Shares in Premier Oil PLC (LON:PMO) rocketed on Wednesday after the mid-cap producer announced a new “world class” oil discovery offshore Mexico, with the Zama-1 exploration well unearthing an estimated 1bn barrel find.
The well hit a gross oil bearing interval spanning 335 metres, with up to 200 metres of net oil bearing reservoir. Light oil has so far been recovered to surface.
Premier and its partners are now setting a liner to protect the discovered reservoirs, before drilling deeper to test other exploration objectives.
The same day, Providence Resources PLC (LON:PVR) confirmed that drilling operations have now begun for the Druid/Drombeg exploration well which is targeting some 5bn barrels offshore Ireland.
It is expected to be a high impact exploration programme, if the well successfully confirms the prospects seen in pre-drill analysis.
The Stena IceMAX deep-water drillship is contracted for the programme, and operations have now begun after the Minister of Communications, Climate Action and Environment gave consent on July 11.
Providence told investors that a further update will be provided once the Druid prospect has been penetrated, or as appropriate, drilling is then planned to continue down to the underlying Drombeg prospect.
Providence Resources PLC (LON:PVR) and Lansdowne Oil & Gas Plc (LON:LOGP) have been granted a licence extension for the Barryroe project in Ireland’s Celtic Sea.
The first phase of Standard Exploration Licence 1/11, which hosts Barryroe, has been extended to July 2019, meanwhile, the overall term of the licence now lasts until July 2021. The extension is subject to the partners completing a work programme, including analysis of new 3D seismic data, and that they provide an assessment of the Jurassic and Triassic potential in the area.
On Monday, UK Oil & Gas Investments PLC (LON:UKOG) has told investors that the a very large continuous oil deposit, totalling 1,490 feet, has now been measured in the Broadford Bridge well in southern England.
The deposit spans a number of sequences of the naturally fractured Kimmeridge oil play, at a depth of 4,018 to 5,508 feet. Multiple examples of hydrocarbons have been observed during the Broadford Bridge-1 programme to date – including mobile oil in drilling mud, oil shows in drill-cuttings, and wet gas readings – and a flow testing programme is planned.
Also in the UK onshore, Europa Oil & Gas Holdings Plc (LON:EOG) has confirmed that an appeal is being made against a second refusal of planning permission for the Wressle field in North Lincolnshire.
The junior oil firm noted that project operator Egdon Resources had announced its intention to appeal the most recent decision by the North Lincolnshire Council planning committee.
88 Energy Ltd (LON:88E, ASX;88E) shares dropped more than 35% in early deals on Monday after the company announced it is planning to shut-in the Icewine-2 well on Alaska’s North Slope to allow pressure to build up and soaking to occur.
The oil exploration firm is in the middle of flow-back operations after fracking two zones in the HRZ shale.
“After analysing the performance of the well to date, and comparing to results from other plays, a decision has been made to shut the well in for six weeks to allow for pressure build up and imbibition to occur,” the company told investors.