P. 3 ~ Continued - OGJ Newsletter

Dec. 5, 2011

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Exploration & DevelopmentQuick Takes

Petronas finds 227 million boe in place off Sabah

Malaysia's state Petronas estimated that it has discovered 227 million bbl of oil equivalent in place, with "expected upside potential," at an oil and gas discovery off Sabah, Malaysia.

The Wakid-1 exploratory well, second wildcat on Block 2G-2J awarded in October 2010, flowed a combined 8,200 b/d of oil from three reservoirs tested separately. Total depth is 3,330 m.

Petrohas Carigali is the sole equity holder of the PSC for the block, which lies 100 km northwest of Kota Kinabalu. The company will appraise the discovery soon.

The block's first well, Tambuku-1, drilled in early 2011, was a minor gas discovery, the company said.

Lundin makes oil find with Janglau well

Lundin Petroleum AB said it discovered oil with its Janglau-1 well, which was drilled to 3,820 m total depth on Block PM308A offshore Peninsular Malaysia.

Lundin said the well "had the objectives of Oligocene intrarift sands and the underlying fractured pre-Tertiary section."

It said during drilling below 3,153 m, oil was found in "multiple pay sand units in an intrarift sand/shale section that extended over a gross interval of approximately 300 m." Oil samples were recovered at surface during drilling.

The well was successfully logged and petrophysical analysis indicates 24 m of net oil pay. Pressure testing and fluid sampling were completed and oil samples recovered for laboratory analysis. A mini-DST test was successfully completed.

Following completion of the well further work will be undertaken on the data recovered to fully evaluate the discovery and its potential. Following completion of Janglau-1 the Offshore Courageous jack up rig will move to the Bertam-2 appraisal well location in the adjacent PM307 PSC area.

PetroQuest group has Louisiana Cris R Massive find

PetroQuest Energy Inc., Lafayette, La., is completing the Thibodeaux-1 well, a gas-condensate discovery in Vermilion Parish, La. (OGJ Online, July 19, 2011).

Yuma E&P Co. Inc., Houston, which generated the La Posada prospect, said the well went to a TD of 19,079 ft and logged 248 ft of pay in Cris R Massive sands. It said the well is expected to produce at 20-30 MMcfd of gas with 20 b/d of condensate and 36 b/d of natural gas liquids per million with reserves estimated to be greater than 100 bcfe.

Yuma is marketing the Tigre Lagoon prospect adjacent to La Posada targeting the same objectives with the same reserve size.

Partners in La Posada are PetroQuest, Stone Energy Corp., Walter Oil & Gas Corp., JGC Energy Development, Chalkley Exploration, Guardian Oil & Gas, and Gulf Coast-Mid-West.

Notice for OCS lease sale includes revised terms

The US Bureau of Ocean Energy Management issued a final notice for a Dec. 14 offshore oil and gas lease sale in New Orleans which includes revised terms and requirements. The sale in the western Gulf of Mexico will be the last under the current 5-year US Outer Continental Shelf program, US Department of the Interior officials reported.

It follows completion of a supplemental environmental impact statement analyzing effects of the oil spill into the gulf following the 2010 Macondo deepwater well incident, according to BOEM Director Tommy P. Boudreau. "The decision to hold this sale was made after careful analysis of the best scientific information available regarding the effects [of that spill]," he said.

BOEM said the sale will offer 3,913 unleased blocks covering more than 21 million acres nine to 250 miles off the Texas coast in water from 16 to more than 10,975 ft deep. It estimated that the lease sale could result in production of 222-423 million bbl of oil and 1.49-1.65 tcf of gas.

The notice included an increase in the minimum bid for blocks in water 1,312 ft or deeper to $100/acre from $37.50/acre. BOEM said that the change was made after an analysis of gulf lease sales in the last 15 years, adjusted for prices at the time of each sale, found that leases receiving bids which were less than $100/acre had virtually no exploration and development. The minimum bid for leases in shallower water remains $25/acre, it added.

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