Cabot Energy PLC (LON:CAB) on Friday revealed provisional results from the 10-32 sidetrack well in the Rainbow area, in Canada, where an oil flow rate of 344 barrels of oil per day has now been measured.
The well was drilled in December, down to a vertical depth of around 1,500 metres, and it cut approximately 400 metres through the targeted reef with some 200 metres described as encountering high porosity reservoir.
Cabot tested the well over a 38-hour period, and the final flow test delivered an extrapolated production rate of 408 barrels of fluid per day, comprising 344 bopd. The company said it expects the well will produce 'dry oil' once all the well completion fluid has been removed from the hole.
Closer to home, onshore UK, the future of the Wressle oil project remains in doubt following a decision by the UK planning inspectorate.
The inspector rejected two appeals submitted by project operator Egdon Resources PLC (LON:EDR) which opposed two planning refusals by North Lincolnshire County Council's Planning Committee.
At the same time, however, the inspector also upheld Egdon's appeal against the decision to refuse the application to retain the existing planning for the well site, which is retained until 28 April 2018.
In a statement, Wressle stakeholder Europa Oil & Gas (Holdings) PLC (LON:EOG) told investors: "The Joint Venture partners are considering in detail the reasons for the refusals as contained in the decision notice and will review the options available. A further update will be provided to the market in due course."
On Thursday, the new iteration of Echo Energy PLC (LON:ECHO) got off to a strong start as the oil and gas firm's shares resumed trading in London. Echo confirmed on Wednesday that its Argentina acquisition is now unconditional, thus allowing for the share suspension on AIM to be lifted.
Echo rose nearly 8% on Thursday.
SDX Energy Inc (LON:SDX, CVE:SDX) has confirmed that the recently drilled KSR-16 well, onshore Morocco, has now been connected to the sales line and flow testing will start early next week.
Additionally, the company noted that it has now secured a four-month extension to the current phase of the Lalla Mimouna permit, also onshore Morocco, through to July 22 so that it will have sufficient time to evaluate the outcome of an upcoming exploration drilling campaign.
Elsewhere, the company has decided to end operations on the ELQ-1 well, on the Gharb Centre permit, after encountered intervals were deemed not to be sufficiently commercial to complete the well. It was drilled to a depth of 1,484 metres and has encountered 22.6 metres of net reservoir pay and two metres of net conventional gas pay.
ELQ-1 will be plugged and abandoned and the drill rig will move on to the next location, for the ONZ-7 development well.
Also on Thursday, Nigeria focussed LEKOIL Ltd (LON:LEK) told investors it has signed up a contractor for a new seismic programme at the Otakikpo field.
The company's joint venture vehicle Green Energy International has hired a Sinopec unit for the programme, which will capture just under 200 square kilometres of 3D data, spanning both the onshore and offshore areas.
It is expected that the seismic work will get underway in the first quarter of the year and it will effectively kick off the second phase of development for the Otakikpo field. The successful first phase sees the field's output presently approaching 10,000 barrels of oil per day. Phase Two will target some 20,000 bopd of steady state production.
The Chinese gas company formerly known as Green Dragon Gas Ltd (LON:GDG) on Wednesday confirmed its name change had come into effect, with trading getting underway under the new moniker of G3 Exploration Limited. Along with the name change, the company's stock market symbol changed to G3E.
"As we close one chapter to make room for new opportunities that are in the best interest of our shareholders, we would like to thank our shareholders for their continued support over the years," said Randeep Grewal, founder and chairman.
The shortened week began with Victoria Oil & Gas PLC (LON:VOG) informing investors of a further extension to its proposed deal for the Bomono project and potential partnership with Bowleven Oil & Gas PLC (LON:BLVN).
The proposal, which would see VOG take an 80% stake in Bomono, was first agreed back in March prior to managerial changes at Bowleven. In September, VOG exercised its option to extend the termination date to 31 December 2017.