Jubilant Energy completes spudding of well in Kharsang Field

Oil and gas exploration and production company Jubilant Energy has completed spudding the second well of its phase III extension development drilling campaign in the oil producing Kharsang Field.

Oil and gas exploration and production company Jubilant Energy has completed spudding the second well of its phase III extension development drilling campaign in the oil producing Kharsang Field.

The company reported that the KPL-3E-4 well, as the second well is known, was drilled on March 23rd 2013.

KPL-3E-4, located in the north-western area of the field, is being drilled as an infill development well with the H-00 reservoir as the primary objective and G-00 reservoir as the secondary objective.

The company said that the well would be deviated by approximately 357m towards south-east from the existing plinth of well KSG#27 and would be drilled to a target depth of approximately 1082m measured depth (MD) and 1,000m true vertical depth (TVD).

The well is expected to take up to three weeks to drill.

The first development well of the current campaign, KSG#65 - previously referred to as KPL-3E-7 - which was drilled on February 18th 2013, was successfully drilled to a revised target depth of 1,145m MD and 1,111m TVD on March 10th 2013.

Based on the results of wire-line log interpretation, drill cuttings, side-wall cores and formation pressure data from the reservoir dynamic tester, the company said that nine potentially hydrocarbon bearing sands were encountered in the well, a total net pay of 44 metres, out of which it said that eight appear to be oil bearing.

GeoEnpro Petroleum, a joint venture between GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the operator of the Kharsang Field.

Jubilant holds a 25% interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt.. The other members of the consortium are Oil India Ltd and GeoPetrol.

Jubilant Energy's share price was up 4.29% to 18.25p by 14:00 on Monday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021