Texon Petroleum

Wireline logs run on Texon Petroleum's seventh shallow well Fingal-1, onshore Gulf Coast, South Texas, has indicated a potential gas-bearing formation, according to the company.

Texon said logs run on the well after it reached total depth of 1158m indicated a gas-bearing formation at 952m with a thickness of 5.5m.

The company also said Fingal-1 intersected the target Frio sand.

Texon will now run production casing before testing the zone in the next 10 days and, if the test is successful, the well will be placed on production from the zone.

Fingal-1 has an estimated gross gas resource potential of 300-400 million cubic feet.

Texon has a 95% working interest (71.25% net revenue interest) in Fingal-1

Petsec Energy

While one company is having success, over in Louisiana Petsec Energy is not, saying it would plug and abandon its CL&F30-1 well in Terrebonne Parish, after evaluation of electric logs found the well is not commercially viable.

Petsec said the well's target objective was tested and indicated a thin laminated sand which is not commercial to develop.

The company re-drilled CL&F30-1 to a depth of 4145m after completing a farm-in agreement with US independent Anglo Suisse Offshore Partners.

Under the farm-in, Anglo Suisse is to pay 37.8% of the well's drilling costs, as well as plug and abandonment costs.

Petsec estimates it will outlay about $1.7 million in its half-year results due to its share of the cost to drill and plug and abandon the well.

Pryme Oil and Gas

Also in Louisiana, Pryme Oil and gas has begun drilling the Trifolia 9-1 exploration well in its Turner Bayou project.

Trifolia 9-1 is the first of two Turner Bayou wells to be drilled in June and is targeting the Frio sand interval.

The well is expected to reach its target depth of 5000 feet next week.

Pryme has a 52% interest in the Turner Bayou project.