Jan. 24, 2011

Crown Point Ventures Ltd., Vancouver, BC, plans to close in mid-January 2011 acquisition from an undisclosed seller of a 100% interest in a 25.57 sq km exploitation concession in Argentina's northern Golfo San Jorge basin in Chubut Province.

The Canadon Ramirez acquisition comes with a recent 190 sq km 3D seismic program over the entire concession and Mata Magallanes Oeste and Este fields. This seismic has been used to map an extension of Mata Magallanes Oeste field and define a potential new pool prospect on the concession. A 15% provincial royalty applies.


Bahamas Petroleum Co. PLC let a contract for a close grid 2D seismic survey on the company's Bain, Cooper, Donaldson, and Eneas licenses along western Grand Bahamas Bank between Andros Island and northeastern Cuba. Osprey Navigation Co. Inc., a subsidiary of SeaBird Exploration FZ LLC, will gather the data using the M/V Osprey Explorer.

Before 2010 the existing seismic dated to 1987. The company acquired further seismic in June 2010 using modern, more advanced acquisition technology. The new data proved the existence of potential supergiant traps with seismic indications of the presence of hydrocarbons.

The company anticipates that the 2011 survey will define drillable prospects and resource potential in place. This is the first prospect-level survey in the Bahamas. In addition, the company has the option to shoot seismic using Osprey Navigation in its northern license 50-90 miles east of the Miami-Fort Lauderdale, Fla., coast.

Congo (Brazzaville)

Dry holes off Congo (Brazzaville) have led Murphy Oil Corp. to study tieing its Turquoise Marine-1 oil discovery back to Azurite field on the Mer Profonde Sud permit.

The Cobalt Marine-1 exploratory well and the Turquoise Marine-3 well failed to find commercial hydrocarbons. Turquoise Marine-4 found well-developed deeper reservoirs with a minor accumulation of oil.

Murphy West Africa Ltd. operated the three wells at 58.82% working interest and plans to plug all three. It will expense the $36 million total net cost in the fourth quarter of 2010. Murphy said it is nearing final conclusion on improved fiscal terms in Congo.


Energean Oil & Gas, Athens, has plugged the WKO-X1 frontier exploratory well in the 31,521 sq km West Kom Ombo block in southern Egypt.

The well went to a total depth of 3,253 ft. After drilling through heavily karstified limestones, it encountered a succession of alternating thick shale intervals and sandstones, in cases with good reservoir characteristics. The bottomhole rock cuttings were identified to be granitic basement.

While elevated gas readings were detected in parts of the sedimentary sections above the basement, no hydrocarbon-bearing reservoir rocks were encountered.

The well was plugged after acquisition of a logging suite and a vertical seismic profile, which are expected to contribute to the optimization of future exploratory steps. The Sino Tharwa ST-2 rig is being prepared to move to drill Prospect B about 100 km southwest of the WKO-1X drillsite.


Gallic Energy Ltd., Calgary, is evaluating data on the 100% owned Ger and Ledeuix exploration permits near Lacq and Meillon gas fields in France's Aquitaine basin.

Consulting engineers attributed a prospective resource of 615 bcf of conventional gas to the 127,000-acre Ger permit, which the company believes has potential in conventional and unconventional formations.

Gallic Energy plans a work program to reactivate wells on the Ger permit in 2011, including Ger-101, which produced 4 bcf from Eocene. The company has mapped a 34,000-acre fairway on which Eocene averages 1,400 m thick and is reviewing unconventional gas potential.

The Ledeuix-1 and Saucede-1 wells on the 193,000-acre Ledeuix permit have produced gas from Cretaceous and Jurassic intervals.


Red Emperor Resources NL signed a heads of agreement to acquire 10% interest each from Range Resources Ltd., Perth, and Strait Oil & Gas UK Ltd. in the Via and VIb onshore blocks in Georgia.

Subject to regulatory approvals by mid-February and other conditions, Red Emperor would contribute 40% of the drilling costs up to $5.6 million of a gross $14 million, for a planned two-well program. Range Resources and Strait Oil & Gas each retains 40% interest.

An initial analysis of 24 areas identified 11 structures suitable for oil in place estimates and key targets for future drilling. Two are deeper than 2,500 m and the rest are at 600-2,500 m. The blocks also have gas and coalbed methane potential.


Total E&P UK and DONG E&P UK Ltd. reported a gas-condensate discovery West of Shetland on the UK Continental Shelf that could be brought on line through the firms' Laggan and Tormore fields now under development.

Total, operator of Block 206/4 with 75% interest, said the Edradour exploratory well went to more than 3,500 m in 300 m of water and encountered "gas-condensate in a Cretaceous reservoir with good petrophysical properties." Full formation evaluation and extensive sampling have been undertaken.

"While definitive testing is still to be completed, Edradour already is another meaningful discovery for us in the West of Shetland region. It should reinforce our third production hub on the United Kingdom Continental Shelf around the Laggan and Tormore fields, after the success of our existing Alwyn and Elgin Franklin hubs," said a Total spokesman.

More Oil & Gas Journal Current Issue Articles
More Oil & Gas Journal Archives Issue Articles
View Oil and Gas Articles on PennEnergy.com