Tullow IDs Gas Finds at Tano License
Wednesday, April 13, 2011
Tullow Oil plc
The Tweneboa-4 appraisal well in the Deepwater Tano license offshore Ghana has successfully encountered gas condensate in good quality sandstone reservoirs. Results of drilling, wireline logs and samples of reservoir fluids have confirmed the western extent of the Tweneboa gas condensate accumulation.
The well, located 3.9 kilometres southwest of the Tweneboa-2 appraisal well was drilled in the western flank of the accumulation to complete the appraisal of the Tweneboa gas-condensate discovery. The well encountered 18 meters of net gas condensate pay in high quality stacked reservoir sandstones which are in static pressure communication with both the Tweneboa-1 and Tweneboa-2 wells.
The Deepwater Millennium dynamically positioned drillship drilled Tweneboa-4 to a total depth of 4,007 meters in water depths of 1,436 meters. On completion of operations, the well will be suspended for future use in field appraisal and development. The rig will then move to perform drill stem tests on the Tweneboa-2 oil and gas-condensate accumulations.
Tullow (49.95%) operates the Deepwater Tano license and is partnered by Kosmos Energy Ghana (18%), Anadarko Petroleum (18%), Sabre Oil & Gas (4.05%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest).
Uganda exploration and appraisal campaign commences
Following the signing of the SPAs for the farmdown to CNOOC and Total on March 29, 2011, the exploration and appraisal program has been reactivated and two wells are expected to commence drilling in Exploration Area 1 (EA 1) within the next two weeks. The OGEC 600 rig is preparing to spud the high-impact Jobi-East prospect and the OGEC 750 rig is getting ready to drill the first Mpyo exploratory appraisal well to test its upside potential. These wells are the start of a major program of exploration and appraisal drilling, seismic acquisition, and well testing to access the significant remaining upside potential in the basin and further expand the resource base for development.
Commenting, Angus McCoss, Exploration Director, said, "Tweneboa-4 is an important milestone as it is the final well to be drilled in the Tweneboa appraisal program. The upcoming program of well testing in the Tweneboa field, along with drilling and well testing in the Enyenra field, will provide essential information on well deliverability, dynamic reservoir connectivity and hydrocarbon volumes, which will be used to optimize our development plans for these major fields. We are also delighted to be starting drilling activities again in EA 1 in Uganda and are now gearing up for a five-rig drill-out campaign in the second half of the year."
Wednesday, April 13, 2011
Eni Takes Stake in Cadogan's Ukrainian Licenses
Eni Takes Stake in Cadogan's Ukrainian Licenses
Wednesday, April 13, 2011
Cadogan Petroleum plc
Cadogan has reached agreement with Eni for the acquisition of an interest in the Company's Pokrovskoe and Zagoryanska licenses in the east of Ukraine.
Eni will initially acquire a 30% interest in the Pokrovskoe license, with the option to acquire a further 30% interest in the future. Eni will also acquire a 60% interest in the Zagoryanska license. The initial consideration will comprise 100% funding of a work program of approximately $30 million (excluding VAT), including drilling and seismic re-processing, plus a $38 million payment. Subject to successful results from the above programs and award of production licenses, Eni will pay the Company further amounts of up to $90 million.
The transaction, which is a class one transaction under the UKLA Listing Rules, is subject to Cadogan shareholder and Ukrainian Anti-Monopoly Commission approval. The Company plans to issue a circular to shareholders in May 2011, giving full details of the proposed transaction and convening a general meeting of the Company prior to mid June 2011. Other Conditions Precedent to completion of the deal include satisfactory conclusion of an internal re-structuring within the Company, no material adverse effects between signature of the agreement and completion and all representations and warranties of the Company and Eni being true at completion. It is planned that the transaction will complete on or around June 30, 2011.
The $30 million work program on Pokrovska will be used to fulfill the work obligations on the license and will test the potential of the Upper and Lower Visean intervals which had strong indications of hydrocarbons in wells on the license. The cash proceeds arising from the transaction will be applied to finance any future Zagoryanska work programs and fund development of the Company's other assets. Additional future cash proceeds from successful operational results and the award of production licenses will further strengthen the Company's financial position, enabling it to finance its share of future development activities and to invest in new business opportunities.
Commenting on the proposed transaction Simon Duffy, Chairman, stated, "The announcement of this major transaction signifies a turning point for Cadogan. With Eni as a strategic partner, the Company can more rapidly develop the potential in these licenses and can embark on other significant oil & gas opportunities that are present in Ukraine."
Ian Baron, Chief Executive Officer commented, "The investment by Eni in two of our Ukrainian assets vindicates the Board's view, not only of the value of these particular assets, but also the scale and substance of the opportunity in the country. We strongly believe that Ukraine offers significant opportunity for Cadogan and Eni, which we can develop through combining the expertise of Cadogan's staff with the resources of a major oil company."
Wednesday, April 13, 2011
Cadogan Petroleum plc
Cadogan has reached agreement with Eni for the acquisition of an interest in the Company's Pokrovskoe and Zagoryanska licenses in the east of Ukraine.
Eni will initially acquire a 30% interest in the Pokrovskoe license, with the option to acquire a further 30% interest in the future. Eni will also acquire a 60% interest in the Zagoryanska license. The initial consideration will comprise 100% funding of a work program of approximately $30 million (excluding VAT), including drilling and seismic re-processing, plus a $38 million payment. Subject to successful results from the above programs and award of production licenses, Eni will pay the Company further amounts of up to $90 million.
The transaction, which is a class one transaction under the UKLA Listing Rules, is subject to Cadogan shareholder and Ukrainian Anti-Monopoly Commission approval. The Company plans to issue a circular to shareholders in May 2011, giving full details of the proposed transaction and convening a general meeting of the Company prior to mid June 2011. Other Conditions Precedent to completion of the deal include satisfactory conclusion of an internal re-structuring within the Company, no material adverse effects between signature of the agreement and completion and all representations and warranties of the Company and Eni being true at completion. It is planned that the transaction will complete on or around June 30, 2011.
The $30 million work program on Pokrovska will be used to fulfill the work obligations on the license and will test the potential of the Upper and Lower Visean intervals which had strong indications of hydrocarbons in wells on the license. The cash proceeds arising from the transaction will be applied to finance any future Zagoryanska work programs and fund development of the Company's other assets. Additional future cash proceeds from successful operational results and the award of production licenses will further strengthen the Company's financial position, enabling it to finance its share of future development activities and to invest in new business opportunities.
Commenting on the proposed transaction Simon Duffy, Chairman, stated, "The announcement of this major transaction signifies a turning point for Cadogan. With Eni as a strategic partner, the Company can more rapidly develop the potential in these licenses and can embark on other significant oil & gas opportunities that are present in Ukraine."
Ian Baron, Chief Executive Officer commented, "The investment by Eni in two of our Ukrainian assets vindicates the Board's view, not only of the value of these particular assets, but also the scale and substance of the opportunity in the country. We strongly believe that Ukraine offers significant opportunity for Cadogan and Eni, which we can develop through combining the expertise of Cadogan's staff with the resources of a major oil company."
Nexen Drills Dry Well in North Sea
Nexen Drills Dry Well in North Sea
Wednesday, April 13, 2011
Norwegian Petroleum Directorate
Nexen, operator of production license 434, has completed the drilling of wildcat well 6507/8-8.
The well was drilled about seven kilometers southeast of the Heidrun field.
The purpose of the well was to prove petroleum in Lower Jurassic reservoir rocks (the Tilje and Åre formations).
Reservoir rocks of expected thickness and of good quality were encountered in the Tilje and Åre formations. Data acquisition and sampling were carried out. The well is dry.
This is the first exploration well in production license 434. The production license was awarded in APA 2006.
The well was drilled to a vertical depth of 2525 meters below sea level, and was terminated in the Åre formation in the Lower Jurassic. The water depth is 329 meters. The well has now been permanently plugged and abandoned.
Well 6507/8-8 was drilled by the drilling facility Songa Delta, which will proceed to production license 378 in the North Sea to drill appraisal well 35/12-4, where Wintershall Norge ASA is the operator.
Wednesday, April 13, 2011
Norwegian Petroleum Directorate
Nexen, operator of production license 434, has completed the drilling of wildcat well 6507/8-8.
The well was drilled about seven kilometers southeast of the Heidrun field.
The purpose of the well was to prove petroleum in Lower Jurassic reservoir rocks (the Tilje and Åre formations).
Reservoir rocks of expected thickness and of good quality were encountered in the Tilje and Åre formations. Data acquisition and sampling were carried out. The well is dry.
This is the first exploration well in production license 434. The production license was awarded in APA 2006.
The well was drilled to a vertical depth of 2525 meters below sea level, and was terminated in the Åre formation in the Lower Jurassic. The water depth is 329 meters. The well has now been permanently plugged and abandoned.
Well 6507/8-8 was drilled by the drilling facility Songa Delta, which will proceed to production license 378 in the North Sea to drill appraisal well 35/12-4, where Wintershall Norge ASA is the operator.
McMoRan Runs at Rate of 54 MMcf/d at Laphroaig Well
McMoRan Runs at Rate of 54 MMcf/d at Laphroaig Well
Wednesday, April 13, 2011
McMoRan Exploration Co.
McMoRan announced a successful production test at the Laphroaig No. 2 well in St. Mary Parish, Louisiana. The production test indicated a gross rate of approximately 54 million cubic feet of natural gas per day (MMcf/d) (approximately 15 MMcf/d net to McMoRan) and zero barrels of water on a 30/64th choke with flowing tubing pressure of 9,989 pounds per square inch (PSI). McMoRan will use the results of the production test to determine the optimal flow rate for the well. The well is expected to commence production in the second quarter of 2011 using facilities in the immediate area. McMoRan has a 37.3 percent working interest and a 28.5 percent net revenue interest in the Laphroaig field. EXXI holds an 18.6 percent working interest.
Wednesday, April 13, 2011
McMoRan Exploration Co.
McMoRan announced a successful production test at the Laphroaig No. 2 well in St. Mary Parish, Louisiana. The production test indicated a gross rate of approximately 54 million cubic feet of natural gas per day (MMcf/d) (approximately 15 MMcf/d net to McMoRan) and zero barrels of water on a 30/64th choke with flowing tubing pressure of 9,989 pounds per square inch (PSI). McMoRan will use the results of the production test to determine the optimal flow rate for the well. The well is expected to commence production in the second quarter of 2011 using facilities in the immediate area. McMoRan has a 37.3 percent working interest and a 28.5 percent net revenue interest in the Laphroaig field. EXXI holds an 18.6 percent working interest.
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