Buru Energy
Joint venture partners Buru Energy and Mitsubishi Corporation have begun drilling operations at the Ungani 3 well in the Ungani field, Western Australia.
The well is the first in the 2014 drilling program, with each company holding 50% equity in the well and field.
The well will drill to 2340m over an expected 35 days targeting the oil producing Ungani dolomite reservoir and overlying Grant formation, which encountered oil shows in the Ungani 1 well.
Burleson Energy
Burleson Energy's US prospects have been contributing positive cash flow to the company as a steady increase in gas prices has occurred over the last three to six months.
The company's D Truchard #1 well appears to be nearing the end of its production life but is expected to have a minimal impact on revenues due to its low production.
The company intends to turn what little loss there is into gains by converting the well for water disposal.
Meanwhile, Truchard #2H is expected to keep producing for an extended period of time after a work-over of the well late last year increased production.
Looking forward, the company plans to finalise a development plan for the Heintschel field to be finalised in the coming months before finding farm-out partners, as well as using acquired 3D seismic data in Colarado County, Texas, to drill a number of shallow, low-cost wells.
Duet Group
Duet Group has requested a trading halt with the Australian Securities Exchange, scheduled to end tomorrow pending an announcement on a proposed capital raising.
The company intends to approach the capital raising through a book build.
New Zealand Oil & Gas
NZOG has recorded a slump in its share price, which it attributed to a previous report that its Matuku well, offshore Taranaki, had not encountered significant oil or gas shows in its primary target.
The company said the well, at 4307m and drilling ahead to 4750m, was at too premature a stage to form a complete view of the implications covering the play in the Kahurangi trough.
"Most wells will not make commercial discoveries of oil and gas," NZOG CEO Andrew Knight said.
"Our company explores a portfolio of prospects in order to balance the investment risks around individual wells."
