Sound Energy PLC (LON:SOU) and North Sea oiler Hurricane Energy Plc (LON:HUR) bookend this week’s highlights.
In Morocco, Sound on Thursday delivered more well results from the Tendrara gas project and said preparation for its next well, due to spud next month, was now underway.
Most significantly, the company also took the project forward though deal making.
It is acquiring an extra 20% of the Tendrara discovery, taking its stake to 75%, and importantly it also gives the group 75% of additional nearby acreage – the neighbouring Meridja project and an area close to Tendrara that had previously been relinquished.
READ MORE: Sound Energy shows no sign of slipping
The timing of the land grab may prove significant as next month’s TE-8 well, located some 12 kilometres from the most recent TE-7 well, aims to prove that Tendrara is spread across a much larger area.
Chief executive James Parsons says the new acquisition gives the company a “hugely attractive, material and consolidated portfolio” across Eastern Morocco as well as significant additional upside.
Over in Kenya, Tullow Oil plc (LON:TLW) has announced a new oil discovery in Kenya, with the Erut-1 well in onshore Block 13T finding oil at the northern limit of the South Lockichar basin.
Erut-1 was drilled to a depth of 1,318 metres and it cut a 25 metre interval at a depth of 700 metres, though Tullow says the overall oil column is considered to be between 100 to 125 metres.
READ MORE: Tullow Oil hits new discovery in Kenya
The company highlights that the Erut-1 well was drilled some 10 kilometres to the north of the Etom-2 well, and it was designed to test a structural trap at the edge of the basin.
"This is an exciting discovery from a bold exploration well that proves that oil has migrated to the northern limit of the South Lokichar basin,” said Angus McCoss, Tullow Oil exploration director.
“This extends the known hydrocarbon limits of the basin beyond the successful Etom discovery into the underexplored northern part of the basin where we have several undrilled prospects.”
Closer to home, Angus Energy Plc (LON:ANGS) gave investors an update on its operation onshore UK at the Brockham field where it is about to start the re-entry of an existing well bore.
The company, in a concise statement, said that work to upgrade the existing well’s infrastructure (production bungs) are now complete.
READ MORE: Angus Energy advances Brockham well near Gatwick Gusher
In the next few days it expects to start the re-entry, it then anticipates to complete and case the well in around two to three days.
“The group will update the market once the well is complete and then make a further announcement when it is in a position to fully evaluate the results of the geological evaluation assessment, expected to be 3 weeks thereafter,” the company said.
Meanwhile up in the North Sea’s West of Shetland region, Hurricane Energy Plc (LON:HUR) earlier this week confirmed it has now begun drilling the Halifax exploration well.
Halifax, located within a recently secured licence block, is located to the North East and is contiguous to the Lancaster field.
Last year’s positive well data indicated that the Lancaster oil accumulation is likely to extend beyond its licence boundary.
Well results are anticipated towards the end of the first quarter.
READ MORE: Can Hurricane Energy make it four successful wells in a row
“This has already been a hugely successful drilling campaign for Hurricane and the Halifax Well marks an exciting opportunity with which to close it,” said Dr Robert Trice, Hurricane Energy chief executive.
“The prospect is also a logical conclusion to the drilling programme as, following the success of the Lancaster Pilot Well, we believe that the oil column extends beyond the Lancaster block boundary and potentially up to the Halifax Prospect.”