28th May 2015 06:53
LONDON (Alliance News) - The companies involved in the Isobel deep exploration well offshore the Falkland Islands Thursday said they have made an oil discovery that has similar properties to the discovery made at the Sea Lion project.
FTSE 250 constituent Premier Oil PLC is the operator of the well with 36% stake, with Falkland Oil and Gas Ltd holding a 40% stake and Rockhopper Exploration PLC holding the balance.
The companies said the Isobel well has been drilled to 8,289 feet, where it met the top of the reservoir. The bottom 75 feet of the well consists of oil bearing F3 sands which were at a higher-than-expected reservoir pressure. This resulted in an influx of oil into the well which is of a similar nature to the Sea Lion crude.
As the reservoir was reached at a lower depth than expected, the companies have now suspended operations on the well and sent the rig to the South Falkland basin before returning to the North Falkland basin, where the Isobel well is located, to continue drilling in August.
Premier also said it was now considering the optimal appraisal programme for the Elaine/Isobel complex.
"This is an important play opening discovery in the previously unexplored southern area of Licence PL004. The well has successfully demonstrated a trapping mechanism and the presence of moveable oil in the Elaine/Isobel fan complex," said Premier Exploration Director Andrew Lodge.
"Following the discovery at Zebedee we are delighted to have made another discovery in this North Falkland Basin exploration campaign," said Rockhopper Chief Executive Sam Moody. "I am delighted to report that our exploration team now enjoys a success rate of nine out of 11 wells in licences PL004 and PL0032. Isobel represents a new play and significantly de-risks the entire Isobel/Elaine fan complex confirming the presence of an oil prone hydrocarbon system with moveable oil in the Isobel Deep reservoir."
The drilling of the Isobel exploration well did face delays in April when the casing on the well was successfully set at a depth of 1,273.9 metres, but a problem was detected with the blowout preventer, a large valve that seals, controls and monitors the well, leading to the well being temporarily suspended to allow inspections and repairs to be carried out for around 14 days.
By Joshua Warner; [email protected]; @JoshAlliance
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