Argentina
Two undrilled 5-km-long structural traps may contain a resource of 8.1 bcf of gas and 6.4 million bbl of oil on the 20 sq km Mina El Carmen block in the northern Golfo San Jorge basin 30 km north of Comodoro Rivadavia, a consulting geologist reported.
Marifil Mines Ltd., Spokane, Wash., holds the block, adjacent to the Restinga Ali block held by others, on which 3D seismic and geologic models led to several oil discoveries in 2004-05.
It plans to either sell the property or find an experienced oil and gas company as a joint-venture partner to develop the hydrocarbons. Drilling to test the main oil exploration targets will require holes of about 800 m depth at an estimated $400,000/well.
Oil properties just west and southwest of Mina el Carmen also produce oil, and the Golfo San Jorge basin produces about one third of Argentina’s annual oil output.
Marifil owns the hydrocarbon rights under its mining claims but has continued its primary focus on precious and base metals projects.
Australia
Avery Resources Inc., Calgary, signed a formal pact with Santos Ltd. to jointly explore and develop the 631,000-acre Barta Block and the 220,000-acre Wompi Block in the Cooper basin in Queensland.
The capital program is as much as $16.3 million to shoot 300 sq km of 3D seismic surveys and drill as many as seven wells in 18 months. Avery will provide $3.9 million to earn a 30% interest in Wompi and 25% in Barta. Santos will earn 40% and 45%, respectively.
Avery’s partners, Bow Energy Ltd. and Victoria Petroleum Ltd., will be entitled to the remaining interests.
The blocks are adjacent to Santos-held lands in the accelerated Cooper Oil Project.
Russia
Centric Energy Corp., London, has drilled to 3,170 m en route to the first objective horizon at 3,250 m at the South Temryuk-1 exploration well in the Azov-Kuban basin in southwestern Russia near the Azov Sea.
The first objective is to be cored, and a second objective is expected at 3,760 m in December.
On the Protoka license 120 km northeast, Centric will soon spud the Protoka-1 exploration well on a fault-bound structural closure identified on seismic.
The objectives in both wells are in the Miocene Chokrak formation, with oil expected to have been sourced by the Miocene-Oligocene Maykop series.
Northwest Territories
MGM Energy Corp., Calgary, plans to drill three wells in Canada west of Tuktoyaktuk, NWT, this winter in the western Mackenzie Delta to earn interests under a farmout agreement with Chevron Canada Ltd. and BP Canada Energy Co.
Atik P-19 is to spud by the end of December 2007, and Shavilig D-42 is to spud in late January 2008. Both wells are on EL 427B and are projected to 2,000 m or the Taglu and Aklak formations.
Langley E-07 is to spud in February or March on EL 394 to 1,400 m to test multiple stacked zones in the Upper Taglu.
MGM also plans a 150 sq km 3D seismic program in the North Ellice area of the western delta, a 160 line-km 2D program in the Ogruknang area north of Inuvik, and a 170 line-km 2D program in the Kelly Lake area of the Sahtu region northeast of Norman Wells.
Arkansas
Kerogen Resources Inc., private Houston independent, and Triangle Petroleum Corp., Calgary, plan to build on the 34,000 gross acres (20,000 net) they hold 50-50 in Conway, Pope, and Faulkner counties, Ark., in the Arkoma basin Fayetteville shale gas play.
The companies formed a new 3-year joint venture that includes a 52-township area of mutual interest in the three counties and Van Buren County that covers a large part of the core producing area of the Fayetteville. Both companies plan to drill.
One vertical Fayetteville well has been drilled in Conway County on a drill site covered by a recently acquired 12 sq mile proprietary 3D seismic survey. A second 12 sq mile 3D survey has been shot and is being merged with the first survey.
The companies plan to work with other operators to facilitate drilling by pooling, acreage purchases, and farm-outs.
Texas - Gulf Coast
Tekoil & Gas Corp., Woodlands, Tex., said it arranged $8.5 million in financing it will draw immediately to begin a two-rig workover program in Galveston Bay.
Tekoil acquired 75% interest in Trinity Bay, Redfish Reef, Fishers Reef, and North Point Bolivar fields in Galveston and Chambers counties earlier this year from Masters Resources LLC and Masters Oil & Gas LLC. Production is 1,100 b/d of oil equivalent.
The properties have 34 producing wells, 33 proved nonproducing, and more than 64 proved undeveloped opportunities on 24,261 gross acres plus deep potential to 20,000 ft.
A workover in May 2007 in Point Bolivar field flowed at test rates as high as 888 b/d of oil and 164 Mcfd of gas on a 20/64-in. choke with 450 psi FTP.
Tekoil let a contract to Fusion Petroleum Technologies Inc., Houston, to conduct a field study using 70 sq miles of 3D seismic data.