Exploration/Development Briefs

May 14, 2012

Namibia

A large 3D seismic survey is starting over as much as 4,150 sq km in the Luderitz basin offshore Namibia. The Polarcus Nadia will handle the 10-streamer survey on the 2512A, 2513A, 2513B, and part 2612A blocks held by Serica Energy PLC. BP PLC is funding the survey to earn a 30% interest from Serica in the four-block license. Serica said large structures are already known to be present and that the survey will provide the needed detail to plan a drilling program.

Objectives of the 3-month survey are to delineate a large four-way dip closed structure, map potential pinchout prospects that are expected to have formed in conjunction with a large channel sand feature crossing the survey area, and demonstrate hydrocarbon potential through the presence of hydrocarbon indicators.

Following ministerial consents, license interests will be Serica Energy Namibia BV 55%, BP's Exploration (Luderitz Basin) Ltd. 30%, National Petroleum Corp. of Namibia (Pty.) Ltd. 10%, and Indigenous Energy (Pty.) Ltd. 5%.

Norway

Lundin Petroleum AB, Stockholm, has spudded the 6201/11-3 exploratory well in PL519 on the Albert prospect in the North Sea offshore Norway.

The prospect is 65 km northwest of Snorre field and has targets in Cretaceous and Triassic age sandstones. The Bredford Dolphin semi is to drill the well to 3,150 m in about 55 days.

Lundin Petroleum is operator of PL519 with 40% interest. Bayerngas Norge AS, Norwegian Energy Co. ASA, and Spring Energy Norway AS have 20% each.

Poland

Aurelian Oil & Gas PLC has spudded its first exploratory well in the Zechstein reef oil play on the Torzym concession in Poland's central lowlands.

Sosna-1 is projected to 2,500 m and targets 35 million bbl of oil potentially in place. Success would derisk other prospects and leads mapped in the 220 sq km area of the Cybinka-Torzym 3D seismic survey shot in 2010.

Field work for the first phase of surface geochemical sampling on the Cybinka and Torzym concessions to detect hydrocarbon microseepage over mapped prospects and leads is now complete and samples are being analyzed.

Aurelian has been awarded a 100% interest in the 212.58 sq km Kotlarka concession in central Poland in the southern Permian basin. The work program consists of studies in the first year and 50 line-km of 2D seismic in the second and third years. Kotlarka is adjacent to 500 bcf Bogdaj-Uciechow gas field and is prospective for the Rotliegendes and Zechstein plays.

Meanwhile, Aurelian and Romgaz increased interests to 50-50 in the EIII-1 Brodina license in Romania following the withdrawal of Europa Oil & Gas. Aurelian and Romgaz have entered the third and fourth years with a reduced work program consisting of one well, 150 line-km of 2D seismic, geochemical sampling, and passive geophysical surveying. Geological and geophysical surveys are expected to start in the second half of 2012.

Interests in Cybinka and Torzym are Aurelian Oil & Gas Poland Sp. z o.o. operator with 45%, SNGN Romgaz SA 30%, and Sceptre Oil & Gas Ltd. 25%.

Tajikistan

The Tajik government has ratified the production sharing agreement with JSC Somon Oil, owned 90% by Manas Petroleum Corp., Baar, Switzerland.

Santos International Ventures Pty. Ltd. holds an option pursuant to which it can acquire a 70% interest in Somon. Ratification of the PSA was the last hurdle for Santos to exercise its option to farm in pursuant to the option agreement signed between DWM Petroleum AG, a 100% subsidiary of Manas, Santos, and Tajik firm Anawak LLC on Dec. 10, 2007. The Santos option will expire if not exercised within 3 months of the PSA award.

Somon has completed its 2011-12 seismic program, having shot 872 line-km of 2D seismic. Sources included Vibroseis and different dynamite in the mountains and offshore on Lake Karokum.

Manas said geological work confirms the great potential of the Somon acreage and the prospectivity of shallow and deep prospects. Somon anticipates that the first well should be spudded by the end of 2012 and that the second well will follow immediately.

Colorado

Quicksilver Resources Inc., Fort Worth, said it expects to begin an exploratory drilling program of as many as seven vertical and horizontal wells later this month in the Sand Wash basin of northwestern Colorado.

The company, which holds 260,000 net acres across 936 sq miles in the basin, expects to drill the wells and install gathering facilities in 2012.

The firm said it believes 210,000 net acres are situated in the oil window and are prospective to the Niobrara and Lower Mancos formations.

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