The Horse Hill production test has delivered positive results, with flows from the first section ahead of those seen in the prior 2016 programme.
Production testing in the conventional Portland reservoir saw short-term, high-rate tests with implied equivalent daily pumped rates between 401 and 414 barrels of oil per day (bopd) over two periods of six and two hours.
The maximum rate was limited to a pump capacity of 470 bopd, and, higher capacity equipment is now being mobilized.
In stock market statements, each of the London-listed stakeholders in the Horse Hill project revealed that metered rates and recovered volumes to date from the Portland have exceeded the 2016 comparative figures.
UK Oil & Gas Investments PLC (LON:UKOG), the largest London-listed stakeholder with 32.43%, saw its shares advance around 12% after the well results. Elsewhere, fellow stakeholders Solo Oil PLC (LON:SOLO) and Alba Minerals Resources PLC (LON:ALBA) also moved on the front foot, rising around 7.8% and 4% respectively.
Hurricane Energy sees ‘critical milestone’
Hurricane Energy Plc (LON:HUR) has reached what is described as a ‘critical milestone’ in the development of the Lancaster field’s early production system (EPS), completing the installation of a turret mooring system.
It included the connection to the newly-constructed buoy for the Aoka Mizu floating production, storage and offloading (FPSO) vessel.
The completion of the work means that the project can move on to the installation of subsea equipment and infrastructure (referred to by Hurricane as the SURF programme), which will be the last phase of the current offshore installation work.
Eland reopens Ubima
Eland Oil & Gas PLC (LON:ELA), on Tuesday, said that a land rig has re-entered the Ubima-1, Nigeria, which was discovered 1963 before being suspended.
The plan is to assess four different reservoirs as well as carrying out two drill stem tests and acquiring accurate fluid, pressure and production data for each separate, oil-bearing horizons.
An independent report published in 2016 estimates the Ubima-1 is host to proved and probable reserves of 2.4mln barrels of crude.
88 Energy and Red Emperor Resources pull trigger
88 Energy Limited (LON:88E, ASX:88E) and Red Emperor Resources NL (LON:RMP) are to acquire working interests in an oil prospect on the prolific Alaska North Slope.
The two companies have executed definitive agreements with Great Bear Petroleum Ventures and Otto Energy to acquire the majority of Great Bear's working interest in the four leases comprising the Western Blocks (ADL 391718; ADL 391719; ADL 391720; ADL 391721) in exchange for drilling a commitment well on the Western Blocks prior to 30 May 2019.
The Western Blocks contain a 3D seismic-defined oil prospect in the successful Nanushuk play fairway with a gross mean unrisked prospective resource of 400mln barrels (Mmbbls), of which 144MMbbls will be net to 88E and 126MMbbls net to Red Emperor,
The geological chance of success has been estimated to be in the range of 25-30%.
Busy week for Mosman
It was a good week for Mosman Oil And Gas (LON:MSMN). On Monday, the company said three more wells at the Welch project have been worked over in July and restored to production.
In the first 27 days of July production at Welch was 1,180 barrels, of which 896 barrels was attributable to Mosman. This represents an average aggregate production (before royalties) of around 44 barrels per day. The previous six month average of circa 24 barrels per day had been below well capacity as water injection pump repairs had limited well production.
On Wednesday, the oiler saw its shares rose on Wednesday as the explorer hailed the successful completion of the Stanley Development well in Texas, which hit multiple pay zones.
Stanley-1’s primary reservoir was host to gross pay (an oil-bearing section) 19 metres thick with a porosity of around 18%. Porosity defines the capacity of the reservoir rock to hold oil. Mosman said drill log data was better than expected and sees no reason to change pre-drill forecast for an initial flow rate of around 150 barrels a day.
The next step is to install production facilities, which should take one to two months before the well is completed as a producer.