Horizon Reports Oil Discovery at WZ 12-10-2 Well in Beibu Gulf Block 22/12

Horizon Oil Limited disclosed Monday that drilling of the second of a two exploration well program in the Beibu Gulf Block 22/12 offshore China has been completed. The WZ 12-10-2 well is located is located in 118 feet (36 meters) of water 1 mile (1.6 kilometers) east northeast of the existing WZ 12-8W platform and about 2 miles (3.2 kilometers) west southwest of the recently drilled WZ 12-10-1 oil discovery. The well spudded at 2300 hrs China Standard Time Oct. 3 with the jackup HYSY 935 — formerly COSL 935 (300′ ILC).


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The current exploration well, WZ 12-10-2, discovered high porosity net oil pay of around 36 feet (11 meters) true vertical depth in the Jiaowei T42 formation. The well was drilled to a total measured depth of 5,216 feet or 1,590 meters (4,534 feet or 1,382 meters total vertical depth subsea or TVDSS), where granite basement was intersected, as prognosed.

Wireline evaluation logging programs, including pressure measurements, fluid sampling, formation imaging and sidewall coring, have been run and confirmed the oil pay in the Jiaowei T42 reservoir has favorable reservoir porosities of about 31 percent and oil gravity of approximately 29 degree API.

The well has been plugged and abandoned and the rig will be released shortly. The 2014 Beibu exploration drilling program has been successfully completed with no safety or environmental incidents.

Further work will now be undertaken to evaluate both the extent of the structure and reserves, and assess the most effective route for integrating these additional oil resources into the existing Beibu project.

Participating interests in the Beibu Gulf Project are:

  • Exploration
    • Horizon Oil (Beibu) Ltd and Petsec Petroleum LLC (wholly owned by Horizon Oil Limited) – 55 percent
    • CNOOC – 0 percent
    • Roc Oil (China) Company – 40 percent
    • Oil Australia Pty Ltd. (Majuko Corp.) – 5 percent
  • Production and Development
    • Horizon Oil (Beibu) Ltd. and Petsec Petroleum LLC (wholly owned by Horizon Oil Limited) – 26.95 percent
    • CNOOC – 51 percent
    • Roc Oil (China) Company – 19.6 percent
    • Oil Australia Pty Ltd. (Majuko Corp.) – 2.45 percent

Horizon Oil’s CEO, Brent Emmett, commented:

“This is a very pleasing result, being the second discovery in a two well exploration campaign. Horizon Oil’s view is that it is likely that the WZ 12-10-2 oil accumulation will be able to be developed from the WZ 12-8W platform development facilities, thereby taking advantage of the existing development facilities. In the same way, the WZ 12-10-1 discovery will support the future integration of the proposed WZ 12-8-E development. As a result, we expect the new discoveries to deliver favorable economics and to extend the life of the Beibu Gulf project.

Horizon Oil would like to acknowledge that these discoveries are the result of very productive collaboration and cooperation between our joint venture and CNOOC-Zhanjiang (CLZ). The positive results we have been able to report during this program are a direct result of that successful team work.”

Lundin Strikes Oil in Barents Sea

Sweden’s Lundin Petroleum reported Tuesday that it has found a significant amount of oil and gas with its Alta well in Norwegian production license 609 in the Barents Sea. Exploration well 7220/11-1, located on the Alta prospect in the Barents Sea some 13 miles northeast of the Gohta discovery well, was designed to prove the presence of hydrocarbons in reservoir rocks of the Permo-Carboniferous and Triassic age. The well found a gross hydrocarbon column of 187 feet that contained 36 feet of gas and 151 feet of oil in carbonate rocks of good reservoir quality. Two production tests (DSTs) were performed in the oil zone, producing at a maximum rate of 3,260 barrels of oil per day and 1.7 million cubic feet of gas per day through a 36/64-inch choke constrained by rig facilities. Lundin said that the preliminary evaluation of the gross recoverable oil and gas resource range in the Alta accumulation is estimated at 125 to 400 million barrels of oil equivalent, with the oil resource range is estimated at 85 to 310 million barrels of oil. Lundin Norway holds 40-percent interest in PL609. Partners are RWE Dea Norge AS and Idemitsu Petroleum Norge AS with 30 percent each.

Lundin Spuds Gobi-1 Well in Natuna Sea with Hakuryu-11 Jackup

Lundin Petroleum AB (Lundin Petroleum) announced Monday that it has commenced exploration drilling in the Gurita Production Sharing Contract (PSC), Natuna Sea, Indonesia.

Gobi-1 is a wildcat oil exploration well designed to test the hydrocarbon potential of Oligocene and Early Miocene stacked fluvial reservoirs in a 3-way fault dependent structure in the Jemaja Basin.  


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Lundin Petroleum estimates the Gobi prospect to have the potential to contain unrisked, gross, prospective resources of 25 million barrels of oil equivalent (MMboe). The planned total depth is 7,874 feet (2,400 meters) below mean sea level (MSL) and the drilling and evaluation is expected to take approximately 30 days using the Hakuryu-11 (425′ ILC) jackup. Lundin Petroleum, through its wholly owned subsidiary Lundin Gurita BV, is the operator and has a 90 percent working interest in the Gurita PSC. Partner is Nido Petroleum Limited with 10 percent working interest.

Cairn Well Makes ‘Substantial’ Oil Find Offshore Senegal


Independent producer Cairn Energy reported Tuesday that its FAN-1 exploration well, offshore Senegal, has made a “substantial” oil discovery. The well is located in 4,680 feet water depth and lies approximately 60 miles offshore in the Sangomar Deep block. It was drilled to a target depth of 16,165 feet and targeted several stacked deep-water fans. Cairn said that preliminary analysis of results from the well indicated a 95-foot oil-bearing reservoir in Cretaceous sandstones.


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No water contact was encountered in a gross oil-bearing interval of more than 1,640 feet. Initial estimates for the well range from 250 million to 2.5 billion barrels, with oil types having gravities that range from 28 degrees API to 41 degrees API. Cairn has no plans for immediate well testing, but further evaluation will now be required to calibrate the well with existing 3D seismic data in order to determine future plans.

Once completion operations are finished on the FAN-1 well, the Cajun Express (DW semisub) rig used to drill it will move to complete a second well – SNE-1 – where the top hole has already been drilled pending re-entry. This Shelf Edge prospects is targeting a dual objective in 3,600 feet of water, also in the Sangomar Deep block. Cairn has a 40-percent working interest in three blocks offshore Senegal, including Sangomar Deep, Sangomar Offshore and Rusifique.

ConocoPhilips holds a 35-percent working interest in the blocks, while FAR Ltd and Petrosen hold 15 percent and 10 percent respectively. Cairn CEO Simon Thomson commented in a company statement: “The oil discovered in the FAN-1 prospect is an important event for Senegal and the joint venture. “We have encountered a very substantial oil bearing interval which may have significant potential as a standalone discovery. Furthermore, this result materially upgrades the prospectivity of the block with a proven petroleum system and a number of deep fan and shelf prospects established.

“Work is already underway with the joint venture partners to determine follow up activity which is targeted for 2015 onwards. “Cairn looks forward to working with the Government of Senegal and our partners to realize the full potential from this large acreage position off the west coast of Senegal.” Oil sector analysts at London-based investment bank First Energy hold a more cautious view, stating in a research note Tuesday morning: “This is a frontier area and this discovery could potentially be commercial on a standalone basis, however much uncertainty remains and further drilling will be required to de-risk the play.”

Faroe Wins Irish Licensing Options

Junior explorer Faroe Petroleum reported Monday that it has been awarded three new licensing options covering the Celtic Sea, offshore southern Ireland, by the country’s Ministry for Communications, Energy and Natural Resources. The Celtic Sea is home to Providence Resources’ Barryroe oil discovery, which contains an estimated 311 million barrels of recoverable oil. The deal involves Faroe conducting a low cost work program that will see the reprocessing and interpretation of 2D seismic data for each license and the preparation of supporting geological studies.


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The licensing options – LO 14/1, LO 14/2 and LO 14.3 – are located in the southern margin of the North Celtic Sea basin in shallow water depths of up to 360 feet and covering an area of 1285 square miles. They contain a largely unexplored Triassic play, similar to that of the Wytch Farm oilfield that is located onshore UK. Faroe said that an initial interpretation of existing 2D seismic data has revealed the presence of a number of large structural traps within the licensing option areas. The firm said it will deploy recent advances in modern seismic reprocessing techniques to substantially improve seismic imaging, which it has already had success with in Norway and the UK.
Faroe Chief Executive Graham Stewart commented in a company statement: “We are pleased to have won these licensing options offshore Ireland, where we see attractive optionality. We now have the opportunity at low cost to screen potentially significant exploration targets using our knowledge and experience in seismic reprocessing and interpretation. This Triassic play differs from the traditional targets in the Celtic Sea and offers significant upside potential.
“Faroe has had considerable exploration success and aims to transfer these skills and knowledge to the Celtic Sea area of Ireland. We very much look forward to working with the Irish Authorities as we execute the work program over the next two years.” Oil sector analysts at Westhouse Securities commented that Faroe is diversifying its portfolio not too far from its core operations in the UK and Norwegian continental shelves. “These Licencing Options give the company optionality and may evolve into interesting drilling targets in the future,” the bank said.

KS Discoverer 1 Contract in Kurdistan Terminated Due to Force Majeure

KS Energy Limited (the Company and together with its subsidiaries, the Group) previously announced that Atlantic Onshore Services BV, a subsidiary of KS Drilling Pte Ltd (KS Drilling), had entered into a contract to provide drilling services and the charter of “KS Discoverer 1”, the Group’s 1,500HP onshore drilling rig (the Rig), with OP Hawler Kurdistan Limited (formally known as Norbest Limited) (the Client). Work was expected to continue until the first quarter of 2015.


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Due to the continuing unrest in Kurdistan and restricted/no access to the work-site for security reasons, the Client declared an event of Force Majeure in August and recently issued a notice of termination of the contract. While the Rig is currently secure there is limited access to the work-site due to security concerns. KS Drilling continue to engage the Client and has reserved its rights under the contract pending retrieval of the Rig from the work-site when the security situation permits.

The Company will provide further updates in the event of any material developments. KS Discoverer 1 and KS Discoverer 4, also stationed in Kurdistan, are insured against war & terrorism perils in-line with KS Drillings’ policy on insurance. None of the Directors or Substantial Shareholders of the Company has any direct or indirect interest in the aforesaid transactions, other than for their respective interests, through their shareholdings and/or directorships, as the case may be, in the Company. KS Drilling, an 80 percent-owned subsidiary of the Company, is an investment holding company. The main activities of its subsidiaries are in the provision of onshore and offshore drilling services, rig management and support services, oilfield equipment ownership and leasing.

Rexonics Secures $10M Deal to Provide Well Stimulation Technology for a NOC

Rex International Holding Limited (Rex International Holding or the Company, and together with its subsidiaries, the Group), one of the largest companies listed on the Catalist of the Singapore Exchange Securities Trading Limited, reported Thursday that a 100 per cent subsidiary of Rexonic AG (Rexonic), in which the Company holds an indirect 66.7 percent stake, has secured a first and ground-breaking contract with a reputed and large National Oil Company (NOC) (name has been withheld at the request of the client).


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The contract is expected to start in end 2014 and the contractual value is approximately $10 million if fully executed over the next 24 months. Rexonic will provide its unique environment-friendly, ultrasonic well stimulation technology on selected wells owned by the NOC. The start of the contract is dependent on, amongst other things, the arrival of third party technical components. Peter Spenger, executive chairman of Rexonic, said, “We are pleased and excited over this important milestone in the development of Rexonic.

We look forward to update the markets more in detail once execution has started and the first couple of wells have been treated.” Dan Brostrom, executive chairman of Rex International Holding, said, “We are heartened to see the fruition of Rexonic’s commercialization plans, following months of hard work by the management team. A first contract with an NOC is a notable achievement for Rexonic, as the potential for an expansion in the scope of coverage for the well stimulation technology is promising. Synergies with Rexonic’s technology, such as using Rex Virtual Drilling to prioritize which production well to stimulate first, can be further progressed. We can also tap on each other’s business network to further grow our respective portfolios. The signing of the aforementioned contract is expected to contribute positively to the earnings per share of the Group for the current financial year ending Dec. 31. None of the directors, CEO or substantial shareholders of the Company has any interest, direct or indirect, in the aforementioned contract (other than through their shareholdings in the Company).

Queensland Government Seeks Bids to Explore 2 Blocks in Bowen Basin

The Queensland Government announced Friday that it is calling for expressions of interest to explore for petroleum and gas resources on highly prospective land in the Bowen Basin of central and south-west Queensland, Australia.


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The two parcels of land open for competitive tender for petroleum and gas exploration rights with a cash bid component covers approximately 135 square miles (350 square kilometers) or 113 sub-blocks of land in the Rolleston and Injune areas of the Bowen Basin.

This is one of the largest land releases for areas with petroleum and gas deposits in Queensland and is expected to provide significant employment and economic opportunities for the region.

Areas released with a cash bid component are in established resource regions. Exploration and discovery activities on this area are well established – the Queensland Government is now looking for a company with the right expertise to successfully bring these resources to market.

This opportunity will grant the successful tender applicant a petroleum and gas Authority to Prospect (ATP) exploration permit for an initial term of six years.

The Authority to Prospect (ATP) for two of Queensland’s most highly prospective blocks of land opened to tender Oct. 3. The competitive tender process includes a cash bid component.

The tender process will close at 2:30pm on Thursday, Jan. 29, 2015.

The tender documentation (including relevant data and requirements) is available from the QTenders website.

All tenders must meet the criteria outlined in the tender documents and be delivered (by agent or person) to the Mining and Petroleum Operations Tender Box, located at DNRM in Brisbane, Queensland, Australia.

More information about exploration opportunities and assistance available to develop resources in Queensland is available on our website or by contacting us via LMP_Submissions@dnrm.qld.gov.au or calling +61 73199 8239

The two blocks open for competitive tender are:

Area 1 (PLR2014-2-1)

Size: Approximately 30 square miles or 78 square kilometers (25 sub blocks) in area
Location: 34 miles (55 kilometers) south of Rolleston – Bowen Basin
Gas-in-place estimates: range from 164 to 327 Petajoules or PJ (4,370 to 8,740 million cubic meters or MMcm) assuming an in-situ gas content range of 5 to 10 cubic meters/ton
Area 2 (PLR 2014-2-2)

Size: Approximately 105 square miles or 272 square kilometers (88 sub-blocks) in area
Location: 24.8 miles (40 kilometers) north of Injune – Bowen Basin
Gas-in-place estimates: range from 143 to 570 PJ (3,808 to 15,232 MMcm, assuming an in-situ gas content range of 2-8 cubic meter/ton
Queensland’s Bowen Basin is widely recognized as an established resource region with extensive coal seam gas resources. Both of the areas outlined in this tender (PLR2014-2-1) and (PLR 2014-2-2) are located in Queensland’s Bowen Basin and are considered potentially highly prospective for coal seam gas, with the Bandanna Formation being the primary target. Secondary targets include the Alderbaran Sandstone, Cattle Creek Formation and Reids Dome beds, which may exist in some areas.

Exploration and appraisal work will be required to confirm the size of the gas-in-place resource for each area and to assess its suitability for commercial production. Aerial magnetic and surface gravity geophysical survey data show no indications of intrusive bodies that may adversely impact on resources and there are no significant shallow anomalies in either of the release areas.

Comprehensive geological data can be found in the Call for Tenders Document.

Swala Energy Refers Dispute with CEPSA Over Block 12B to Arbitration

Swala Energy Limited (Swala or the Company) reported Monday that its wholly-owned subsidiary, Swala Energy (Kenya) Limited (Swala Kenya), has referred to arbitration a dispute with CEPSA Kenya Limited (CEPSA) in connection with CEPSA’s withdrawal from Block 12B in Kenya.

CEPSA farmed in to Block 12B in Kenya and acquired a 25 percent equity interest. Upon electing to withdraw from the license, CEPSA has indicated it would return its equity interest in accordance with the terms of the Joint Operating Agreement (JOA), returning 8.33 percent to Swala Kenya and 16.67 percent to Tullow Kenya B.V. (Tullow). This would result in Swala Kenya holding a 33.33 percent equity interest and Tullow holding a 66.67 percent equity interest.

Swala Kenya maintains that CEPSA is obliged to return the entire 25 percent to Swala Kenya in accordance with the terms of the Farm-Out Agreement (FOA) made between Swala Kenya and CEPSA. Accordingly, Swala Kenya maintains that CEPSA is in breach of its obligations under the FOA.


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BSO Completes Sale of Otway Basin Permits PEP 167, 175, Re-engages CEO

Bass Strait Oil (BAS or the Company) announced Monday the completion of the sale of Otway Basin permits PEP 167 and PEP 175in Australia and the re-engagement of the Company’s CEO.


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PEP 167 and 175 Sale Completion

On July 11, the Company announced the sale of its equity in onshore exploration permits PEP 167 and PEP 175 subject to regulatory approval. Regulatory approval has now been received and Lakes Oil NL has paid the remaining funds to Bass Strait Oil.

During the year the Company has conducted a review of its business with the objective to identify its core assets and position itself to progress activities in these assets. An outcome of the review was a decision that these permits, which are located in the onshore Otway Basin in Victoria, were non-core to the Company’s future. The Company remains committed to onshore exploration in the western portion of the Otway basin via its equity in PEP 150 (BAS 15 percent).

CEO Re-engagement

The Company is pleased to announce the re-engagement of Steven Noske as its permanent CEO.

In March the Company sought to alter the employment arrangements of the CEO whilst the Company progressed a review of its future strategic direction and continued with its technical evaluation activities in its core Gippsland basin permits Vic/P41 and Vic/P68. These activities have largely been completed and it is appropriate that the Company move into a delivery and growth phase.

Noske has continued to work closely with the Board during this period to ensure that:

  • the core assets are agreed
  • the forward business strategy is recognized
  • focus is placed on the immediate imperatives and,
  • plans are in place to return the Company to growth

Over the year, the Board has appreciated the commitment and input of Noske and is confident that a return to growth can be achieved.

The Company expects to provide a further update on business activities in the short term.