Quetzal to Spud Llanos Well in October

- Quetzal to Spud Llanos Well in October

Tuesday, September 13, 2011
Quetzal Energy Ltd.

Quetzal provided the following update on operations:

Block 27, Llanos Basin

As previously announced, Quetzal completed a 220 square km 3D seismic survey of Block 27 in 1Q 2011 and then followed that up with an additional 54 square km survey in 2Q 2011. Merge, analysis and interpretation of this seismic has been completed and management has identified 4 drillable prospects on the block.

On August 10, 2011, Quetzal received its blanket environmental permit paving the way to proceed with the drilling of its first well on Block 27. Construction of the location began on August 29, 2011, and the Company expects to spud this first well with a rig contracted from Saxon Energy Services in the second half of October. Once drilling begins, management expects to reach target depth of 10,000 feet in 45 days.

Prospective targets include the oil bearing intervals in the Mirador and Une Formations, with the Carbonera formation representing a secondary target.

Quetzal pays 50% of cost and has a 45.275% revenue interest in this block before payout, and a 34.25% interest following payout.

Block 21, Llanos Basin

A 95 square kilometer 3D seismic program has been completed on Block 21, and management is near completion of its analysis and interpretation. Preliminary evaluation has identified 4 potential prospects of interest on Block 21 with further detailed analysis required.

On August 3, 2011, Quetzal filed for its environmental permit on Block 21 and is awaiting approval. Under contractual commitments to the ANH, and by the terms of its farm-in agreement, Quetzal and their partner, Brownstone Ventures, must drill two wells by September 12, 2012. Assuming environmental approval is received in a timely fashion, the Company expects to commence wellsite construction in 1Q 2012, and drill two wells in 2Q 2012.

Projected well depths at Block 21 are 8,000 feet.

Quetzal pays 50% of cost and has a 45.50% revenue interest in this block before payout, and a 35% interest following payout.

Canaguaro Block

A long term production test began on May 4, 2011 with an ESP set at approximately 6,000 feet depth, approximately 8,000 feet above the producing Mirador formation. Since that time, Quetzal has averaged approximately 400 barrels of oil per day and has witnessed the water cut go from and average of 18% in May to 33% in August. Initial reservoir pressure was registered at approximately 5,850 psia in May, and management has witnessed some decline in bottom hole flowing pressure since commencement of the long term test. In late August, Quetzal shut in the Canaguay 1 well for 6 days to conduct a pressure build up test. Over that short period, well pressure returned to within 100 psia of the May pressure indicating that reservoir pressure depletion is not significant. Given that the perforations are only 30 feet above the plug back depth, management believes that sand production is likely causing a restriction in flow, and reduced bottom hole flowing pressure. The Company and its partners now plan to service the well by conducting a cleanout of the well, replacing the ESP, and placing the new ESP at a deeper depth in the well closer to the producing zone. It is management's expectation that this will lead to increased fluid production and a resultant increase in oil production as well. This work is expected to be completed by November 1 and is budgeted at a net cost to Quetzal of $250,000.

Quetzal has a 25% working interest in the Canaguaro Block and is acting as operator of the well.

Block 36

The acquisition of 109 square kilometers of 3D seismic on Block 36 has been completed and analysis and interpretation continues. Drilling of one well is required by February 2012 and the Operator, Montecz continues to evaluate options to meet activity requirements of the ANH. Quetzal pays 20% of cost and has a 18.2% revenue interest in this block before payout, with a 14% interest following payout.

Guatemala Update

As part of Quetzal's ongoing strategy to maximize shareholder value, the Company continues to evaluate strategic alternatives. The Company is actively evaluating options including selling the Guatemalan assets or soliciting third party joint venture partners to assist in developing the Guatemala blocks.

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Elko: Luna Spud Date Anticipated Early December

- Elko: Luna Spud Date Anticipated Early December

Thursday, September 08, 2011
Elko Energy Inc.

Elko announced on May 4, 2011, that the Luna well will be drilled by the Maersk Resolve jack up drilling unit. The rig had been secured by Norwegian Energy Company ASA ("Noreco"), the license operator, under a letter of intent. At that time the rig was expected to be available in mid August 2011 and Elko subsequently announced on June 22, 2011 that the rig was anticipated to arrive at the Luna location in the second half of September 2011. Elko has been now advised by Noreco that the rig has been further delayed and the Luna spud date is now anticipated to be in early December 2011. The Maersk Resolve is currently drilling on contract to Maersk Oil and Gas in Denmark and as such the delays are out of the control of Noreco.

As previously announced, the 01/11 partners intend the Luna well to test the overall Rotliegendes play concept. The Luna prospect is located in a small half graben with the pinch out edge to the south east of the structure. The Rotliegendes reservoir is thought to have a high probability of being present at this location based on the seismic interpretation. Uncertainty still exists however on which seismic event represents the top reservoir and where the pinch out occurs.

In addition to the uncertainty on the pinch out position, there is a possibility that the Rotliegendes does not, in fact, pinch out but continues up dip into Lead A. It is therefore possible that Luna and Lead A are connected and represent one feature. The current well location which targets the Luna prospect was picked in order to maximize the information gathered by the well and is designed to address this uncertainty. The Luna drilling program is expected to take about one month in duration.

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San Leon to Spud Polish Exploration Well

- San Leon to Spud Polish Exploration Well

Thursday, September 01, 2011
San Leon Energy plc

San Leon announced that all the drilling equipment for the Belvedere-1 exploration well has now arrived on site and drilling is ready to commence. The Belvedere-1 well is located in the Nida concession, which is 100% owned by San Leon, covering some 280,000 acres and is on trend with significant oil production in Poland. The Company plans to drill two exploration wells on the concession, this month, targeting multiple one to two million barrel prospects. The Belvedere-1 is expected to spud on Monday, September 5, 2011.

Oisin Fanning, Chairman of San Leon, commented, "We are delighted to be spudding our first conventional well on the Nida Trough on Monday. This is an important concession for San Leon and has the potential to provide the company with near term revenue.

"This is a very busy and exciting time for the Company as we are not only drilling these conventional wells, but with our partner Talisman we are also scheduled to be drilling the first wells on our Baltic Basin acreage later this month."

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Jubilant Energy Joyful Over Kharsang Well Spud

- Jubilant Energy Joyful Over Kharsang Well Spud

Tuesday, August 30, 2011
Jubilant Energy N.V.

Jubilant is pleased to announce that the KPL-DX exploration well in the southern part of the Kharsang Field has been spudded on 28 August 2011. The well is targeting the hydrocarbon potential of the lower Girujan and deeper reservoirs.

The lower Girujan formation underlies the producing upper Girujan reservoirs and is expected to contain oil and gas bearing reservoir sands. The deeper reservoirs have proven to be prolific producers in nearby acreages. Success at the KPL-DX exploration well could open up new prospective deeper horizons in the Kharsang field. The management estimate of prospective resources for this exploration prospect on a gross and unrisked basis is 342 bcf of gas and 20 mmbbls of oil.

The well is located 458 metres from the existing well pad, KSG-29 to the South-South West, and will be drilled to a total depth of around 2,800 metres True Vertical Depth. The well is expected to take two months to complete and the estimated cost is approximately USD 5.7 million (approximately USD 1.4 million net to Jubilant).

GeoEnpro Petroleum Ltd., a joint venture of GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the operator of the Kharsang Field. Jubilant holds a 25% interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt Ltd. The other members of the consortium are Oil India Ltd and GeoPetrol.

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Caspian Energy, Partners Spud Kazakh Well

- Caspian Energy, Partners Spud Kazakh Well

Thursday, July 21, 2011
Caspian Energy Inc.

Caspian Energy and partners announced spudding of an exploration well between the two producing wells in the East Zhagabulak field of Kazakhstan.

The new well is the first step in a plan aimed at expanding the area held by the partners under a 25-year production licence, said Caspian Chairman and CEO William Ramsay. Ramsay said the well is one of six drilling targets approved July 8 by the Central Development Committee (CDC) of the Republic of Kazakhstan.

Well EZ #308 spud on July 16 and will take about 100 days to complete to about 4,700 meters, Ramsay said. It is targeting the same carboniferous structure of the Bashkirian layer from which the two earlier successful wells are currently producing about 400 barrels of oil per day.

All wells will be drilled under the direction of Aral Petroleum Capital, the operating entity in Kazakhstan, which is owned 40 per cent by Calgary-based Caspian and 60 per cent by Asia Sixth Energy of China.

Second target

At the same time that EZ #308 began drilling, a second rig was en route to a location southwest of the East Zhagabulak field, an area officially designated Zhagabulak II and III and locally known as Sakramabas. This rig is expected to commence drilling the CDC-approved Sakramabas #316 well before the end of July.

"Our seismic analysis indicates the potential for a high-porosity carbonate reef at the Sakramabas #316 site," Ramsay said. Neighbors have drilled successful wells on surrounding leases and our 3-D seismic indicates our well is on the same trend line as those producing wells and we have more advantageous geological conditions for oil and gas accumulation than our neighbors."

"It's a new direction for us and a potential new resource base, arising out of the success of our neighbors and a consequent re-examination of our seismic data.

"This is a deep well, targeting the same well know carboniferous structure of the Bashkirian layer at some 4,500 meters," he said. "Again we expect drilling to take about 100 days to reach total depth, with testing to follow.

"By drilling two separate exploration plays, we're offsetting risk and enhancing potential," Ramsay said. "We have good confidence in both prospects, but they are exploration wells and they entail some level of risk."

Next steps

Next steps in Aral's drilling plans will be governed by results at Sakramabas, Ramsay said. Success there may indicate the presence of a number of separate new oil and gas formations, from East Zhagabulak to Sakramabas. In the event of a good result at Sakramabas #316, the partners will complete the EZ #308 well and move that rig to a location northeast of Sakramabas, where it will test for oil between Sakramabas and East Zhagabulak. An additional drilling rig would then be contracted in October to pursue targets within East Zhagabulak.

Obtaining new geological data could prove regional distribution of oil and gas productive layers through all central parts of the Zhagabulak field and will enable Aral to apply for a production license on a greatly expanded area, Ramsay said.

"We would cross over into the new year with three rigs working full time to prove up the potential of the Zhagabulak field," he said.

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Cobalt to Spud GOM Well in 3Q

- Cobalt to Spud GOM Well in 3Q

Wednesday, June 29, 2011
Cobalt International Energy Inc.

Cobalt provided the following update on its U.S. Gulf of Mexico drilling program.

U.S. Gulf of Mexico Drilling Program

On June 8, 2011, Ensco Offshore Company entered into a settlement agreement with the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) among other federal defendants. As part of the settlement agreement, the BOEMRE agreed to "take action" with respect to a number of drilling permits, including Cobalt’s Application for Permit to Drill (APD) for its North Platte #1 exploratory well and its APD for its Ligurian #2 exploratory well, which means that the BOEMRE must initially either approve the APDs, deny the APDs or return the APDs to Cobalt with a statement specifically identifying all then-existing deficiencies within 30 days of the settlement agreement. If an APD is returned with deficiencies and is thereafter resubmitted by Cobalt, the BOEMRE must again take action within 30 days. As part of the agreement, the BOEMRE is not permitted to identify additional deficiencies during its review of the resubmission that existed during, but had not been identified in, the initial review.

North Platte #1. Cobalt formally submitted the North Platte #1 APD on June 3, 2011. Subsequent to the execution of the settlement agreement, Cobalt has been advised by the BOEMRE that Cobalt’s APD for its North Platte #1 exploratory well, Garden Banks 959 #1, is complete. The BOEMRE has identified two remaining deficiencies or further requirements that must be satisfied prior to it approving the APD. The first requirement is that the Ensco 8503 drilling rig obtain an American Bureau of Shipping (ABS) certification. This certification has been obtained. The second requirement is that Cobalt obtain a Coast Guard Certificate of Compliance for the Ensco 8503 drilling rig. The inspection required to obtain this certificate will take place upon the Ensco 8503’s return to the U.S. Gulf of
Mexico. Cobalt does not anticipate any issues related to obtaining this routine Coast Guard certification.

As previously announced, the Ensco 8503 drilling rig is currently drilling a well in French Guiana pursuant to a sublet agreement between an affiliate of Ensco Offshore Company and a subsidiary of Tullow Oil plc. Cobalt expects that the Ensco 8503 drilling rig will be released and returned to the U.S. Gulf of Mexico late in the third quarter of 2011. As noted previously, Cobalt believes that it will have satisfied all requirements stipulated by the BOEMRE for issuance of the APD. Based on information available today, Cobalt believes that it should be able to spud its North Platte well by the end of the third quarter depending on when the Ensco 8503 returns to the U.S. Gulf of Mexico.

Cobalt expects the North Platte #1 exploratory well to take approximately six months to drill. Cobalt is the operator of North Platte and has a 60% working interest in the prospect. TOTAL E&P USA, INC. owns the remaining 40% working interest.

Ligurian #2. Cobalt formally resubmitted the Ligurian #2 APD on June 9, 2011. Under the terms of the above-mentioned settlement agreement, Cobalt expects the BOEMRE to provide Cobalt with any remaining requirements with respect to the APD for its Ligurian #2 exploratory well, Green Canyon 814, on or before July 10, 2011. Cobalt expects that any such remaining requirements will be promptly addressed and resubmitted to the BOEMRE for it to take action on the Ligurian #2 APD within 30 days thereafter. If the BOEMRE approves the Ligurian #2 APD prior to the return of the Ensco 8503 drilling rig and spud of the North Platte #1 exploratory well, then Cobalt plans to drill the Ligurian #2 exploratory well prior to drilling the North Platte #1 exploratory well.

Cobalt expects the Ligurian #2 exploratory well to take approximately six months to drill. Cobalt is the operator of Ligurian and has a 45% working interest in this prospect. TOTAL E&P USA, INC. owns a 30% working interest and Sonangol Exploration and Production International, LTD. owns the remaining 25% working interest.

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Kea to Spud Surat Basin Well End of June

- Kea to Spud Surat Basin Well End of June

Wednesday, June 15, 2011
Kea Petroleum plc

Kea announced that the Hoadleys-1 well in the recently acquired ATP837P license area of Australia's onshore Surat Basin is scheduled to spud by the end of June. On that basis, it is anticipated that the well will be drilled to a target depth of approximately 2200m by late July.

Hoadleys-1 Australia

Hoadleys-1 is a test of Lower Evergreen and Precipice Sands, which are established producer formations at the Moonie oil field, approximately 20km to the south of the ATP837P license area. It is situated on a discovery trend, with the Cabawin gas field approx. 20km to the north and the Bennett oil field and Leichhardt gas field approximately 20km further north again. Hoadleys-1 is the first well on this discovery trend outside of Moonie to be located on 3D seismic. Elsewhere in the basin, a number of discoveries in recent years have demonstrated that 3D seismic is essential to identification of the low relief structures which form the oil and gas traps. In the event of discovery, the company's internal estimated gross median resource potential is approximately one million barrels, with upside of several million barrels. In the event of discovery, it may be decided to drill deviated producers from the Hoadleys-1 site to fully develop the field. Kea is operator of ATP837P and holds 50% of the permit, with 25% of the permit each being held by Energetica and Rawson Resources respectively.

Wingrove-2 New Zealand

At the Wingrove-2 site, electrical certification of downhole heating equipment to conform with New Zealand Standards has delayed start-up. Commissioning of the plant and commencement of flow testing is now scheduled to take place at the end of the current week. Although first oil into tank is expected to follow quickly upon commencement of testing giving an indication of initial flow rates, it is likely to be several weeks before a reasonable understanding of the stable, long term production rate is likely to be achieved, due to the requirement to optimize flow from the several isolated pay zones in the production interval between 1150m and 1300m depth. In the event that long term flow in excess of 100 barrels per day is achieved, several more wells are planned to fully develop the field, which is mapped over an area of several square kilometres. This drilling program is expected to start later this year. Kea has also identified several other similar shallow oil targets which may be included in the proposed drilling program.

Commenting on the developments CEO Dave Bennett said, "Our onshore Australia drilling program is continuing on schedule. The commissioning of Wingrove-2 production equipment has involved several technologies new to New Zealand. While it has been frustrating that this commissioning has caused some delays ,we believe that these delays are now behind us."

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First HZ Well Spud at American Petro-Hunter's North OK. Proj.

- First HZ Well Spud at American Petro-Hunter's North OK. Proj.

Wednesday, May 18, 2011
American Petro-Hunter Inc.

American Petro-Hunter announced the spud of the NOM1H Horizontal well at the Company's North Oklahoma Project. Drilling commenced May 18 with the setting of surface casing and the well is drilling ahead.

This is the Company's first horizontal well and is the inaugural well in a planned series of horizontal wells designed to exploit the 100-foot thick limestone known as the Mississippi Formation. The NOM1H well is expected to take several weeks to reach its engineered total depth, following which it will undergo a period of testing and evaluation.

As reported earlier, the Mississippi Formation has been the focus of intense drilling and development activity which has seen large numbers of horizontal wells drilled, completed and put into production by companies such as Sandridge and Calyx in recent months. Exploration and development activity in the area is extremely competitive and publically disclosed information regarding oil and gas production rates of ongoing and recently drilled horizontal wells is regarded as tightly held information. The Company will endeavor to update stakeholders on a timely basis with drilling results as such information becomes available from the operator.

Company President Robert McIntosh stated, "With the spud of the NOM1H well, the Company has implemented what we hope to be the first of many horizontal oil wells that will exploit and develop our acreage at the North Oklahoma Project. Over the coming weeks, the potential of the well will dictate subsequent development and is a cornerstone to our overall strategic plans for the project."

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Jubilant to Spud Srikantabari Well, Updates Ops

Jubilant to Spud Srikantabari Well, Updates Ops

Tuesday, April 05, 2011

Jubilant Energy N.V.

Jubilant provided its trading statement and operational update for the year ended March 31, 2011.

 

HIGHLIGHTS

• Producing asset
  • Average gross production of 1,809 bopd, equating to 452 bopd net to Jubilant.
  • Multiple work programs in place to achieve increased production from Kharsang field through ongoing workover and drilling programs.
  • Exploratory drilling planned in mid 2011 for establishing deeper prospectivity of Kharsang field.
  • The new production profile and reserve estimates of Kharsang field expected to be announced in before the end of 2011.
• Exploration and appraisal activities
  • Srikantabari well in Tripura Block expected to be spudded in May 2011.
  • Approval obtained for appraisal program of Kathalchari prospect in Tripura block and over 65% of seismic program completed.
  • Topography reconnaissance survey completed in both Manipur blocks and Phase- I seismic program awarded.
  • DDE-APP-1 appraisal well in KG spudded on January 1, 2011.
  • Spudded first exploration well in Golaghat on March 20, 2011.
• Development activities in KG
  • Development drilling in Deen Dayal West expected to commence in August 2011. Well Head Platform expected to be set by May 2011 and Onshore Gas Terminal progressing ahead of schedule. Production Living Quarter Platform and Gas Turbines contract award expected by Q2 2011.
  • Management committee, which also includes Government's nominee, has recommended the grant of an extension to the contract area of 20.5 sq kms to the south west of DDW to the consortium, the final approval of which is expected soon.

 

TRADING STATEMENT

 

Kharsang Production

The average gross production during the year was 1,809 bopd and working interest production was 452 bopd. In the previous year, gross production was 1,895 bopd and working interest production was 474 bopd. The marginal decline in the current period is due to the need for workover activities designed to increase production and improve the recovery factor.

 

Financing

On March 24, 2011, the Company repaid a USD 50 million EXIM loan facility together with USD 20.9 million of accrued interest. A secured facility from Central Bank of India (CBI facility) was available to fund this loan repayment through the repatriation of proceeds to an offshore entity. As part of its treasury management, the Company has used IPO proceeds for the loan repayment and will use the CBI facility to fund the capital expenditure and other requirements, for which IPO money was raised. The terms of CBI facility have been suitably amended to use the loan proceeds for funding the capital expenditure and other requirements. The drawdown of the CBI facility will be made in tranches as funding is required, resulting in a reduction in the interest payable by the Company, compared to drawing down the entire amount for repayment of the EXIM facility in one tranche.
The Company has net debt of USD 213 million. Cash balance and undrawn facilities available to the company total USD 132 million.

 

Asset relinquishment

In view of the limited potential and commercial viability of the blocks, the company intends to relinquish its 30% interest in the Cauvery and Mehsana blocks. The partners for the Cauvery Block have formally communicated their intention to relinquish the block; however, the costs were impaired in the previous financial year.

 

OPERATIONAL UPDATE

 

DEVELOPMENT OF DEEN DAYAL FIELD IN KRISHNA GODAVARI BLOCK

Work program on schedule
Production facilities are currently under planning and execution. Engineers India Limited ("EIL") has been appointed as the project managers The Well Head Platform ("WHP") is being constructed in Malaysia and is expected to be transported to India to be set in place by May 2011. The Onshore Gas Terminal ("OGT") construction is marginally ahead of schedule.
The tenders for Production and Living Quarters Platform (PLQP") and gas turbines were obtained in October 2010 and the contract award is expected to occur in Q2 2011 to achieve commissioning in 2013. The pipeline tender was published in December 2010 and award is also expected in by the end of Q2 of 2011.

Deen Dayal East ("DDE") appraisal well drilling on schedule
The appraisal well DDE-APP-1, located in 101 meters of water, was spudded on 1 January 2011. This is the second appraisal well in DDE area of the KG block. The target depth of the well is 5,634 meters measured depth ("MD") with the objective of appraising the hydrocarbon bearing sands discovered by the KG-16 well. As of 31 March 2011 the well was at 5,344 meters MD (4,544 meters true vertical depth). The cost of drilling this well is expected to be below the original estimated cost of approximately USD 50 million.

Management Committee approval for Deen Dayal West ("DDW") extension area
A decision upon the application to the Government for a grant of contract area extension by 20.5 sq kms in the south west of DDW is expected shortly, which will potentially increase reserves and resources in DDW.

Submission of FDP and Declaration of Commerciality
The Management Committee has approved a 30 month extension of the Petroleum Exploration License (493 sq. km.) to the end of September 2012 to appraise and submit a Declaration of Commerciality ("DoC") for the remaining discoveries on the block. An integrated DoC and FDP will be submitted accordingly.

 

KHARSANG

The gross production from the field during the current financial year was lower at 660,327 bbls (1,809 bopd), compared to gross production of 691,627 bbbls (1,895 bopd) during the previous year. The marginal decline in the current period is due to work-over activities designed to achieve increased production with an improved recovery factor.

The operator is currently carrying out a work-over campaign and is planning to undertake the Phase-III drilling program in mid 2011. This drilling program includes five firm wells and two contingent wells. The program also includes the drilling of a deeper exploration, targeting total depth of approximately 2,600 meters, which will be below the Kharsang thrust.

 

TRIPURA BLOCK

Appraisal program at Kathalchari-1
Based on 137 line kilometers ("lkms") of 2D seismic data, up to two appraisal wells are expected to be drilled to evaluate the original discovery by early 2012. The K-1 well was drilled to a depth of 3,428 meters and flowed at the rate of 5.2 mmcfd from the Middle Bhuban Sandstones in December 2009.

Jubilant is currently acquiring the seismic data for the appraisal of K-1. To date, over 92 lkms have been acquired. It is envisaged that the survey will be completed in late April 2011. The extended production test of the K-1 well is currently being planned and is expected to be tested as part of the overall drilling and testing campaign in Q3 2011.

Spudding of Srikantabari-1 well
The Quippo rig # 3 is currently rigging up on the drilling location and the Company expects to spud the Srikantabari-1 well in May 2011. The well is targeting the Middle Bhuban sandstones together with deeper targets and is estimated to cost approximately USD 11 million (gross). The well will be drilled with managed pressure drilling to a depth of 4,000 meters and is estimated to take approximately 80 days. Depending on geological and drilling conditions, the well may be deepened to test deeper targets.

 

MANIPUR BLOCKS

Geological mapping currently in progress
The first season of surface geological mapping was started on 20 January 2011 and has already been completed. Balanced cross sections and revised geological maps will now be prepared based on this work and are expected to be completed by May 2011.

 

GOLAGHAT BLOCK

The company is planning to drill up to three wells on this license. As recently announced, the first well, P16, was spudded on 20th March 2011 and will be drilled to a total depth of 1,660 meters into the basement with the objective of discovering oil bearing sands in the Kopili, Sylhet, Tura and lower Gondwana reservoirs. The well is expected to take approximately 25 days to drill and, as of 31 March 2011, had reached a depth of 1148 meters TVD.