88 Energy Limited (LON:88E) told investors this week that its 3D seismic inversion work is now substantially complete across both the shallow and deep horizons for its conventional exploration assets at Project Icewine, on Alaska’s North Slope.
It said that “discrete geobodies” have been mapped in the Schrader and Torok horizons.
At the same time, it revealed that its estimated prospective resource figure for the conventional prospects had now increased, to stand at 2.89bn barrels of oil.
The explorer also highlighted that the use of 3D seismic inversion data combined with updated rock trending models has shown “better than expected potential reservoir quality for the Torok horizon.
In other oily news this week, Eland Oil and Gas PLC (LON:ELA) said a new in-fill well at its OML 40 licence in Nigeria will lift output from the Opuama field to a new record.
Production during the Opuama-11 well test stabilised at 4,000 - 6,000 barrels per day or 1,800 - 2,700 bopd net to Elcrest, Eland’s joint venture at OML. That was in line with expectations, said Eland.
Range Resources operational milestones
Elsewhere, in a quarterly activities report, Range Resources Ltd (LON:RRL) told investors that daily production averaged 594 barrels of oil per day in the three months ended 30 September.
It also confirmed a number of operational milestones such as the completion of more than 20 well workovers, reactivation and swabbing activities.
Meanwhile, Mosman Oil And Gas Ltd (LON:MSMN) revealed that GEM International Resources Inc (CVE:GI), in which it has a stake, could be close to having the suspension lifted on the trading of its shares.
The AIM-quoted junior oiler, which owns 7.6mln shares in GEM, said in a statement on Friday that GEM was “well advanced in finalising a letter of intent with an unrelated third party” that, if completed, would see GEM shares re-listed.
Anglo African Oil & Gas plc (LON:AAOG) revealed that it had agreed a £5mln convertible loan financing with Sandabel Capital.
The group said the facility provides ‘future funding flexibility’ to support the ongoing drilling of the TLP-103C well as well as working capital, the company said.
Anglo African also updated investors on the TLP-103C programme where the company expects to encounter all three principal target horizons (R1/R2, Mengo and Djeno) before the end of November. It said drilling has so far reached the first casing point and has now moved into the second section of the well.
Botswana drilling started by Tlou Energy
Tlou Energy Limited (LON:TLOU) revealed this week that it has started drilling at Lesedi in Botswana to test gas flows in the area where a new coal bed methane-fired power station is planned.
The first well, 'Lesedi 3P', is scheduled to drill down to a depth of 580m and should covert a significant portion of the currently established gas resources to the more certain reserves category and have potential to deliver gas to the proposed central processing facility and power station planned for nearby.
Elsewhere, Victoria Oil & Gas plc (LON:VOG) said it increased sales by 11% in its latest quarter, though presidential elections in Cameroon had delayed the resumption of supplies to power company ENEO.
VOG’s gross sales in the three months to September rose 11% at 356million cubic metres of gas or an average 3.72mln per day.
And Echo Energy Plc (LON:ECHO) said remedial work at the Cañadon Salto Field in the Fracción D licence in Argentina has seen a major boost to production.
The group said pilot interventions were carried out on four wells, which boosted output to 115 barrels per day from 5 barrels.
Eco (Atlantic) looks for new partner
Meanwhile, Eco (Atlantic) Oil & Gas Ltd (LON:EC)) (CVE:EOG) said on Friday that it has started to look for a new partner for the Cooper Block in Namibia after Tullow Oil pulled out.
Tullow will now transfer its 25% working interest in Cooper to Eco, which own 57.5% stake as a result.
Eco's other major partner in the Cooper Block, Azinam (32.5%) has said already it wants to continue exploration, including the drilling of an exploration well.
FTSE 250-listed Tullow, meanwhile, has decided to focus on Orinduik, offshore Guyana, where it is the operator with a 60% stake.
Another FTSE 250-listed oil play, Cairn Energy PLC (LON:CNE) said this week that it is continuing to advance the SNE project, today confirmed that the development and exploitation plan for the field had been submitted to the Government of Senegal on schedule.
Additionally, Cairn noted that partner Woodside Energy has now exercised its option to become the operator of the SNE project.
And back on AIM, Sound Energy PLC (LON:SOU) confirmed that the first well in its current three exploration well programme in eastern Morocco, TE-9 has been drilled to its first casing point.
The Moroccan-focused upstream gas company said the first casing point for TE-9 was at a measured depth of 352 metres and that the 13 3/8" casing has been set and cemented in the top of a series of Middle Jurassic Dolomite and Limestones.