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Proactive Oil Highlights: Cairn Energy, SDX Energy, Chariot Oil & Gas ...

Published: 08:00 17 Mar 2018 GMT

Oil rig at night

SDX Energy Inc (LON:SDX, CVE:SDX) this week announced it had struck a new oil discovery in the Rabul 5 well in the West Gharib Concession in Egypt, where the well will shortly be completed for production.

The Rabul 5 well was drilled down to 5,280 feet and it encountered some 151 feet of net heavy oil pay, across the Yusr and Bakr formations.  The average porosity was said to be 18%.

Meanwhile, Europa Oil & Gas Holdings PLC (LON:EOG) said it intends to fast-track ongoing technical work on the Licensing Option 16/20, an exploration area in the vicinity of the Corrib gas field, offshore Ireland.

It is picking up the pace because of positive findings in the work carried out to date.The company said it considers the area, referred to as ‘the Inishkea prospects’, to be the group’s “flagship project”.

Chariot Oil & Gas Limited (LON:CHAR) was also active as it told investors that the Rabat Deep exploration well is now underway. The company owns a 10% stake in the exploration project, offshore Morocco, where the Saipem 12000 drillship is now drilling.

Touchstone Exploration Inc (LON:TXP) (TSE:TXP), meanwhile, announced it had optimised the wells drilled in 2017, and updated on the 2018 drill programme.

Oil sales averaged 1,521 and 1,552 barrels per day for the months of January and February respectively, at average prices of US$61.17 and US$57.79 per barrel.

Sirius Petroleum PLC (LON:SERP) said it is looking forward to drilling at the Ororo field, in Nigeria, where location approval has now been given by the marine warranty surveyor.

The approval will allow drilling at the proposed Ororo-2 and Ororo-3 wells. Rig mobilisation operations are underway, and drilling is anticipated to start next month for Ororo-2.

And Mosman Oil And Gas Limited (LON:MSMN) confirmed that it had increased its stake in the Arkoma project in Oklahoma to 27%.

Manwhile, Diversified Gas & Oil plc (LON:DGOC) landed a US$500mln credit facility which is intended to fund the ambitious oiler as it acquires a large portfolio of assets in the United States.

Earlier this month, it closed the acquisition of Alliance Petroleum, adding 13,000 wells (addressing some 49mln barrels of reserves) in a deal worth US$95mln and is approaching a close for a separate US$85mln acquisition which will deliver 11,000 wells (addressing 69mln barrels).

Among the bigger oil players, Cairn Energy PLC (LON:CNE) expects both the Catcher and Kraken oil fields to reach plateau production rates in the second half of this year.

The two fields establish a new cash-generating base for the group, yielding 25,000 barrels of oil per day in due course, though the financial results statement released by the company on Tuesday remain firmly focused on new field development projects.

The company said that it would now proceed with installing high-volume electrical submersible pumps and infrastructure upgrades to support production growth at Arkoma.

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