Exploration/Development news briefs, June 29

Osprey Energy ... CMB Energy ... Cairn Energy ... Videocon Petroleum ... Oiltec Resources

Osprey Energy Ltd., Bridgewater, NS, agreed to acquire a 10% working interest in seven onshore natural gas and methane exploration permits covering 640,000 acres on Prince Edward Island from CMB Energy. Osprey has an option to acquire another 15% within 4 months. The deal is subject to regulatory approval. Financial terms were not disclosed. The partners in the permits plan to conduct seismic exploration and drill at least one well within a year.

Cairn Energy PLC plugged and abandoned its KG-A-1 well on Block KG-0S/6 off eastern India as a dry hole. The well was drilled to 4,031 m TD. The rig will now move to prospect 6 in northeast of the block, 55 km northeast of A-1. Cairn Energy owns 50% and Videocon Petroleum Ltd. owns 50%.

Oiltec Resources Ltd., Calgary, completed the Brazeau 11-3-45-12W5M well as a Nisku gas well. After perforating, the well was flow-tested at a restricted rate of 6.2 MMcfd with more than 4,000 psig wellhead pressure. Oiltec has earned a 26.25% working interest in the well.

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