Molopo spells out 2010 drilling plans
MOLOPO Australia is expecting a busy start to 2010 as it prepares to drill the Harcourt and Timmy gas prospects in the Bowen Basin and at its Quebec City shale gas prospect in Canada.
At the Harcourt gas prospect in ATP 564P in Queensland’s Bowen Basin, Molopo said the joint venture worked on securing approvals and service agreements during the quarter for the drilling and testing of three cored sole risk exploration wells.
The wells will be drilled over the Harcourt North area with drilling expected to start early next year.
Over in ATP 602P at the Timmy gas prospect, Molopo said the JV had worked on securing approvals for the drilling of three sole risk exploration wells in the first quarter of 2010.
Molopo has a 50% interest in ATP 564P and 602P. The other partners in the two permits include Anglo Coal and Mitsui.
Over in Canada, at the company’s Quebec City shale gas project, Molopo has interpreted about 100km of 2D seismic acquired in October and November last year.
The company said two drilling locations had been identified, with drilling of the first well to start this quarter.
Meanwhile an additional 2D seismic program covering 200 kilometres is underway in the Lyster and Pintendre areas.
According to Molopo, the seismic is being acquired to follow up encouraging gas flows in a 1970’s exploration well at Lyster and gas shows in an untested well at Pintendre.
In South Africa, the company said drilling operations continued during the quarter on the three-well exploration program in the Virginia exploration area.
The drilling program is assessing the hydrocarbon potential of the area, which has already demonstrated long-term gas flow from old mineral coreholes.
Molopo is considering electricity generation, compressed natural gas and liquefied natural gas as commercial options for the project.
The company met with representatives from a nearby mine for discussions on the supply of gas for use in power generation.
Meanwhile, the company also reported trial development drilling continued at the Mungi gas field in the Bowen Basin.
The company drilled and completed its third successful multi-lateral trial development well, Mungi 20V, and is currently drilling the first lateral on the Mungi-21 well.
During the quarter, the Mungi field produced about 97 terajoules of gas net to Molopo, a 4.8% increase on the previous quarter.
At the end of the quarter, Molopo had about $109.5 million in cash and no debt.
Wednesday, 29 July 2009
PNN
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