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+0.25 - Jersey El'a' 287.50 0.00
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Oil & Gas Sector: Solo Oil up as testing is set to start on Tanzania well
Thursday, 21st June 2012
Solo Oil's (LON:SOLO) shares rose after it confirmed testing is set to start to establish the level of production that can be obtained from the Ntorya-1 well in the Ruvuma Basin onshore in southern Tanzania.The testing equipment has been set up on site and the upper 3.5 metres of net pay sand has been perforated.
After an initial clean-up flow, during which gas was flowed to surface in order to clean the well, the well has been shut-in to install pressure gauges.
The main flow test is expected to start tomorrow (22 June) and to take approximately four days to complete.
Results will be announced following completion of the flow test.
Solo Oil has a 25% interest with the balance held by operator Ndovu Resources Ltd (Aminex) (LON:AEX) which was down marginally in late afternoon trading.
Solo executive director Neil Ritson said: "The testing of the Ntorya-1 well is vindication of the strategic decision taken by Solo in 2009 to farm-in to the Ruvuma PSA.
"The testing follows Solo's participation in the Likonde-1 well, which proved the presence of both reservoir and hydrocarbons, and the Ntorya-1 discovery.
"We have also increased our participation from 12.5% to 25% in the Ruvuma PSA at a time when major discoveries have been made in adjacent areas." Lansdowne Oil & Gas (LON:LOGP) has welcomed a technical update by Providence Resources on the successful Barryroe appraisal well 48/24-10z in the North Celtic Sea.
Lansdowne has a 20% interest in the Barryroe project.
Providence - which is the operator - said analysis of side wall cores carried out by Corelab confirmed average reservoir permeability in the basal oil bearing reservoir sands of around 600 mD, confirming the high productivity nature of this reservoir interval as observed during well testing operations.
In addition, analysis of cores from overlying secondary reservoir sands, which were logged as hydrocarbon bearing in the 48/24-10z well, has demonstrated permeabilities of up to c. 100 mD.
These secondary sands are thinly developed at the 10z well location but they thicken significantly to the west, where previous logging by a previous operator shows porosities of up to c. 30%.
Providence technical director John O'Sullivan said: "It is pleasing to note that the post well analysis from Barryroe keeps on getting better.
"The results of the sidewall core analysis are very positive as they confirm the high productivity nature of the main oil bearing basal reservoir interval.
"The permeability data from the overlying secondary reservoirs is welcome news as previously we had no information as to their potential productivity.
"These sands are now likely to add further resource potential to Barryroe.
"The evidence for marine influence in the lower part of the Wealden is consistent with the previous Esso-Marathon core analysis, which suggested the basal reservoir interval to have been deposited in a delta plain setting.
"With the completion of these post well studies, in conjunction with all the other post well works that have now been carried out, we look forward to providing a revised resource update for Barryroe later this summer."
The biggest faller was TXO (LON:TXO) - down by nearly 15%.
At 4:10pm:
(LON:AEX) Aminex share price was -0.02p at 4.23p
(LON:AUR) Aurum Mining share price was +0.01p at 2.88p
(LON:BOR) share price was -1.12p at 69.63p
(LON:CHAR) share price was +3p at 101.5p
(LON:DES) Desire Petroleum share price was 0p at 22p
(LON:DGO) Dragon Oil share price was -4.75p at 546.75p
(LON:ENQ) share price was -4.55p at 111.55p
(LON:FOGL) Falkland Oil and Gas Limited share price was -2.12p at 89.88p
(LON:GKP) Gulf Keystone Petroleum share price was -0.5p at 168.5p
(LON:GPX) share price was -0.37p at 85.63p
(LON:INDI) share price was +4.5p at 844.75p
(LON:PET) Petrel Resources share price was +0.01p at 4.63p
(LON:RKH) share price was -15p at 263.75p
(LON:RPT) Regal Petroleum share price was -0.38p at 16.5p
(LON:SOLO) share price was +0.02p at 0.48p
(LON:TXO) Texas Oil & Gas share price was -0.05p at 0.32p
(LON:XEL) share price was -1.12p at 79.63p
Story provided by StockMarketWire.com
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