15th Jun 2015 08:06
LONDON (Alliance News) - Falkland Oil and Gas Ltd Monday said the 'Humpback' exploration well on one of its Falkland Island licences was spudded on Saturday.
The well is located on licence PL012, in which Falkland Oil and Gas has a 52.5% working interest, and will target the Humpback prospect. Humpback is located within a cluster of similar prospects, in the Fitzroy sub-basin, which have a total, combined, prospective resource of over one billion barrels of oil, according to the company.
The well, which is expected to take about 65 days to drill, will test multiple stacked reservoirs within the Cretaceous Diomedea fan complex. The Humpback well is located in a water depth of approximately 1,260 metres and is expected to reach a total depth of 5,350 metres.
Falkland Oil and Gas is partially carried through the costs of this well by Noble Energy, the licence operator, and has a paying interest of 27.5%.
"The Humpback well is the exciting first test of a new geological play concept within the South and East Falkland basins. In the event of encouraging results, we have identified, on 3D seismic, multiple follow-up prospects," Falkland Oil and Gas Chief Executive Tim Bushell said.
Falkland Oil and Gas shares were down 1.5% at 28.58 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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