Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors

- Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors

Wednesday, September 07, 2011
Viking Moorings

Viking Moorings has signed a two-year agreement with Norwegian company, Deep Sea Anchors (DSA) to supply its industry leading deep water 'torpedo' anchors to mooring installations worldwide. The announcement was made at Offshore Europe in Aberdeen where Viking Moorings is exhibiting in the Deep Water Zone.

The agreement, which will cover all regions of the world outside Norway, will allow Viking Moorings to provide an even greater breadth of integrated anchoring solutions to its clients with, once a suitable project is identified, an exclusive agreement with DSA put in place to supply it anchors.

The Deep Penetrating Anchor (DPA), also known as the 'torpedo' anchor, is a dynamically installed anchor which is released freely from a predetermined height over the seabed using gravity as the installation force. The anchor penetrates well below the mudline and sets into stiff clay sediments providing a secure and cost effective anchoring solution irrespective of water depths and allowing for both taut leg and catenary mooring installations.

Other benefits include simplified installation, precise positioning and the elimination of the need for hydraulic and electrical lines which are often used for traditional anchor installations.

"Viking is all about providing greater innovation, greater choice and the optimal mooring solution for our customers," said Viking Moorings Chief Executive – Mooring Solutions, Wolfgang Wandl.

"Having considered a number of our recent mooring installations to be ideal for torpedo anchoring, the formal teaming up with DSA, one of the few providers of such anchors, was an obvious fit. There's no better forum to showcase these new capabilities than the Deep Water Zone and Offshore Europe this year and we look forward to a mutually collaborative arrangement with DSA."

"Deep Sea Anchors is very pleased to have signed this agreement with Viking Moorings," said Ivar Erdal, CEO of Deep Sea Anchors. "Working with Viking Moorings is a perfect match for us, combining our unique anchoring solutions for soft seabed and deep waters with Viking Moorings' comprehensive mooring services and dedicated team of experts.

He continued, "Viking Moorings' knowledge and presence in many countries and regions where our DPA's can be applied with success and to the great benefit of clients was a major reason for entering into this agreement. Being a small and focused company, market entrance remains a challenge - a challenge which can be made easier through this agreement."

Using gravity, the DPA™ anchor starts its descent under cable control before accelerating at up to 100 kilometers per hour for the final 75 meter drop, shooting the anchor deep into the seabed sediments to attain sufficient holding capacity. The anchor penetrates typically 25-35m into stiff clay sediments thus allowing for taut leg as well as catenary mooring. The anchors are not affected by waves and can be deployed at depths of between 500 and 3000 meters. Deep Sea Anchors is based in Trondheim, Norway.

Viking Moorings provides total mooring solutions to operators and drilling contractors, consisting of initial mooring design and analysis, rig move procedures, risk assessments and safety approvals, equipment rental, installation and support, chain inspection, spooling services and logistics services, marine sales, repair and maintenance.

Through a comprehensive evaluation of seabed conditions, Viking Moorings decides upon the optimal anchoring solution for each client whether it be a DPA or more traditional anchoring solution. Other anchors that Viking Moorings supplies to its customers includes the Vryhof Stevpris MK6 and MK 5 anchors, the Vryhof Stevshark anchor, the Stevin anchor, the Bruce Twin Shank and Dennla MK4 anchors and a number of others.

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Statoil Extends Eidesvik Contract

- Statoil Extends Eidesvik Contract

Friday, August 19, 2011
Eidesvik Offshore

Statoil has declared its option for one year extended period for the Time Charter party with Eidesvik, (through its subsidiary Eidesvik Shipping AS), for the environmental friendly LNG power PSV Viking Queen. The extended period starts primo November 2011. Statoil has further two optional yearly extended periods on this contract.

Statoil ASA has also declared a one month extended period for the Time Charter Party for the PSV Viking Athene.

Photo Taken by Viking Athene from Viking Queen

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Nextraction Increases Position in Provost Viking Play

- Nextraction Increases Position in Provost Viking Play

Thursday, July 14, 2011
Nextraction Energy Corp.

Nextraction has substantially increased its leasehold position in the Provost Viking A oil pool by 92%, increasing its net acreage position from 1.625 to 3.125 sections (1040 acres to 2000 acres). Nextraction acquired one section at a 100% working interest (640 acres net to Nextraction) at a cost of $701,584, and one section at a 50% working interest (320 acres net to Nextraction) at a cost of $401,088. The two newly acquired sections are contiguous to each other and are one mile from the Company's existing 50/50 joint venture acreage, allowing for the potential to use existing infrastructure. The acquisition essentially doubles the Company's drilling inventory of horizontal locations up to 36 wells. Nextraction has identified 21 locations on 400 meter spacing whereby the Company could drill at least 4 wells owning 100% interest, and own a 50% interest in 17 locations (resulting in a further 8.5 net wells). In addition, another 15 locations may be drilled at a 50% interest (7.5 net wells), should down spacing be warranted.

The acreage is also prospective for light oil production from the Dina formation that is approximately 150 meters below the Viking formation. A historical well on the acreage produced 18 Mbbls of oil from the Dina formation.

The Company is also pleased to announce that it participated in the successful re-completion of a well on its existing acreage. The well had not been previously fracture stimulated, so the well was fractured using the same technique the Company plans to use on its first horizontal well. Prior to re-completion of the well in mid-June, it produced three barrels of oil per day and is now currently producing 29 barrels of light oil per day, a ten-fold increase. Payout is projected at three months.

The Company is encouraged by the results of the frac as it confirms the high productivity potential of the Company's acreage. The well has been producing for two years and is located directly between two wells that have cumulatively produced 520 Mbbls to date and continue to produce 20 bbls per day of oil. Reservoir pressure measured after completion was near original pressure, suggesting little depletion. The high production rates from the well are consistent with the high pressure and indicate good quality reservoir, as expected. The Company is currently drilling its first horizontal well in the pool offsetting these wells and plans to multi-stage fracture this first horizontal well in the Viking zone in the coming days. The Company also plans to drill a second horizontal well on this joint venture acreage in the third quarter of 2011.

Mark S. Dolar, President & CEO of Nextraction, commented, "We value the Crown leases acquired yesterday as a strategic asset to our Company's growth. We believe the acreage to be very prospective for a multi-well development program and will expand our ability to focus on developing the Viking formation for value added reserves. With our experience and expertise in developing the Viking sand by horizontal drilling and multi-stage fracturing, we see this project as an excellent way to add significant oil reserves as we move towards our goal of being 80% light oil weighted by the end of this year."

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TGS Starts Seismic Survey in North Viking Graben

- TGS Starts Seismic Survey in North Viking Graben

Wednesday, June 08, 2011
TGS-NOPEC Geophysical Co. ASA

TGS has commenced the acquisition of a fourth 3D multi-client survey in partnership with PGS.

The survey covers 2,772 km2 in the North Viking Graben over an area which has proven to be a very successful petroleum province of the North Sea.

The data is being acquired by PGS' Atlantic Explorer utilizing GeoStreamer technology. This year's acquisition campaign, combined with the data acquired in 2009-2010, will total over 7,500 km2 of 3D data in this promising region.

The survey is supported by industry funding.

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Nextraction to Develop Viking, Bakken Oil Properties

Nextraction to Develop Viking, Bakken Oil Properties

Tuesday, April 19, 2011
Nextraction Energy Corp.

Nextraction announced its 2011 plans to develop its light oil projects in Alberta and Montana. The development will include drilling two horizontal wells, the re-completions of existing wells in the Provost Field in Alberta, Canada, acquiring 22 miles of three dimensional (3-D) seismic data and the drilling of the initial well on the Saturn acreage located in the Williston Basin of eastern Montana, USA.

In addition, the Company reported completion of its initial well on the Pinedale Anticline produced at an average rate of 104 barrels of oil equivalent (BOE) while continuing to flow back frac fluids at year-end 2010.

Nextraction's President, Mark S. Dolar stated, "This is a very exciting time for Nextraction. We achieved our goal of establishing production and proving reserves at our Pinedale property and look to build on that base as we plan to increase daily production rates at Provost by drilling new horizontal wells and re-completing existing wells. We will follow the Provost drilling with development on the Saturn acreage. The Provost Field is known for short term payouts and impressive internal rates of return while Saturn contains potential for large scale, long life development." Mr. Dolar continued, "We remain debt free and we have the opportunity to generate significant cash flow and increase our net reserves while maintaining our current share structure."

Plans for development are as follows:

Provost Pool - Alberta, Canada

The Company plans to drill two, 810 meter Viking formation wells, off-setting existing wells with cumulative production of 665,000 barrels of oil. The wells are being licensed to drill horizontal legs of at least 900 meters in length each. The Company also plans to re-complete existing wells on the property to test a zone in the Viking formation that has yet to be tested by implementing new fracing technologies to the zone. Estimated cost for the project is $3 million (net to the Company).

The Company is a 50% interest owner in the project, but receives 100% of the revenue until it receives $1.4 million in production revenue or re-payment (as a loan to its joint venture partner). The Company will fund and operate the drilling of the first two development wells on the property and will receive 50% of the revenue from production. For all subsequent operations, the Company participates as a 50% interest owner.

Saturn Project - Montana, USA

The Company has completed permitting a 22 square mile area for three dimensional (3-D) seismic work and plans to acquire the data in the second quarter. A well is planned to be drilled based on interpretation of the seismic testing on the 35 section property. The Company's expected expenditures for the Saturn seismic program is $900,000 for the 22 square mile acquisition (a 15 square mile program was previously estimated to cost $500,000-$650,000) and estimated cost to drill, core and complete the 2,350 meter test well is $1.2 million.

The Company will look to develop the project as a multi-well program based on appropriate test well data. The properties are being developed under terms of a Seismic Option and Farm-out Agreement. Under the terms of the agreement, the Company will operate the project and fund 75% of the data collection costs for the seismic program. Prior to commencing the first core test well, its partner will have the option to participate as a 25% interest owner. Should the partner participate in the drilling of the well, the before payout interest will be shared 75% by Nextraction and 25% by the partner, after payout interests will be shared 52.5% by Nextraction and 47.5% by the partner. If the partner does not participate in the well, Nextraction will own 100% before payout and 70% after payout.

Pinedale - Wyoming, USA

After an initial 24 hour flow rate of 3 million cubic feet of gas per day from the upper 400 feet of net sand in the Lance and Tertiary formations from the Company's 100% owned Noble 6-24 well, the well produced and flared 8,074 MCFG, 28 Barrels of Condensate and 166 barrels of water/frac fluids from 11 days of production in December, 2010.

The Company became the operator of the project on February 1, 2011. In assuming operations, the Company will have the ability to develop the properties in a more efficient and cost effective manner and assist in lifting fluids from the well. The Company placed an electric compressor on location in mid-March to assist in lifting fluids that are known to produce with the natural gas and condensate on the Anticline. Nextraction predicts that with this compressor, daily production should average in the range of 800-1,000 mcfgpd and 20 barrels of condensate from the unconventional tight sands. Without compressor assistance, the well averages 400 mcfgpd and 8 barrels of condensate. The producing intervals in the well remain over-pressured, which indicates that the well should perform at the anticipated rates once completion fluids are drawn from the well.

To further enhance future drilling locations, the Company has also acquired 3-D seismic and plans to obtain 2-D seismic on the property in this year.

Mr. Dolar commented, "By completing the first well in Pinedale, we have taken great steps toward development of this project. As our knowledge of Pinedale increased, we realized that the use of artificial lift is essential for removing associated water production that flows with the gas and condensate. The decision to place an electric compressor on site to assist in drawing down the water levels and increase gas production from the well also lessens our carbon footprint and assists in our compliance with clean air requirements. As seismic is completed on Pinedale, we will determine the next strategy for development to enhance value to the Company."

Nextraction to Develop Viking, Bakken Oil Properties

Nextraction to Develop Viking, Bakken Oil Properties

Tuesday, April 19, 2011
Nextraction Energy Corp.

Nextraction announced its 2011 plans to develop its light oil projects in Alberta and Montana. The development will include drilling two horizontal wells, the re-completions of existing wells in the Provost Field in Alberta, Canada, acquiring 22 miles of three dimensional (3-D) seismic data and the drilling of the initial well on the Saturn acreage located in the Williston Basin of eastern Montana, USA.

In addition, the Company reported completion of its initial well on the Pinedale Anticline produced at an average rate of 104 barrels of oil equivalent (BOE) while continuing to flow back frac fluids at year-end 2010.

Nextraction's President, Mark S. Dolar stated, "This is a very exciting time for Nextraction. We achieved our goal of establishing production and proving reserves at our Pinedale property and look to build on that base as we plan to increase daily production rates at Provost by drilling new horizontal wells and re-completing existing wells. We will follow the Provost drilling with development on the Saturn acreage. The Provost Field is known for short term payouts and impressive internal rates of return while Saturn contains potential for large scale, long life development." Mr. Dolar continued, "We remain debt free and we have the opportunity to generate significant cash flow and increase our net reserves while maintaining our current share structure."

Plans for development are as follows:

Provost Pool - Alberta, Canada

The Company plans to drill two, 810 meter Viking formation wells, off-setting existing wells with cumulative production of 665,000 barrels of oil. The wells are being licensed to drill horizontal legs of at least 900 meters in length each. The Company also plans to re-complete existing wells on the property to test a zone in the Viking formation that has yet to be tested by implementing new fracing technologies to the zone. Estimated cost for the project is $3 million (net to the Company).

The Company is a 50% interest owner in the project, but receives 100% of the revenue until it receives $1.4 million in production revenue or re-payment (as a loan to its joint venture partner). The Company will fund and operate the drilling of the first two development wells on the property and will receive 50% of the revenue from production. For all subsequent operations, the Company participates as a 50% interest owner.

Saturn Project - Montana, USA

The Company has completed permitting a 22 square mile area for three dimensional (3-D) seismic work and plans to acquire the data in the second quarter. A well is planned to be drilled based on interpretation of the seismic testing on the 35 section property. The Company's expected expenditures for the Saturn seismic program is $900,000 for the 22 square mile acquisition (a 15 square mile program was previously estimated to cost $500,000-$650,000) and estimated cost to drill, core and complete the 2,350 meter test well is $1.2 million.

The Company will look to develop the project as a multi-well program based on appropriate test well data. The properties are being developed under terms of a Seismic Option and Farm-out Agreement. Under the terms of the agreement, the Company will operate the project and fund 75% of the data collection costs for the seismic program. Prior to commencing the first core test well, its partner will have the option to participate as a 25% interest owner. Should the partner participate in the drilling of the well, the before payout interest will be shared 75% by Nextraction and 25% by the partner, after payout interests will be shared 52.5% by Nextraction and 47.5% by the partner. If the partner does not participate in the well, Nextraction will own 100% before payout and 70% after payout.

Pinedale - Wyoming, USA

After an initial 24 hour flow rate of 3 million cubic feet of gas per day from the upper 400 feet of net sand in the Lance and Tertiary formations from the Company's 100% owned Noble 6-24 well, the well produced and flared 8,074 MCFG, 28 Barrels of Condensate and 166 barrels of water/frac fluids from 11 days of production in December, 2010.

The Company became the operator of the project on February 1, 2011. In assuming operations, the Company will have the ability to develop the properties in a more efficient and cost effective manner and assist in lifting fluids from the well. The Company placed an electric compressor on location in mid-March to assist in lifting fluids that are known to produce with the natural gas and condensate on the Anticline. Nextraction predicts that with this compressor, daily production should average in the range of 800-1,000 mcfgpd and 20 barrels of condensate from the unconventional tight sands. Without compressor assistance, the well averages 400 mcfgpd and 8 barrels of condensate. The producing intervals in the well remain over-pressured, which indicates that the well should perform at the anticipated rates once completion fluids are drawn from the well.

To further enhance future drilling locations, the Company has also acquired 3-D seismic and plans to obtain 2-D seismic on the property in this year.

Mr. Dolar commented, "By completing the first well in Pinedale, we have taken great steps toward development of this project. As our knowledge of Pinedale increased, we realized that the use of artificial lift is essential for removing associated water production that flows with the gas and condensate. The decision to place an electric compressor on site to assist in drawing down the water levels and increase gas production from the well also lessens our carbon footprint and assists in our compliance with clean air requirements. As seismic is completed on Pinedale, we will determine the next strategy for development to enhance value to the Company."