holds a 50 percent working interest in KC918.

Over the past decade, ExxonMobil has drilled 36 deepwater wells in the Gulf of Mexico in water ranging from 4,000 feet to 8,700 feet.

"As one of the largest lease holders in the Gulf of Mexico with interests in over 370 leases, we are committed to the continued safe exploration and development of this important national resource," Greenlee said.

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Eni Farms-In to Timor Sea Discoveries

- Eni Farms-In to Timor Sea Discoveries

Tuesday, May 17, 2011
Eni S.p.A.

Eni has signed an agreement with MEO Australia Limited to farm-in to the Heron and Blackwood gas discoveries in the permit NT/P68 in the Timor Sea, northern Australia.

The agreement involves Eni earning 50% in the Heron gas discovery by funding the drilling of two wells in the Heron Area. Eni may withdraw from the agreement after the first well has been drilled.

Eni has a further option to earn 50% in the Blackwood gas discovery by acquiring a minimum of 500 square km of 3D seismic and drilling one well in the Blackwood area.

Eni has a further option to acquire an additional 25% interest in the discoveries by funding the work program required to reach a Final Investment Decision (FID) in either Heron or Blackwood or both. Once completed Eni would make a one off bonus payment to MEO.

Eni Australia Limited will be the Operator of the permit NT/P68 with a 50% share with its partner MEO Australia Limited.

This agreement represents a significant opportunity in line with Eni's strategy to increase its business presence in Australia, an OECD country, and the south-east Asian region generally, through organic and acquisitive growth of quick to market hydrocarbon discoveries.

Eni entered Australia in 2000 and is the Operator of the Woollybutt oil field (65% interest), the Blacktip Project (100% interest) and the Kitan Development Project (40% interest) and is a partner in the Bayu Undan gas and condensate field and Darwin LNG (10.99% interest). Eni has interests in 13 exploration permits and production licenses in Australia, Timor-Leste and the Joint Petroleum Development Area (JPDA), 10 of which it operates and covering a total area of about 50,000 square km.

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ONGC Makes New O&G Discoveries in Gujarat

ONGC Makes New O&G Discoveries in Gujarat

Friday, April 29, 201
Asia Pulse Pte. Ltd.

Indian state-owned Oil and Natural Gas Co. (ONGC) said it has made two oil and gas discoveries in Gujarat.

ONGC struck oil and gas in a well drilled block CB-ONN-2004 2 in Gujarat, the company said in a statement.

The state-owned firm has 50 percent interest in the block that it had won along with Gujarat State Petroleum (40 percent) and Sunterra (10 percent) in the seventh round of bidding under New Exploration Licensing Policy (NELP).

Exploratory well Vadtal-3 produced oil at a rate of 22.5 cubic meter per day and gas at a rate of 3758 cubic meter per day on testing, it said, "The oil produced is of very good quality with a gravity of 41.10 API."

This is the second discovery in block CB-ONN-2001/1.

ONGC said it made an oil discovery in a nomination block Linch Extn-1 in the western offshore.

"Development well North Kadi-461 in Linch Extn-I PML, Western Onshore Basin, was drilled to a depth of 1600 meters," it said adding oil flowed at a rate of 17 cubic meters per day during testing.

The oil is heavy oil with 25.390 API gravity.

ONGC said it produced 27.272 million tonnes of crude oil in 2010-11 fiscal, marginally higher than the target of 27 million tonnes. Gas production at 25.322 billion cubic meters was also higher than 25 bcm target.

It sold 20.297 bcm of gas and produced 3.2 million tonnes of value added products in the fiscal year.

The firm's overseas arm, ONGC Videsh Ltd produced 9.433 million tonnes of oil and oil equivalent gas, surpassing the earlier peak production of 8.87 million tons of oil and oil equivalent gas in 2009-10.

Commenting on the performance, ONGC chairman and managing director A K Hazarika said, "Considering the global average rate of production decline from matured oil fields, this performance of ONGC is commendable."

"Our performance in reserve accretion is once again laudable. However, without drawing any complacence, we are focusing on bringing all new discoveries to production at the earliest possible opportunities," he said.

ONGC said it made a total of 24 discoveries during 2010-11 financial year.

During 2010-11, ONGC said it added 236.92 million tonne oil and oil equivalent (Mtoe) gas in-place reserves. Of this "83.56 million tonnes of oil equivalent as the Ultimate Reserve surpassed the record breaking performance of previous fiscal (82.98 Mtoe) and resulting a RRR (Reserve Replacement Ratio) of 1.76."