Tullow Oil plc (LON:TLW) has revealed that the Araku-1 exploration well offshore Suriname was unsuccessful. No significant reservoir quality rocks were encountered in the well, Tullow told investors, although there was some evidence of gas condensate. The well is now being plugged and abandoned.
It was a wildcat exploration well in a frontier area, and as such the company highlighted that the well has provided important geological insights which, alongside its high quality 3D seismic data, will help future exploration in deeper plays.
"The Araku-1 well was an ambitious wildcat exploration well that was drilled efficiently and at very low cost,” said Angus McCoss, Tullow exploration director.
On Thursday, EnQuest Plc (LON:ENQ) told investors it has unlocked more than US$100mln of liquidity as it unveiled a deal to pre-sell crude and a separate refinancing of its Tanjong Baram project in Malaysia.
It has struck a US$80mln deal with Mercuria Energy Trading, receiving 18 monthly instalments in return for future deliveries amounting to 1.8mln barrels of crude. Under the deal, EnQuest will receive the average market price for the crude but with a floor and ceiling range between US$45 and US$64 per barrel.
Victoria Oil & Gas plc (LON:VOG) on Wednesday said it had conditionally raised gross proceeds of US$23.5mln through an offering of new shares priced at 57p each.
Proceeds along with additional capital from local banks in Cameroon will be put to a new growth programme aimed at the estimated 1,700 megawatt power deficit in the City of Douala. The company, which has had success with gas-to-power initiatives, aims to deliver gas output of 100mln cubic feet of gas per day by the end of 2021.
Onshore UK, Angus Energy Plc (LON:ANGS) told investors that Surrey County Council (SCC) has asked it to make an application for planning permission for the Brockham field, where a government sanctioned programme is already underway.
Brockham was already a producing oil field prior to this year’s programme and on Monday, the national regulator Oil & Gas Authority gave its approval for Angus to start production from the Kimmeridge zone in a new side-track well.
“After a careful and considered review, the management team and board of directors of Angus Energy will, as operator of the licence, submit a normalisation application for the continued surface activities of the production plant required for well BR-X4 and notably, its inclusive sidetrack BR-X4Z,” the company said.
Angus described this as a “prudent and pragmatic step”.
On Wednesday, 88 Energy Ltd (LON:88E) managing director Dave Wall told investors that the company ‘remains committed and confident’ in the HRZ shale play, as the explorer confirmed the expansion of its Project Icewine acreage.
88 Energy’s net acreage position increases to 286,000 acres from 260,000, whereas the gross position rises to 460,000 acres from 350,000 acres.
Earlier in the week, Eland Oil & Gas PLC (LON:ELA) has completed its latest drilling operation at the Opuama field, in Niger, where a side-track to the Opuama-7 well has unearthed a total of 77 feet of good quality net oil pay.
It has perforated some 60 feet of pay in the side-track and the well is now being hooked up for production, which will start imminently. The company expects the well to deliver in-line with prior guidance for 5,900 barrels of oil per day, the company said in a statement. Buoyed by the success of the side-track, as well as the previous Opuama-3 operation, the company said it has now decided to bring forward new drilling plans which will accelerate production growth.
The drill team will now move to the Opuama-8 site, where the company expects a new well will deliver between 5,000 and 7,000 of additional production.
In North America, Rose Petroleum PLC (LON:ROSE) has completed its seismic programme in the Paradox basin, Utah, and the company now expects initial results to be ready before the end of the year.
The seismic programme, which covered a 50 square mile area, is a precursor to exploration drilling with the data expected to be used to identify five initial drill targets. "I am delighted by progress that has been made in the field, we are well ahead of the schedule and I am encouraged by the feedback to date on the quality of data achieved,” said Matthew Idiens, Rose chief executive.
"We look forward to receiving the initial results of the data processing shortly.”