Argentina
Antrim Energy Inc., Calgary, acquired 70% interest in the producing Medianera Block in Rio Negro Province in the Neuquen basin for $1.2 million.
The 13,000-acre block produces 45-50 b/d of 38° gravity oil from five active wells. The block’s 86 wells have recovered 14.8 million bbl of oil from the Tordillo/Quintuco formations at 950-1,150 m. Antrim plans to acquire a block-wide 3D seismic survey in mid-2006 to image deeper zones that have never been drilled.
China
Primeline Energy Holdings Inc., London, sought to raise as much as $25 million to appraise the Lishui 36-1 (Vicky) gas-condensate discovery on Block 25/34 in the East China Sea.
Two wells on the 7,006 sq km block flowed at rates of 9.8 and 12 MMcfd (see map, OGJ, Dec. 17, 2001, p. 66). Primeline operates the block with 75% interest.
Primeline proposed to used proceeds of the fundraising to acquire more 3D seismic data to better define prospects near the existing discoveries, drill an appraisal/step-out well, drill one further well to expand the resource base, for project development, and for general working capital.
India
Oil & Natural Gas Corp. let a contract for acquisition of 8,600 sq km of deepwater 3D seismic data off the country’s east coast.
Contractor Cie. Generale de Geophysique will use three vessels to acquire the data from October 2007 to March 2007. The contract, for CGG’s fourth straight season of work in India, is worth more than $100 million.
Russia
Valkyries Petroleum Corp., Vancouver, BC, closed the acquisition of a 50% interest in CJSC Oilgaztet, which holds 100% interest in the license block that includes Ashirovskoye oil field 200 km northwest of Orenburg gas field.
Valkyries is testing a new well in Ashirovskoye that logs indicate cut three Devonian zones and plans to drill a well in the eastern part of the structure.
Upon confirming the field’s main reservoir targets, the companies plan aggressive development.
Arkansas
Chesapeake Energy Corp., Oklahoma City, said it is preparing to complete its first horizontal well in the Arkoma basin Mississippian Fayetteville shale gas play, where it holds 1 million net acres.
The company has also drilled four vertical wells and had two rigs running in late February. It will increase activity in 2006 if results are encouraging.