Bayfield Spuds Another Well Offshore Trinidad

Bayfield Energy, an independent oil and gas exploration and production group with key assets in Trinidad and Tobago, has announced the spud of the second well in its exploration and appraisal programme in the offshore Galeota Licence Area, designated EG7.

The well spudded on 4 April 2012 and is being drilled by the Rowan Gorilla III jack-up rig, following on from EG8, which was suspended as an oil and gas discovery in March following successful drilling results.

The well is located in 112 ft (34 m) of water and lies approximately 800m east of well EG1, which encountered oil in 1964. EG7 is planned to be drilled to a total depth of approximately 8,485 ft (2,586 m, measured depth below rotary table) and will be deviated to the south-east from the surface location to investigate the Lower Pliocene to Upper Miocene stacked shallow marine sandstone reservoirs encountered in the previous discovery wells EG1 (1964) and COS1 (1985).

As in well EG8, several primary exploration targets have been identified by direct hydrocarbon indicators highlighted through reprocessing of 3D seismic data acquired by Bayfield in 2010.

Following completion of EG7, as previously agreed the jack-up unit will revert to Bayfield’s alliance partner in the rig contract. This will allow time for Bayfield to integrate the results from EG7 and EG8 into its evaluation of the Galeota Licence, prior to proceeding with the next phase of drilling.

Bayfield is the operator of the Galeota Licence area holding a 65% interest, with Petrotrin holding the remaining 35%.

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New Zealand Energy Announces Production Test for Taranaki Basin Well

New Zealand Energy Corp. has initiated an extended production test of its Copper Moki-2 (CM-2) well and commenced drilling Copper Moki-3 (CM-3), its third well in the Taranaki Basin of New Zealand’s North Island.

The company has also entered into a farm-in agreement with L&M Energy Limited and will subsequently earn an additional 15% in the Alton Permit, increasing NZEC’s interest to 65%.

The CM-2 well commenced flowing on February 15 and is currently flowing at a rate of 1,000 barrels of oil per day and 820 thousand cubic feet of natural gas per day.

NZEC has commenced drilling CM-3, with the expectation of releasing well results by the end of March 2012. CM-3 will be NZEC’s first well to target the deeper Moki formation, and the company will collect information from both the Urenui and Mt. Messenger formations as CM-3 drilling proceeds. Immediately following the conclusion of CM-3 drilling, NZEC anticipates commencing drilling of the Copper-Moki-4 well from the same drilling pad.

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InterOil Spuds Triceratops-2 Well in Papua New Guinea

InterOil Corporation announced that drilling has commenced on the Triceratops-2 appraisal well in Petroleum Prospecting License 237 in Papua New Guinea.

The plan is to drill the entire reservoir interval with a predicted total depth of the well of approximately 7,579 feet (2,310 meters). The well is expected to take in the order of 60 to 120 days to drill, log and test depending upon drilling conditions.

The Triceratops-2 well will test a previously identified gas field which was logged and tested during drilling of the Bwata-1 well in 1959, and the Triceratops-1 well in 2005. The Bwata-1 well tested flow rates of up to 28 million cubic feet of natural gas per day defining a 512 feet (156 metre) gas column.

Recently InterOil has completed over 128 kilometres of seismic acquisition re-evaluating the Triceratops gas field. The seismic data defines a larger structural closure than previously recognized. In addition, seismic facies character and geometries analogous to the Antelope reefal build up have been observed.

The Triceratops-2 well, located approximately 2.1 miles (3.5 kms) west of the Bwata-1 discovery well and 2.9 miles (4.7 kms) SW from Triceratops-1, is predicted to penetrate the top of the carbonate reservoir approximately 1,500 feet higher than the gas water contact established in the Bwata-1 well.

The Triceratops-2 primary objectives are to 1) confirm the presence of gas and condensate 2) test for the presence of reefal carbonate reservoir and 3) in the event of success, complete the well as a future production well.

“We are pleased to resume our exploration drilling activities with the drilling and delineation of the Triceratops gas field. Our exploration team has identified significant potential in this field which is proximate to our planned Gulf LNG Project,” said Mr. Phil Mulacek, Chief Executive Officer of InterOil.

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Niko Spuds Stalin Well, Offshore Trinidad

Niko Resources LTD, an offshore exploration company with headquarters in Calgary, Canada, announced today that it has commenced drilling operations on its first well offshore Trinidad.

The Rowan Gorilla III rig is on location at the Stalin prospect, which is the first of three wells planned for Block 2ab located off Trinidad and Tobago’s eastern continental shelf. The Stalin-1 well is named after the popular calypso great, Black Stalin.

Niko is the operator of the block and has a 35.75% working interest. Partners in the well are Petrotrin with 35% and Centrica Plc with 29.25%. The well is being drilled in 100 feet of water to a total depth of 8800 feet and will test a large anticlinal feature made up of multiple thrust sheets. The reservoir targets are the Oligocene age Angostura sands which are producing in the Angostura field located approximately 23 miles east of the Stalin location.

Niko’s best estimate is a target of 600 to 800 million gross unrisked in-place barrels of oil equivalent.

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North Falkland Basin: Rockhopper Spuds 8th Well on Sea Lion, (Offshore Falklands)

Rockhopper Exploration plc , the North Falkland Basin oil and gas exploration company, announces that the 14/10-9 well (the “Well”) was spudded at 10.45 hrs BST on 25 October 2011.

The Well, situated on Licence PL032, which is 100% owned and operated by Rockhopper, is the eighth well to be drilled on the Sea Lion feature. It is located approximately 5.9 km to the south west of the 14/10-2 discovery well and is designed to investigate reservoir presence and hydrocarbon charge within the Sea Lion Main Complex towards the southern edge of the Company’s acreage and is also an exploration well on the Eastern side of the Casper prospect.

Drilling operations are expected to take approximately 33 days and a further announcement will be made once drilling is completed.

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Lundin Petroleum Spuds Exploration Well Offshore Congo

Lundin Petroleum AB (Lundin Petroleum) announced that drilling of the exploration well Mindou Marine-1, located offshore in Block Marine XI Congo-Brazzaville, has commenced.

The planned depth is approximately 3400 metres below mean sea level and the well will be drilled by using the semi-submersible drilling rig ENSCO 5003. The drilling operation is expected to take 50 days.

The well is targeting a pre-salt Toca formation carbonate reservoir within a combination structural and stratigraphic trap. This well will fulfill the Phase II drilling commitment on the licence and is the first of a two to three well programme on blocks Marine XI and XIV.

Lundin Petroleum has an 18.75 percent working interest in the licence which is operated by SOCO International.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

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