Pantheon Resources (LON:PANR) was the sector's biggest riser - up more than 53.1% in late trading - after it confirmed flow testing operations at the VOBM#1 well, in which Pantheon has a 50% working interest, have completed.
The well encountered 62 feet of net pay, at a depth of c.14,200 feet, in the Eagle Ford sandstone, the primary target of the well.
The well flowed natural gas at a stabilised flow rate of 6,145 Mcfpd (with a calorific value of 1,100 BTU/cubic foot) and 504 bblpd oil on a 12/64ths choke with a flowing tubing pressure of 7,350 psi. Gross production from the VOBM#1 well equates to over 1,500 boepd.
Initial flow rates and other testing data indicate that the well has the potential to exceed the pre drill P50 Prospective Resource (Recoverable) estimate per well of 1.4MMboe, however it will take a period of sustained production data before a more definitive assessment can be made. The well P50s and other estimates are directly comparable to those of the nearby Double A Wells field, which served as the analogue for the estimates.
Preparations are presently under way to lay pipeline for the transportation of natural gas from the well site to the nearby Indian Springs gas processing plant, owned by Enterprise Product Partners.
Oil will be collected in tanks on site and trucked to nearby refineries. On start-up of production the well will be choked back and brought online slowly and carefully in order to preserve reservoir integrity, to minimise any possible damage and to manage well economics.
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EnQuest (LON:ENQ) has confirmed first oil from the Alma/Galia development in blocks 30/24c and 30/25c respectively, 310km south-east of Aberdeen, in the Central North Sea. Production is via the EnQuest producer floating production, storage and offloading vessel ('FPSO').
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Iofina (LON:IOF), specialists in the exploration and production of iodine and iodine speciality chemical derivatives, has appointed Neil K. Hekking as executive director with immediate effect. He will also serve as the company's chief financial officer. He joins with a demonstrable track record following a myriad of senior finance roles, including group corporate controller of TASI GROUP.
TASI provides advanced test and inspection instrumentation & systems, flowmeters and flow control products, measurement instrumentation and automated assembly and test systems. Prior to this position, Neil served as European Controller at RTP Company, a manufacturer of engineered plastics with its European headquarters based in France. Neil also holds an International Finance MBA from the Moore School of Business, University of South Carolina.
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The sector's biggest fallers were Enegi Oil (LON:ENEG) and Nostra Terra Oil and Gas (LON:NTOG) - down by more than 13.6% and over 9.5% respectively in late trading.
(LON:AUR) Aurum Mining PLC share price was +0.01p at 0.93p
(LON:BOR) Borders Southern Petroleum PLC share price was +0.15p at 3.26p
(LON:CHAR) Chariot Oil Gas Ltd share price was -0.18p at 6.31p
(LON:ENEG) Enegi Oil PLC share price was -0.08p at 0.48p
(LON:ENQ) EnQuest Plc share price was +0.63p at 28.63p
(LON:FOGL) Falkland Oil Gas Ltd share price was -0.12p at 20.38p
(LON:GKP) Gulf Keystone Petroleum share price was +1.13p at 28.13p
(LON:GPX) Gulfsands Petroleum PLC share price was +0.01p at 4.13p
(LON:INDI) Indus Gas Ltd share price was -4.75p at 116.63p
(LON:IOF) Iofina PLC share price was -0.75p at 23.5p
(LON:NTOG) Nostra Terra Oil Gas Company PLC share price was -0.01p at 0.1p
(LON:PANR) Pantheon Resources PLC share price was +21p at 61p
(LON:PET) Petrel Resources PLC share price was +0.01p at 3.88p
(LON:RKH) Rockhopper Exploration PLC share price was +0.38p at 40.38p
(LON:RPT) Regal Petroleum PLC share price was 0p at 4.5p
(LON:XEL) Xcite Energy Ltd share price was +0.75p at 22p
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