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10 Drilling News from Oil and Gas Companies (week of March 24 – 30)

March 30, 2014

1. Longreach Oil and Gas Limited – drilling commences on Kamar-1 well at Sidi Moktar

LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (the “Company” or “Longreach”), an independent oil and gas company focused on Morocco, is pleased to announce that the onshore drilling of the Kamar-1 well on the Company’s operated Sidi Moktar exploration licence area in Morocco has now commenced, using the Saipem Drillmec Mas 7000 rig.

The Kamar-1 well has a planned Total Depth of 3,500m and operations are anticipated to take approximately 70 days. The Kamar prospect is targeting a Lower Liassic reservoir and Triassic clastic reservoirs.

Longreach is the operator with a 50% interest in the exploration license at the Sidi Moktar onshore license area, alongside its partners ONHYM and MPE, each with a 25% carried interest.

2. Parker Drilling announces contract for barge rig 55B

Parker Drilling Company (NYSE: PKD) announced it has contracted its barge drilling rig, Rig 55B. Featuring advanced equipment and performance enhancements, the rig is being introduced to the Company’s fleet to bring additional capabilities to the Gulf of Mexico barge market. The rig has been contracted to Chevron U.S.A. Inc. for four wells with an expected term of 120 days at a dayrate of $50,300. The contract is expected to commence before the end of the 2014 second quarter. This information is being provided to analysts and investors in conjunction with the company’s March 22 barge rig and rental tools facility tour program. Copies of key materials made available during the program are posted on the Company’s website.

3.  BG Group Gets New Exploration Acreage in Myanmar

BG Group has been awarded new exploration acreage offshore Myanmar. BG Group will operate two blocks, A4 and AD2 (45% and 55% equity respectively). The company also secured non-operated acreage in blocks A7 and AD5 (45% equity in each).

4. New Standard successfully drills second well in Eagle Ford shale

 

New Standard Energy is pleased to advise that it reached target depth at its second well in the Eagle Ford shale, the Peeler Ranch-6H well, last Friday, with casing being run over the weekend.

The drilling operations on Peeler Ranch-6H were completed well within expected time and budget forecasts.

The Peeler Ranch-5H (completed 25 February 2014) and 6H wells have been drilled in parallel lateral lengths, targeting the same Eagle Ford hydrocarbon bearing zone to maximise production and minimise associated drilling, hydraulic fracturing and production tie-in costs.

5. InterOil Drills Ahead at PNG Raptor Site

nterOil began drilling Friday at the Raptor-1 site, as part of its $300 million oil and gas exploration campaign in Papua New Guinea. This will be InterOil’s third exploration well started in PNG since the beginning of March. Raptor is about 12 miles (20 kilometers) south-west of Wabo in the Gulf Province. The other two exploration wells begun this month are Bobcat-1, about  north of Raptor-1, and Wahoo-1, which is near the coast about 112 miles (180 kilometers) south-east of Raptor-1. InterOil expects to drill up to five additional exploration and appraisal wells in PNG in the coming 12-15 months, across almost 4 million acres in the south of the country. The well will be drilled to a total depth of 2.8 miles (4,500 meters). InterOil will announce results when the well is completed.

6. Pateke-4H drilling update

The Pateke-4H development well is in PMP 38158 and AWE is the Operator. Located in the offshore Taranaki Basin, New Zealand, PMP 38158 contains the Tui, Amokura and Pateke fields and has been producing since 2007.

Pateke-4H is targeting a mapped northern extension of the currently producing Pateke field. The well is being drilled in water depth of approximately 124m with a planned total measured depth of 5,361m, including a 1,272m horizontal section. If successful, the well will be completed for subsequent tie-back to the Tui FPSO (“Umuroa”) for production in 2015.

7. Salamander Updates on Drilling at West Kerendan-1 Well in Bangkanai PSC

Salamander Energy disclosed Wednesday that following a successful drill stem test (DST) in the top of the Upper Berai, the West Kerendan-1 exploration well in Bangkanai production sharing contract in central Kalimantan, Indonesia is being suspended as a potential future production well. The final cased hole DST in the top of the Upper Berai zone flowed at a maximum rate of 32.1 MMcfgpd and 296 bcpd from a 652 foot (199 meter) interval between 8,431 feet (2,570 meters) and 9,084 feet (2,769 meters) true vertical depth sub-sea. The combined flow rate from the Upper Berai zone achieved from this and the earlier DST (announced March 11) exceeds 50 MMcfgpd and 477 bcpd making this by far the most productive well to date on the Kerendan trend.

8. CGG and Baker Hughes sign exclusive long-term RoqSCAN agreement as part of shale science alliance

Baker Hughes Incorporated (NYSE: BHI) announced that it has signed an exclusive agreement with CGG (NYSE/Euronext: CGG) for RoqSCAN™ technology offered by CGG.

RoqSCAN is a real-time, fully portable, quantitative and automated rock properties and mineralogical analyzer. Developed by Robertson, a CGG company, and Carl Zeiss Microscopy Ltd., RoqSCAN delivers highly quantitative compositional and textural mineralogical data from drilling cuttings or core pieces, revealing the mineralogical DNA of the reservoir.

This service can be provided at the wellsite during drilling operations, or later in core stores, field offices and laboratories.

9. Beach Energy’s Drilling at Jolly-1 Well Uncovers New Gas Play in SA

Cooper Energy Limited reported Tuesday that Jolly-1, the first of two deep wells targeting the Casterton Formation within the Penola Trough of the onshore Otway Basin, South Australia, is being plugged and abandoned after cutting cores in the Casterton Formation and Lower Sawpit Shale and also identifying the potential for a new deep basin gas play in the Penola Trough. Jolly-1 was drilled to a total depth of 13,208 feet (4,026 meters) in PEL 495 and recovered 87 feet (26.7 meters) of conventional core from the Lower Sawpit and 169 feet (51.7 meters) from the Casterton Formation, which was the primary target of the well. Elevated mud gas readings were observed during the drilling of the well over a gross interval of 1,115 feet (340 meters) of the Lower Sawpit Shale (from 11,253 feet to 12, 368 feeet, or 3,430 meters to 3,770 meters) which contains extensive sandstone intervals.

10. Octagon 88 Resources announces drill license application for Red Earth light oil project

Octagon 88 Resources (OCTX) or “the Company” is pleased to announce that the lease construction of the Red Earth light oil project is underway and will be completed near term. The Operator will advise post receipt of the license on the spud date of the Red Earth production well.

Octagon 88 Resources has reached a JV agreement with Zentrum Energie Trust where the Company earns a 50% direct working interest in the four section land block by participating and completing the first targeted production well.

 

 

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