Proactive oil & gas weekly highlights: Touchstone Exploration, Cadogan Petroleum, Enteq Upstream …

News

Touchstone Exploration Inc (LON:TXP) (TSE:TXP) last week announced a significant crude oil discovery on the Ortoire exploration block, onshore Trinidad.


The Cascadura-1ST1 well encountered what is described as significant prospective oil pay, totalling 1,037 feet gross.


The company also said gas flow rates from its latest Trinidad onshore well, Coho-1, HAD “greatly exceeded” expectations and will “materially contribute” to near-term growth.


Elsewhere in the week, Cadogan Petroleum PLC (LON:CAD) received final approval for a 20-year production licence for the Blazhiv field in Ukraine. The company has already paid the licence fees and has started production.


Enteq Upstream PLC (LON:NTQ) was granted a full patent by the UK Patent Office for PowerHop, a system designed to wirelessly log measurements during well drilling.


Meanwhile, the firm said it has also lodged patent applications in the US, Norway, the UK and Canada for its DrillLink system, which allows data to be transmitted between ‘down hole’ tools and the surface during drilling.


Anglo African Oil & Gas PLC (LON:AAOG) announced that James Berwick had resigned from his position as chief executive with immediate effect. AAOG finance director James Cane will now take the role of interim chief executive, and, the company will launch a search for a new permanent chief executive.


Block Energy PLC (LON:BLOE) told investors that the latest well at the flagship West Rustavi field, WR-38Z, is flowing naturally following clean-up operations. The well is now ready for production testing.


Columbus Energy Resources PLC (LON:CERP) said it has drawn an additional US$1.5mln under a funding agreement with investment manager Lind Partners for the Saffron well in Trinidad.


Explorer Union Jack Oil PLC (LON:UJO) and natural resources investor Reabold Resources PLC (LON:RBD) provided separate updates on a Yorkshire onshore oil and gas fields.


The two listed firms said pumping, surface separation, fluid storage tanks and other well testing equipment has now been sourced, while regulatory approvals to re-commence the well test are being sought. Additionally, Reabold said planning permissions are in place for two more wells to test Kirkham Abbey and Cadeby formations respectively.


UJO’s announcement repeated the updated estimates for PEDL183 licence, near Beverley, East Yorkshire, in which the company holds a near 17% stake and which is host to the West Newton A-1 discovery and the West Newton A-2 appraisal well. The numbers, worked up by the operator Rathlin, suggest “base case volumetrics” of 146.4mln barrels of liquids and 211bn cubic feet of gas. The “upside case” puts the figures at 283mln barrels of crude and almost 266bn cubic feet of gas.


United Oil & Gas PLC (LON:UOG) said drill results from the assets in Egypt it will buy from Rockhopper Exploration PLC (LON:RKH) next year underline their quality. Drilling at the ASH-2 well hit 50m of net pay in the Alam El Bueib reservoir that lies west-south-west of ASH-15T2, which is producing 340 barrels per day currently.


US Oil & Gas PLC (LON:USOP) revealed that it expects to drill East Play in the fourth quarter this year or first quarter next year if drill costings remain as currently indicated.


The company also said it had raised US$61,111 through the placing of 152,842 new shares with private investors.


And Echo Energy PLC (LON:ECHO) said it has switched its drill rig in Argentina from its Tapi Aike licence to its new prospect at Santa Cruz Sur where drilling of the first well at Camp Limite is scheduled to start next week.

Leave a Reply

Your email address will not be published. Required fields are marked *