October has already proven to be quite a month for SDX Energy Inc (LON:SDX) with two new discoveries unearthed in the first two weeks of the month, but, as those following the growing petroleum group know there’s plenty more to come.
SDX last week unearthed an oil discovery in the Rabul-2 well, in Egypt, before Wednesday’s news of a new gas find in the KSR-14 well in Morocco.
The better-than-expected well encountered a total of 20 metres of conventional gas pay, in the Guebbas and Hoot formations, and analysis is underway to determine an accurate estimate of recoverable gas volumes.
Earlier in the week, Jersey Oil and Gas PLC (LON:JOG) shares soared, rising more than 200p to trade at 265p, on the news that Statoil has hit an oil discovery in the Verbier side-track well.
Statoil revealed the success of the side-track to the originally unsuccessful Verbier well hitting hydrocarbons. JOG owns an 18% stake in the Statoil led exploration venture which has now proven the oil accumulation in good quality sands, and the results are now being evaluated.
Statoil’s initial estimate of the discovery puts the size of the new discovery between 25mln and 130mln barrels of oil, and it added that there was a minimum of 25mln barrels proven recoverable oil in the immediate vicinity of the well bore.
Union Jack Oil PLC (LON:UJO) has stuck a deal to acquire the onshore UK assets of Nautical Petroleum, a Cairn Energy PLC (LON:CNE) subsidiary. It delivers stakes in a number of onshore oil projects – including 10% of the Keddington oil field, 10% of the Louth prospect, 16.67% of the Kirklington oil project and 16.67% of the historic Dukes Wood oilfield. All the assets are operated by UJO partner Egdon Energy Ltd (LON:EDR).
The AIM-quoted explorer is paying just £25,000 to acquire the asset portfolio from the Cairn subsidiary, and it is due to receive production proceeds from Keddington from an effective date of September 1.
UJO already has a 10% stake in Keddington which in the last financial year generated £22,119 of revenue for the group.
Angus Energy Plc (LON:ANGS) on Friday told investors that a drill programme has now been completed at the Lidsey field, in the southern edge of the Weald basin, near Bognor Regis. The company now plans to produce from 443 metres of net oil pay in the Great Oolite limestone reservoir.
Additionally, the company highlighted that at the end of the horizontal section of the Great Oolite reservoir analysis showed an unexpected change in the lithology of the well indicating a potential extension, continuing to the west of the original reservoir. The well also passed through two additional potentially productive zones, the Kimmeridge and the Oxford Clay.
On Wednesday, UK Oil & Gas Investments PLC (LON:UKOG) shares were on the back foot today after the UK onshore exploration firm revealed complications at the Broadford Bridge project.
The oil company has been trying to flow test the Kimmeridge play in the Broadford Bridge well. It has been successful in as much as light oil has flowed to surface, however, further work-over programmes will be needed before meaningful analysis can take place.
UKOG encountered problems related to cement bonding in the well, and it has been interpreted that those issues mean the well is not effectively connected to “much of the best open natural fractures” in the Kimmeridge.
“Therefore, the testing to date has not properly evaluated the full flow potential of the overall Kimmeridge reservoir sequence,” UKOG said in a statement. A workover programme, to fix the problem, will get underway following the completion of clean-up operations.