Premier Oil PLC (LON:PMO) saw its shares rise on Thursday after the explorer revealed what were deemed to be excellent appraisal well results from its large Zama oil discovery offshore Mexico.
The Zama-2 appraisal well encountered the target reservoir on prognosis, measuring some 152 metres of net pay above the oil-water contact point. The result was positive and expected. At the same time, the ratio of net pay versus gross pay was 73% which is higher than at Zama-1 and the result was better than pre-drill expectations.
Premier confirmed that the quality of the encountered oil was similar to Zama-1, as predicted, and operations will now continue with side-track drilling before a flow testing operation. It added that the programme is presently ahead of schedule and under budget.
On Friday, Union Jack Oil PLC (LON:UJO) chairman David Bramhill described himself “very pleased” as the Wressle project received a one-year extension to existing planning approvals. The award extends access to the project until 24 January 2020.
It means that Union Jack and its partners have sufficient time to reach a determination in its appeal against planning refusals for the proposed oil field development at Wressle.
Block Energy Plc (LON:BLOE) shares rose on Wednesday as it told investors it has now begun sidetrack operations at the West Rustavi field, in the existing 16a wellbore. It is the first of an initial two well programme at West Rustavi as the company aims to increase production up to 650 barrels of oil per day by the end of the first half.
The drilling follows a successful oil test in December which confirmed it is in an active hydrocarbon system, and, the previously producing reservoir retains reserves and is still pressurised. Over 200 barrels of crude were retrieved from the well during the December test, over 10 hours, and, another 300 barrels flowed in the subsequent days.
Chief executive Paul Haywood described the sidetrack as a “high impact well” for Block Energy.
Falcon Oil & Gas Ltd (LON:FOG) told investors on Monday that rig contract has been hired for the Stage 2 work programme that will advance its potentially world class shale project in Australia. The exploration and appraisal programme will include the drilling and hydraulic fracture stimulation of two horizontal wells, with drilling slated to start in June.
It will be a particularly significant project milestone as it will see Falcon finally get back to drilling after a 2 year delay imposed by the fracking moratorium in Australia’s Northern Territory.
Tower Resources PLC (LON:TWR) launched a placing on Thursday to raise £1.7mln through a share placing and subscription to support the funding of a drill programme at the Njonji area of the Thali project, in Cameroon.
It intends to sell some 170mln new shares priced at 1p. The injection of funds is earmarked to pay for long-lead items required for the envisaged drill programme which aims to unlock the Njoni asset.
Alaska-focused explorer 88 Energy Ltd (LON:88E, ASX:88E) told investors that it expects to mobilise the drill rig for Winx-1 in the next seven days. It comes as the company, in a statement, said that ice road construction to the well site is now around 85% complete. Also, it added that construction of the ‘ice pad’ is due to start shortly.
Elsewhere Tlou Energy Ltd (LON:TLOU) said excellent progress has so far been made with the drilling operation at its Botswana coal bed methane (CBM) project, which began recently.
In its third quarter report, Tlou also highlighted that it has submitted an environmental impact assessment (EIA) for the downstream operations attached to the CBM project and noted that it lodged its re-tender to the Botswana government for the proposed CBM fuelled pilot power plant.
The recently launched pilot well drilling campaign will, subject to positive results, create the basis for the initial gas-to-power project. “The wells are being drilled as 'dual lateral pods', comprising a single vertical production well intersected by two lateral wells,” Tlou explained.
And Victoria Oil & Gas plc (LON:VOG) revealed that its power generation customer ENEO has now doubled its consumption levels, following December’s gas sales deal, and its power station is operating at full capacity at 30 megawatts.
Gas consumption has recently exceeded the ‘take or pay’ level of 4.88mln cubic feet per day, VOG said in a stock market statement.
The Cameroon-focused gas company’s production update on Monday highlighted that its average gas production rate measured 8.5mln cubic feet per day for the month to date. In the seven days ended January 19, the average rate was marked at 9.9mln cubic feet and the peak rate for the year to date was set on January 18 at 12.96mln cubic feet.