Oil & Gas Corporate News
Matra Petroleum (LON:MTA) Plc (BUY, 7p) (MTA, 4.05p, ? (3.18%)) provided an operational update. Periodic short flows of well-13 have shown that the water zone has been successfully isolated and only oil is now flowing. The well is flowing oil at a rate below 100 bpd. Now the water zone has been successfully isolated; a further acid treatment may be required to improve production. After a further flow period the well will be shut-in in order to acquire pressure build-up data. This data will allow an estimation of the well's flow potential. The side track of well-12 is now well underway with the rig fully operational on site. The Company noted that the holiday season in Russia combined with extraordinary weather conditions had caused operational delays but that substantial progress had been made on both wells. The water zone has now been isolated in well-13. The very nature of remedial cementation means that the productive oil zone will have been partially plugged by cement too. Pressure data will now be taken to estimate the well's true potential. Further announcements will be made as operations progress.
Gulfsands Petroleum (LON:GPX) Plc (HOLD, 350p) (GPX, 338p, ? (1.12%)) announced that despite preliminary interpretation of drilling data and wire-line logs having identified two intervals within the regionally productive Cretaceous aged reservoir section, the "Massive" and "Shiranish" Formations, with potential oil accumulations in the Twaiba-1 well, flow test results were disappointing. Water containing traces of oil was recovered from a 5m interval in the Massive formation and high salinity water was recovered from a 25m interval in the Shiranish Formation. Forward operations are to further plug back the lower portion of the tested interval that appears prone to water flow, and subsequently test the highest 5m section in the Shiranish Formation where the most significant hydrocarbon shows were detected. Chemical treatments will be applied over this short section in order to enhance the flow potential of the oil within the rock matrix. The Abu Ghazal 1 well commenced drilling operations on 23rd January 2011 and is currently drilling ahead at a depth of approximately 922m. The well has a planned total depth of 3800m and has multiple objectives, with primary reservoir targets in the Cretaceous aged "Massive" and Triassic aged "Butmah" and "Kurrachine Dolomite" Formations. The…
