6th Mar 2015 07:43
LONDON (Alliance News) - Falkland Oil and Gas Ltd Friday said the Zebedee exploration well in the company's namesake country has been spudded by Premier Oil PLC.
Falkland Oil has a 40% interest in the Zebedee well, whilst Premier as operator of the license holds a 36% stake. Rockhopper Exploration PLC holds the remaining 24%.
Falkland Oil said the well will test a total of seven stacked fan bodies with varying geological chances of success ranging between 10% to 50%. The well is targeting estimates of around 21 million barrels of oil equivalent, of which 112 million barrels would be net to Falkland, it added.
The cost of the well, net to Falkland Oil, is around USD22 million. It said the well will take 30 days to drill.
"I am very pleased to announce the commencement of the 2015 drilling programme. The Zebedee prospect, if successful, will significantly increase the hydrocarbon resources of the Sea Lion field complex within our licence area," said Tim Bushell, chief executive of Falkland Oil.
By Joshua Warner; [email protected]; @JoshAlliance
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