PetroMagdalena Discovers New Oilfield in Cubiro Block

- PetroMagdalena Discovers New Oilfield in Cubiro Block

Tuesday, August 23, 2011
PetroMagdalena Energy Corp.

PetroMagdalena has discovered a new light oilfield with the Petirojo-1 discovery well, with the well currently producing 1,545 bopd of 40 degrees API light oil after 13 hours of initial production test. This represents 1,080 bopd gross working interest share for the Company, which is just under half of the Company's current production.

Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "We are extremely pleased to commence our exploration program with such positive drilling results in our core block in Colombia, coming as it does in conjunction with the spudding of the Copa-B exploration well, which provides more momentum to our business plan."

Located in Cubiro Block B, the Petirojo-1 well, in which the Company holds a 70% working interest, was spudded on July 14, 2011 and directionally drilled to a total depth of 6,399 feet measured depth ("MD"). The C7 Carbonera reservoir was found at a depth of 5,636 feet (MD) and well logs indicate a net oil pay of 32 feet with porosities averaging 29%. After perforating 17 feet in three intervals in the C7 Carbonera sand and after installing an electric submersible pump ("ESP"), the well produced 370 barrels of 40.8 degrees API oil over the latest 4.0 hour period at an average rate of 1,545 bopd and a downhole flowing pressure of 1,850 psi, a 21% drawdown, with an average BS&W of 21.7%. The well testing program is ongoing and final results will be provided.

Based on seismic interpretations, the accumulation discovered by Petirojo-1 is a 2.0 kilometer long structure with a closure of 190 acres, corresponding to the typical exploration play in the Llanos Basin, and on trend with the Palmarito Field to the north, which shows a cumulative production in excess of 12 million barrels.

PetroMagdalena and its partner have agreed to drill two additional wells as part of this year's drilling program: (i) an exploration well north of Petirojo to test a separate structure located between Petirojo-1 and the Palmarito Field within the same trend, and (ii) one appraisal/development well offsetting the Petirojo-1 discovery well.

In Cubiro Block C, the Company is currently drilling the Copa-B exploration well and today is at 2,870 feet (MD) with a target total depth of 6,992 feet (MD). Copa-B will test a seismically defined structure 4.4 kilometers south and on trend with the Copa Field, discovered last year where two wells in the C7 Carbonera sand averaged an initial production rate of 1,400 bopd.

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Iran Discovers Another Gas Field Worth $133B

- Iran Discovers Another Gas Field Worth $133B

Monday, August 08, 2011
TEHRAN
Dow Jones Newswires

Hydrocarbon-rich Iran has discovered another gas field with reserves of 495 billion cubic meters, valued at $133 billion, the oil ministry's SHANA news service quoted an oil official as saying Monday.

"The new gas field has in spot reserves of about 495 billion cubic meters (17.5 trillion cubic feet) valued at $133 billion and is located east of Assalouyeh," National Iranian Oil Company (NIOC) managing director Ahmad Qalebani said.

Assalouyeh, in the southern province of Bushehr, is the base for developing Iran's offshore South Pars field which Tehran shares with Qatar.

It holds an estimated 14 trillion cubic meters of gas (500 trillion cubic feet) or about eight percent of the world's total.

The Islamic republic, which has divided South Pars into 28 phases, has proven gas reserves of 33 trillion cubic meters second largest in the world after Russia.

Iran consumes almost all of the 600 million cubic meters per day of gas it produces, but hopes to double production and export 250 million cubic meters a day to its neighbors and Europe from 2015 by developing the giant South Pars field.

Tehran also announced Monday an increase of 17 million cubic meters in phase 10 of South Pars, SHANA reported.

"Gas production in phase 10 of South Pars has increased by 17 million cubic meters," said Moussa Souri, director of Pars Oil and Gas.

But the South Pars development has been delayed amid a lack of investment in a country faced with severe gas needs of its own and because of difficulties in procuring the required technology.

Iran's vital energy sector is one of the key areas targeted by world powers in sanctions imposed against Tehran for pursuing its controversial nuclear program.

Most Western and European energy firms have withdrawn or put on hold their investments in the country's energy sector.

Iran is the second largest producer within Organization of Petroleum Exporting Countries at 3.7 million barrels per day, and has oil reserves of around 155 billion barrels.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Max Petroleum Discovers Oil in East Kyzylzhar

- Max Petroleum Discovers Oil in East Kyzylzhar

Monday, August 08, 2011
Max Petroleum plc

Max Petroleum announced that the KZIE-1 exploration well in the East Kyzylzhar I prospect has reached a total depth of 1,620 meters, with electric logs indicating 17 meters of net oil pay in two Jurassic sandstone reservoirs at depths ranging between 987 and 1,251 meters. Reservoir quality appears excellent with porosities ranging from 20% to 30%. The Company is running production casing in the well, which is expected to be completed and placed on test production in approximately 60-90 days.

Robert B. Holland, Executive Co-Chairman, commented, "We have now made five field discoveries since we renewed our post-salt exploration program in January 2010, with another three post-salt prospects to test this quarter alone. We are well positioned to execute on our exploration program regardless of macro market conditions and look forward to continue generating significant value for our shareholders in the very near-term."

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PetroNeft Discovers New Oil Field in Russia

- PetroNeft Discovers New Oil Field in Russia

Thursday, August 04, 2011
PetroNeft Resources plc

PetroNeft, the owner and operator of Licenses 61 and 67, Tomsk Oblast, Russian Federation, announced its largest single discovery to date, a new oil field at Sibkrayevskaya in License 61.

Highlights:

• Sibkrayevskaya No. 372 well makes significant oil discovery in main Upper Jurassic target
  • Approximately 12.6 meters of net oil pay in J1 interval - exceeding pre-drill estimates
  • Good reservoir properties indicated with oil saturation throughout
  • Open hole inflow test of 170 bopd (unstimulated)
  • Sixth oil field discovered in License 61
• Development drilling at Lineynoye continues to push field boundary significantly further north and encounters materially thicker pay
  • An additional well is now planned to be drilled 500 meters beyond the most northerly well to date
• Exploration to commence at License 67 with first well scheduled later this month
• Russian Mineral Extraction Tax reduction law passed and comes into effect on January 1, 2012
  • Enhancing profit margin from qualifying fields

Sibkrayevskaya No. 372 well

The Sibkrayevskaya No. 372 well at the Sibkrayevskaya prospect located in the north east corner of License 61 was spudded on July 9, 2011. It was a follow up to well No. 370 which was drilled in 1972. A comprehensive re-interpretation of the vintage well logs and drilling data from the 370 well using digitalized logs and modern interpretation tools had identified potential "missed pay" in the Upper Jurassic J1 interval. In the new well, No. 372, the Upper Jurassic J1 oil reservoir horizon was intersected as expected at -2,350.5 meters true vertical depth. Preliminary evaluation of the logs indicates that the J1 interval consists of 12.6 meters of net pay with good reservoir properties and oil saturation throughout, exceeding pre-drill estimates. An open hole test was conducted over this interval and tested at a pro-rated inflow of 170 bopd unstimulated. Based on preliminary analysis, the oil is of good quality with an API gravity of 37 degrees, which is consistent with other fields in License 61.

Sibkrayevskaya is a very large structure which will require additional seismic and well delineation. The 372 well was drilled in a flank position on the structure and current mapping shows an area of over 50 square kilometers up dip from the oil-down-to level defined in the well. Current indications are that the ultimate recoverable reserves in the field could be significantly larger than the 44 million barrel pre-drill target defined by Ryder Scott for the prospect. The discovery also extends the area of known oil to the northeast corner of the license area and improves the prospectivity of other structures in this area.

This discovery well adds a sixth oil field to License 61 and proves the strategy of following up on re-interpreted well logs from old wells that show potential by-passed oil pay zones. It is hoped to further appraise the Sibkrayevskaya oil field with a seismic program and the drilling of at least one appraisal well in 2012.

License 61 Development program

Two further development wells have been drilled from Pad 2 at the Lineynoye oil field. Well 208 encountered 8.8 meters of net oil pay. Well 207, which was the northernmost well drilled to date encountered 17.8 meters of net oil pay. This well was drilled at a location that had originally been interpreted to be outside the boundaries of the oil field and the result further proves that the Lineynoye field extends much further north than previously estimated. An additional well will now be added to this year's program at Pad 2 to drill the reservoir approximately 500 meters further north of the 207 location.

The results of well 207 and other recent Pad 2 wells have shown that the northern part of the Lineynoye field has materially thicker pay and extends significantly further north than originally anticipated. This has positive implications for reserves and productivity in this region of the field and for the likelihood of several new structures north of Lineynoye/West Lineynoye to be oil bearing.

License 67 Exploration program

Exploration on License 67 is due to commence shortly. The mobilization of the drilling rig to the Cheremshanskaya site has been completed and rig-up operations are underway. It is expected that the well will be spudded later this month. The well is targeting objectives at the Upper, Middle and Lower Jurassic horizons following up on previously drilled wells. The well will take up to two months to complete drilling and testing.

Mineral Extraction Tax (MET) reduction law for small fields

The MET reduction law for small fields was signed into law by President Medvedev on July 21, 2011. The law will become effective from January 1, 2012. The law is applicable to undeveloped fields with Russian C1+C2 recoverable reserves below 5 million tonnes (approximately 37.5 mmbbls). The law applies a sliding scale of discounts depending on the initial size of the field. The Arbuzovskoye field which is the focus of our development activities for next year has Russian registered C1+C2 recoverable reserves of 1.3 million tonnes and consequently it will qualify for a 46% MET discount. This will significantly enhance the profitability and cashflows of the Arbuzovskoye and other qualifying oil fields and accelerate the development of such fields in the License area.

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc commented, "We are delighted with the discovery at Sibkrayevskaya, a significant new oil field which is our largest single discovery to date in terms of reserves. This is an especially important discovery, because it proves our strategy of following up on previously drilled structures by re-interpreting old well data using modern software and techniques to identify by-passed pay. The two well exploration program now commencing at License 67 is also based on re-interpreted data from old wells. We look forward to updating shareholders on the results of these wells later in the year. "

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Petroceltic Discovers Gas in South Eastern Algeria

- Petroceltic Discovers Gas in South Eastern Algeria

Tuesday, July 12, 2011
Petroceltic International Inc.

Petroceltic, in association with its partner Sonatrach issued an operational update on its Isarene permit (Blocks 228 & 229a) in the Illizi Basin in South Eastern Algeria. Petroceltic operates the permit with a 56.625 % interest, Sonatrach holds a 25% interest, and Enel holds 18.375% interest, pending final Government of Algeria ratification, which is expected later this year.

Highlights

• AT-6 well encounters 45 meters of net pay
• AT-5 testing underway
• Second rig mobilized to accelerate appraisal activities
• Drilling of AT-7 and AT-8 wells scheduled to commence this month

AT-6 appraisal well

Well AT-6, the third well in the current appraisal campaign on the Ain Tsila gas discovery was drilled to a total depth of 2085m and has successfully logged gas in the main Ordovician reservoir. The well is currently being suspended in preparation for testing with a rig-less testing unit following completion of the testing progra currently underway at AT-5.

The AT-6 well is a vertical well targeting a broad culmination in the South East of the Ain Tsila Field outside the 3D seismic survey area, approximately 17 km South East of the AT-4 well location. The principal objective of the well was to extend the proven gas in place and to test the reservoir quality towards the mapped south eastern limit of the field. The well commenced drilling on June 9, 2011 and reached a total depth of 2085m on July 5, ahead of schedule and within budget.

The Ordovician reservoir was encountered as expected with good gas shows and a full suite of logs was run. Initial log interpretations indicate a gross Ordovician reservoir interval of 168m, and a net pay interval of 45m.This confirms the extension of the field at this significant step-out from the previously drilled wells.

Following suspension of AT-6, the Dalma rig will move to drill a further vertical appraisal well in the far southwest of the field, AT-7, which is expected to commence drilling operations in late July.

AT-5 well test

Rig-less well testing operations have recently commenced at the AT-5 wellsite, following minor delays associated with the arrival of certain personnel and equipment to the site. AT-5 was drilled with a 376m of horizontal section through a fractured "pop-up" feature in the Ordovician reservoir. Depending on the results of initial testing, the program is likely to include hydraulic fracturing of some of the reservoir zones to enhance gas flow rates.

Second rig mobilized for extended appraisal program

A second rig, the KCA Deutag T-211 rig, has mobilized to the Isarene permit and is currently rigging up to drill well AT-8 at a location in the north of the field. The AT-8 well is expected to spud in mid-July and is a vertical well targeting a structural pop-up feature similar to AT-5. The well objective is to test for significant additional gas in place as well as potentially accessing fracture features identified on seismic.

With the addition of a second rig, the current six well delineation program is expected to be complete by year end in time for the preparation of the Final Discovery Report for submittal to the Algerian authorities.

Brian O'Cathain, Chief Executive of Petroceltic commented, "Initial results from the AT-6 well are very encouraging and increase the proven area of the Ain Tsila field considerably to the southeast with this large step-out. We are also extremely pleased that testing operations on AT-5 are underway. We are now entering a most exciting and busy period on our Isarene permit in Algeria with 2 rigs and a rig-less testing unit in operation. We look forward to announcing further well results by the end of July."

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Gulfsands Discovers Oil at Syrian Wells

- Gulfsands Discovers Oil at Syrian Wells

Monday, July 11, 2011
Gulfsands Petroleum plc

Gulfsands Petroleum provided an update on its operations in Syria.

Khurbet East 19 and Khurbet East 19 Sidetrack

Rig-based operations have recently concluded on the Khurbet East 19 ("KHE-19") and Khurbet East 19 Sidetrack ("KHE-19 ST1") utilizing the Crosco E-401 rig. The KHE-19 ST1 well has been completed as a potential future oil production well and awaits a flow testing trial which will be conducted shortly via a rig-less operation. The productive section of this well is located in a horizontal side-track drilled in a south-southeasterly direction from the original KHE-19 vertical hole, which is interpreted to have encountered the primary reservoir section outside of the limits of the Khurbet East Field.

The KHE-19 vertical well encountered the Massive Formation at 1967 meters Measured Depth ("m MD") or 1561 meters True Vertical Depth sub-sea ("m TVD ss"). The well encountered a gross vertical oil column of approximately 4 meters, however formation pressure data obtained via wireline sampling in the KHE-19 well-bore indicates that the Massive section in this well is not in communication with the Khurbet East field. A flow test was not undertaken on the vertical section and the well was plugged back in order to proceed with a sidetrack contingency operation that was included in the pre-drill plan as part of the field delineation strategy.

The KHE-19 ST1 encountered the Cretaceous Massive Formation of the Khurbet East field at 2206 m MD (1545m TVD ss). A complete loss of drilling fluids was experienced soon after drilling into the Massive formation, indicating that the excellent quality vuggy reservoir of the producing Khurbet East Massive Formation had been encountered. A gross horizontal reservoir section of 67 meters was drilled before reaching a total depth of 2273m MD (1545m TVD ss). The well has since been completed with a 3.5 inch production string. Production flow testing trials will commence shortly, the results of which will be the subject of a future news release.

The Crosco-401 rig will now move to the Yousefieh East exploration well location.

Yousefieh 7

The Yousefieh 7 ("Yous-7") vertical well located on the northern flank of the Yousefieh field was spudded on the May 19, 2011 utilizing the Crosco E-501 rig. The Yous-7 well location was selected in order to gain information on reservoir extent and quality in the undrilled northern flank of the Yousefieh field.

The Yous-7 well encountered the Massive Formation at 1972 m MD (1554 m TVD ss), 18 meters deep to prognosis. The well encountered a gross reservoir pay interval of approximately 34 meters and a net oil column thickness of approximately 27 meters with average porosity of 17%. Pressure data obtained via wireline sampling in the Yous-7 well-bore indicates that the oil bearing Massive section in this well is in good pressure communication with the main producing area of the Yousefieh field with reservoir pressure showing depletion of between 30-40 psi, which is in line with expectations.

A production liner was cemented over the reservoir section of the well and following perforation of a 15 meter oil bearing reservoir section and an acid wash operation, a flow test was conducted. The well flowed at an average rate of 528 barrels of oil per day ("bopd") of 22 degree API oil on a 2" choke at an average wellhead pressure of 25 psi utilizing nitrogen lift over a period of 7 hours. It is likely that this well will require the installation of artificial lift facilities in order to produce at the planned rate of 500 bopd on a continuous basis, and discussions are underway with vendors for procurement of the equipment. Further perforation and acid stimulation operations are also planned for this well in order to improve well performance.

The results of the KHE-19 and Yous-7 wells will be considered, along with the results of the other development and exploration wells in the 2011 drilling program, in the year end re-assessment of the Khurbet East and Yousefieh field's recoverable reserves.

Yousefieh East Exploration Well (Yous-8)

The Yousefieh East exploration well ("Yous-8") will target an untested structure in Cretaceous age carbonates located approximately 3 kilometers to the east of the Yousefieh field discovery well with estimated mean unrisked oil resources of approximately 14 million barrels. The Yousefieh East well is located within the Yousefieh field Development License Area and, in the success case, could be quickly tied back and produced into the existing Yousefieh field production facilities.

Safa Exploration Well

The Crosco E-501 rig has been moved to the Safa exploration well location. This well will target

a prospect with fault bound dip closure potentially containing a Cretaceous age reservoir on trend with the Khurbet East Field. The pre-drill Mean unrisked resource estimate for the Safa area is calculated to be 27 million barrels of oil. The well will test the potential for a wider distribution of the high quality Massive karst reservoir encountered in Khurbet East.

Gulfsands drilling operations in Syria Block 26, using the Crosco E-401 and E-501 drilling rigs, are continuing as planned and have continued without interruption during recent months. Drilling operations on the Yousefieh East and Safa exploration prospects will be the subject of a future news release.

Block 26 Oil Production

Oil production and revenue receipts from the Khurbet East and Yousefieh fields continue without interruption. Both fields demonstrate continued strong performance with limited reservoir pressure loss and minimal production of formation water. Daily average oil production from both fields combined during June 2011 was in excess of 21,000 bopd. Cumulative gross oil production from the Yousefieh field now exceeds 1 million barrels and cumulative production from the Khurbet East field exceeds 15 million barrels.

Gulfsands expects that combined production from these fields will be increased to approximately 24,000 bopd by the end of 2011 with the drilling and tie-in of additional development and delineation wells and via minor upgrades and de-bottle necking of existing surface facilities.

Ric Malcolm, Gulfsands CEO, said, "We are pleased to have encountered high quality, oil bearing reservoirs in both the Yous-7 and KHE-19st wells and expect that these wells will soon add incremental volumes to the production capacity of the Khurbet East and Yousefieh fields.

We also look forward to the resumption of our exploration drilling program with the drilling of the Safa and Yousefieh East prospects. If successful, these prospects are ideal candidates for rapid development due to their proximity to existing Gulfsands operated infrastructure."

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Rosneft Discovers Additional Oil Deposits in Krasnodar Region

- Rosneft Discovers Additional Oil Deposits in Krasnodar Region

Monday, June 27, 2011
Rosneft

Rosneft geologists have discovered a new high-yield oil deposit in the western part of the Sladkovsko-Morozovsky oil and gas region of the Slavyansko-Temryuksky license field in the Krasnodar Region. Recoverable reserves are initially estimated at over 500,000 tons of oil.

The first well in development is Zapadno-Mechetskaya No. 4 at a depth of 3,525 meters. Preliminary results indicate that the deposit has significant potential. Expected well production could be between 220 and 350 tons of oil per day.

Rosneft has stepped up exploration work in the Krasnodar Region in line with management goals set out during the working visit of Rosneft President Eduard Khudainatov to the region in December 2010. The company is also developing a reserve replacement program in the southern regions of Russia in which it operates. The program will include deposits controlled by Krasnodarneftegaz, Stavropolneftegaz and Grozneftegaz, as well as deposits in Dagestan and Ingushetia. The program will run between 2012 and 2020.

One of Russia's oldest oil and gas provinces is located in the Krasnodar Region, where oil deposits have been developed since the end of the 19th century. The region has been well explored and is considered to have highly depleted deposits (85-87%) making it challenging to discover new deposits in the area.

In 2010 Krasnodarneftegaz extracted 950,000 tons of oil and gas condensate and 2.8 billion cubic meters of gas. Krasnodarneftegaz has proven reserves of 10.13 million tons of oil and 48.528 million cubic meters of gas.

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Dejour Discovers Hydrocarbons at Co. Well

- Dejour Discovers Hydrocarbons at Co. Well

Tuesday, June 21, 2011
Dejour Enterprises Ltd.

Dejour has drilled and set casing on an initial vertical well to test the Mancos/Niobrara potential on its South Rangely leasehold in Rio Blanco County, Colorado.

The test well was drilled to a depth of 3863' and encountered approximately 90 feet of hydrocarbon bearing siltstone in the Lower Mancos "C" sands. After a thorough review of the well data the well will be completed, fractured and flow tested to determine the commercial potential of the Lower Mancos "C" Sand in this area. Definitive results of this test well will be forthcoming in Q3 2011.

Dejour has a 30% WI in the test well and an average 56% WI in the surrounding 8000 acres.

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Senex Discovers New Oil Field in Cooper Basin

- Senex Discovers New Oil Field in Cooper Basin

Tuesday, June 14, 2011
Senex Energy Ltd.

Senex advised that the Vintage Crop-1 exploration well in South Australian Cooper Basin permit PEL 516 (Senex 100%) has discovered a new oil field with the successful testing of the McKinlay Member.

A gross oil column of 10 meters with a three meter net pay was encountered in the McKinlay Member of the Murta Formation. A Drill Stem Test on the McKinlay Member recovered 39 barrels of 54.6 API, light brown oil in a 3 hour flow period, equivalent to a flow rate of 312 barrels of oil per day. Preliminary interpretation of the Drill Stem Test and wireline log data indicates at least 305,000 barrels of oil in place from this well.

Oil shows were also detected in the Namur Sandstone and the Birkhead Formation. The Namur Sandstone interval will be tested after production casing has been run and coring of the Permian section has been completed.

At present the well is being set up to run the 7" production casing after which the well will be deepened into the Permian sequence to provide a preliminary evaluation of unconventional gas targets in the coals and shales underlying the oil targets.

A 9 meter core will be cut in the coal sequences of the Toolachee Formation and four 9 meter cores will be cut in the shale sequences of the Roseneath and Murteree Shales. The Toolachee Formation is over 100 meters thick and the Roseneath and Murteree Shales are expected to be at least 100 meters thick.

Senex will run a specialized logging suite to help determine the minerals present in the shales. Subsequently, the cores will be used for desorption tests to determine gas and hydrocarbon liquids contents, and to evaluate porosity, permeability and mechanical properties.

Senex Managing Director Ian Davies said, "This very pleasing result from the oil targets for Vintage Crop-1 in Senex's 100% owned PEL 516 further underpins the rationale for the acquisition of Stuart Petroleum, and the oil discovery will pay for the testing of the unconventional gas targets in the underlying coals and shales."

Vintage Crop-1 is located approximately 65 kilometers south east of Moomba, close to Santos' oil-producing Narcoonowie and Caroowinnie fields.

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Petrobras Discovers Hydrocarbons in Espirito Santo Basin

- Petrobras Discovers Hydrocarbons in Espirito Santo Basin

Friday, June 10, 2011
Petrobras

Petrobras announced the discovery of a hydrocarbons accumulation in the Cretaceous reservoirs of Espírito Santo Basin.

The discovery resulted from the drilling of well 1-BRSA-926D-ESS (1-ESS-205D), informally know as Brigadeiro, at a water depth of 1,900 meters, located in the BM-ES-23 Concession area, block ES-M-525, 115 km off the coast of the State of Espírito Santo.

The discovery was confirmed through wireline logging and fluid sampling, in the reservoirs located at a depth of approximately 4,200 meters, with vertical porous thickness of approximately 125 meters.

Petrobras is the operator of the consortium for exploration of block BM-ES-23 (65%), which is also composed of Shell Brasil Petróleo Ltda (20%) and Inpex Petróleo Santos Ltda (15%).

The consortium will give continuity to the activities in the concession area, where two other wells are being drilled, referring to the Minimum Exploratory Program. After the conclusion of this Program, the consortium will forward an Evaluation Plan proposal to the ANP designed to delimit the discovered accumulation.

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Entek Discovers Additional Oil Pay in GOM

- Entek Discovers Additional Oil Pay in GOM

Thursday, June 09, 2011
Entek Energy Ltd.

Entek provided an update on the VR 342 well in the Gulf of Mexico where the Company has a 50% working interest. The well is at 8,480 ft. Measured Depth (7,635 ft. True Vertical Depth) which will be the Total Depth of the well. The well has been deepened after wire-line logging of the primary L1 Sand target where greater than 40 ft. of oil pay has been interpreted.

The Company reported that the L2 Sand has successfully been penetrated by the well with preliminary results suggesting the potential for an additional 10 ft. of oil pay. Oil pay in the L2 sand in the fault block being tested by this well was not previously factored into the reserves calculation for the field. The joint venture will incorporate the results of wire-line logging and sidewall core analysis into mapping of the L2 Sand interval to determine its reserves potential. The L2 Sand will be considered as a completion interval in this well after depletion of the L1 Sand that will be developed first.

Previous gross 3P Reserves potential, established by previous drilling on the block, have been independently evaluated at circa 7.5 MMBO (1P 2.5 MMBO; 2P 4.8 MMBO; 3P 7.5 MMBO) and 9.5 BCFG (1P 3.8 BCFG; 2P 6.3 BCFG; 3P 9.5 BCFG), which did not include any reserves attributed to the L2 Sand in this fault block.

The 7 inch production liner has been run over both the L1 and L2 pay zones, the well has been suspended as a future producer and the rig has left location.

CEO and Managing Director Trent Spry commented, "Our intention was always to drill the current well deep enough to test the L2 sand section in this fault block. The L2 and L3 Sands are the target zones for two new wells (planned for 2012) in the fault blocks to the south of the one we have tested with this first well. In these fault blocks to the south both the L2 and L3 sands have been shown to contain hydrocarbons by previous drilling, as shown on the map above. It is a great result to have potential reserves in the L2 sand in the northern fault block as well. Development planning is now underway."

Entek provided an update on the VR 342 well in the Gulf of Mexico where the Company has a 50% working interest. The well is at 8,480 ft. Measured Depth (7,635 ft. True Vertical Depth) which will be the Total Depth of the well. The well has been deepened after wire-line logging of the primary L1 Sand target where greater than 40 ft. of oil pay has been interpreted.

The Company reported that the L2 Sand has successfully been penetrated by the well with preliminary results suggesting the potential for an additional 10 ft. of oil pay. Oil pay in the L2 sand in the fault block being tested by this well was not previously factored into the reserves calculation for the field. The joint venture will incorporate the results of wire-line logging and sidewall core analysis into mapping of the L2 Sand interval to determine its reserves potential. The L2 Sand will be considered as a completion interval in this well after depletion of the L1 Sand that will be developed first.

Previous gross 3P Reserves potential, established by previous drilling on the block, have been independently evaluated at circa 7.5 MMBO (1P 2.5 MMBO; 2P 4.8 MMBO; 3P 7.5 MMBO) and 9.5 BCFG (1P 3.8 BCFG; 2P 6.3 BCFG; 3P 9.5 BCFG), which did not include any reserves attributed to the L2 Sand in this fault block.

The 7 inch production liner has been run over both the L1 and L2 pay zones, the well has been suspended as a future producer and the rig has left location.

CEO and Managing Director Trent Spry commented, "Our intention was always to drill the current well deep enough to test the L2 sand section in this fault block. The L2 and L3 Sands are the target zones for two new wells (planned for 2012) in the fault blocks to the south of the one we have tested with this first well. In these fault blocks to the south both the L2 and L3 sands have been shown to contain hydrocarbons by previous drilling, as shown on the map above. It is a great result to have potential reserves in the L2 sand in the northern fault block as well. Development planning is now underway."

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Statoil Discovers Gas in North Sea

- Statoil Discovers Gas in North Sea

Tuesday, June 07, 2011
Norwegian Petroleum Directorate

Statoil, operator of production license 050B, is in the process of completing the drilling of wildcat well 34/10-53 A. The well has been drilled about five kilometers west of the Gullfaks Sør field, in the northern part of the North Sea.

The well is a sidetrack from wildcat well 34/10-53 S, where a gas/condensate discovery was made earlier this year.

The purpose of the well was to prove petroleum in Middle Jurassic reservoir rocks (the Brent group).

Gas was encountered in an approx. 170-meter column in the upper part of the Brent group (the Tarbert formation). The well was not formation tested, but data collection and sampling was carried out. Preliminary estimates of the size of the discovery range between 0.4 and 1.2 million standard cubic meters (Sm3) of recoverable oil equivalents. The licensees are considering tie-in of the discovery to existing infrastructure in the Gullfaks area.

Production license 050B was awarded as a supplement to the third licensing round in 1978. The well was drilled to a vertical depth of 3959 meters below sea level and terminated in the Dunlin group in Middle Jurassic rocks.

Water depth at the site is 136 meters. The well will now be permanently plugged and abandoned.

Well 34/10-53 A was drilled by the Deepsea Atlantic drilling facility. The rig will now continue drilling for Statoil Petroleum AS in the southern part of the Gullfaks Sør field in production license 050.

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Beach Discovers Additional Oil Pay in Cooper Basin

- Beach Discovers Additional Oil Pay in Cooper Basin

Monday, May 30, 2011
Beach Energy Ltd.

Beach announced a new field oil discovery has been made at Hanson-1, the first well in a five well exploration drilling campaign in PEL 91.

A gross oil column of seven meters, with five meters of net pay, was encountered in the Namur Sandstone section of the well. Preliminary volumetric assessment suggests up to one million barrels of recoverable oil (gross), with oil shows also encountered over a twenty four meter interval in the Birkhead Formation. These shows are currently being evaluated on wireline logs.

Hanson-1 is expected to be on-line in the third quarter of 2011, with transportation of oil from PEL 91 to be undertaken by truck in the short to medium term.

Following the completion of the evaluation program, the Ensign#18 rig will be moved to the Snellings-1 exploration well which is located about 1.5 kilometers to the north of Hanson-1.

Participants in PEL 91 are:

• Beach (Operator) 40%
• Drillsearch Energy Ltd 60%

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PTTEP Discovers More Gas in Myanmar

- PTTEP Discovers More Gas in Myanmar

Thursday, May 19, 2011
PTT E&P Co. Ltd.

Recently, H.E. U Than Htay, the Minister of Energy of the Union of Myanmar (Center) and Mr. Kanok Intharawijitr, General Manager PTTEP International Ltd. a subsidiary of PTT Exploration and Production Plc. or PTTEP jointly opened the testing valve on the drilling rig of the exploration well Aung Sinkha-2 in Mataban Gulf, Union of Myanmar, to examine the natural gas and condensate flow rate of M3 Block which shown substantial gas flow. The flow tests were conducted on two zones with a natural gas maximum flow rate of approximately 25 million standard cubic feet per day (MMSCFD) with the condensate flow rate of approximately 150 barrels per day and calculated Absolute Open Flow (AOF) rate of approximately 53.5 million standard cubic feet per day. (MMSCFD)

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Max Petroleum Discovers Oil at Zhana Makat Field

- Max Petroleum Discovers Oil at Zhana Makat Field

Monday, May 16, 2011
Max Petroleum plc

Max Petroleum announced that the ZMA-ET2 appraisal well in the Zhana Makat Field has reached a total depth of 1,492 meters, with electric logs indicating 18 meters of net oil pay in three Triassic sandstone reservoirs at depths ranging between 1,283 and 1,358 meters. Reservoir quality appears excellent with porosities ranging from 18 to 26%. The Company is running production casing in the well. The Company will complete and test the ZMA-ET2 well using a workover rig after obtaining the requisite governmental approvals, and will announce test results as soon as practicable.

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Beach Discovers Oil at Butlers Well

Beach Discovers Oil at Butlers Well

Wednesday, April 13, 2011
Beach Energy Ltd.

Beach had its third success from as many wells in its 16 well operated program in the Western Flank of the Cooper Basin with the Butlers-2 well encountering a five meter oil column. The Butlers-2 well is located 950 meters NE of the Butlers-1 discovery well.

The Butlers-2 oil column was encountered in the Namur Sandstone reservoir and was consistent with pre-drill expectations. The large step-out will result in an upgrade of recoverable oil reserves from the Butlers Field of approximately 1.5 million barrels (gross), subject to remapping and a detailed review of the well data. Beach will announce a firmer reserve assessment as appropriate data becomes available.

Butlers-2 is is expected to be on-line around mid-July after completion of the new Butlers oil facility. Oil from the Butlers Field is transported from the Western Flank by flowline to Moomba. The success at Butlers-2 is likely to lead to additional development drilling in the Butlers Field. The Ensign#30 rig will now be moved to the Butlers-3 development well location which is located about 320 meters to the NW of Butlers-1.

Participants in PEL 92 are:

* Beach 75% (Operator)
* Cooper Energy Limited 25%

Exillon Appraisal Discovers Oil in Russia

Exillon Appraisal Discovers Oil in Russia

Monday, March 28, 2011

Exillon Energy plc

 

Exillon, with assets in two oil-rich regions of northern Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), announced that appraisal well 5 (EWS I - 50P) successfully found oil on the northern extension of the East EWS I field.

Appraisal well 5 (EWS I - 50Р) was designed to test a 5 sq km northern extension to the East EWS I field. The new appraisal contained pre drill estimates of 13.3 million barrels of possible reserves (Miller and Lents December 2010 reserves report). The well encountered the Jurassic P reservoir at 1858 m which is 2 meters higher than previously thought. Results of wire line logging combined with oil shows and sample analysis whilst drilling, have confirmed the presence of 13.9 m of gross oil pay within the Jurassic. The well was spudded on 9 March 2011 was drilled in 18 days on a northern part of the East EWS I field. Testing of the well will be completed by the end of April.