Enegi Oil's latest results from tests at the PaP-1 well indicate that the connected oil and gas in place associated with Garden Hill South is in excess of 61.5m barrels of stock tank oil initially in place and 117bn cubic feet gas initially in place, with the absolute openhole flow potential expected to increase from 310 barrels of oil per day (boepd).
This indicates that the well is in contact with a larger-than-anticipated reservoir, with no pressure depletion seen in the reservoir. Gas production is also said to be stable. The firm said: "The results to date not only indicate that the well is economic and would meet all the company's current working requirements, but also that there is scope for improvement."
Red Emperor Resources and Range Resources have announced that the Shabeel-1 well is currently drilling ahead at a depth of 3,425m. Since it was announced that a gross section of 150m of oil had been encountered the operator, Horn Petroleum, has encountered further oil shows in the deeper sandstones that are currently being drilled. A testing programme including the zones discovered to date and any deeper potential pay zones encountered will be agreed with tHorn Petroleum when total depth has been reached, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Gold producer Anglo Asian Mining has received approval from the Ministry of Ecology and Natural Resources for the development and production programme for its Gosha gold deposit in Azerbaijan, which the company will now develop to produce at an average rate of 10,000 to 15,000 ounces per annum for a period of up to five years.
Development of the site must begin within one year of April 25th but because of other developments the company is requesting that the Azerbaijan government agree to delays this deadline until the first half of 2013. The company is also planning to conduct further drilling campaigns at Gosha to "increase the economics of the proposed mine".
Pan Pacific Aggregates has announced that the District of Mission has agreed to develop a local area plan covering the Shaw Pit, an existing sand and gravel pit owned by the district, enabling the company to agree terms with other operators that would allow PPA to operate other pits. PPA has been selected by The District of Mission to operate the reserve, and the company is currently in discussions to achieve an amendment to the Mines Permit to reflect the envisaged operational requirements. The extraction, processing and sale of aggregates will be operated by PPA.
Sefton Resources has raised £2.0m through a placing, the proceeds of which will be used to expand leasing and for the recompletion programmes in Kansas, as well as on-going work in California, which will in turn allow for a faster build-up of oil and gas production. Over 114.2m shares were placed at 1.75p each. The new funds will also finance bolt-on acquisitions in Kansas to add oil and gas reserves and production close to Sefton's pipelines in Kansas. Furthermore, a letter of intent has been signed with Henderson-backed Darwin Strategic for a £10m three-year equity financing facility. This would provide the company with future funding flexibility.
NR
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
