Falkland Oil and Gas Limited Well 14/20-1 'Isobel Deep' Oil Discovery (4365O)
May 28 2015 - 1:02AM
UK Regulatory
TIDMFOGL
RNS Number : 4365O
Falkland Oil and Gas Limited
28 May 2015
28 May 2015
Falkland Oil and Gas Limited
("FOGL" or the "Company")
Well 14/20-1 'Isobel Deep' Oil Discovery
Falkland Oil and Gas Limited ("FOGL"), the exploration company
focused on its extensive licence areas to the North, South and East
of the Falkland Islands, is pleased to announce an oil discovery at
the 14/20-1 "Isobel Deep" well (FOGL 40%) that was spudded by
Premier Oil (the "Operator") on 8th April 2015.
Tim Bushell, CEO of FOGL, commented:
"We are delighted by the results of this well. Whilst it has not
been possible to acquire wireline logs over the F3 reservoir
(Isobel Deep), the presence of oil bearing sands is highly
encouraging. FOGL believes these initial results open up an
exciting new oil play in this part of PL004 and also, significantly
reduce the risk on FOGL's other prospects in the adjacent PL005
licence.
"Further operations on the well will be performed when the rig
returns to the North Falkland Basin after the Humpback well. These
could include either a side-track from the existing well or a
re-drill of the well near to the current location, depending on
what is deemed appropriate once the drilling results have been
further evaluated."
Below is the statement provided by the Operator:
Premier Oil plc
"Premier" or the "Company"
Drilling update - Isobel Deep oil discovery
28 May 2015
Premier is pleased to announce an oil discovery at the Isobel
Deep exploration well 14/20-1 in the North Falkland Basin,
approximately 30km south of the Sea Lion field.
The Isobel Deep exploration well has been drilled to a depth of
8,289 feet reaching top reservoir on prognosis. The bottom 75 feet
of the well consists of oil bearing F3 sands. These sands were at a
higher than expected reservoir pressure and this resulted in an
influx into the well. As part of the operations to remove the
influx, oil was recovered from the well and appears similar in
nature to Sea Lion crude.
As a result of the new geological information it has been
decided to suspend operations on the well and release the rig to
drill in the South Falkland Basin. The rig is expected to return to
continue operations in the North Falklands Basin in August.
Premier is now considering the optimal appraisal programme for
the Elaine/Isobel complex in PL004.
Andrew Lodge, Exploration Director, commented:
"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."
- Ends-
For further information:
Falkland Oil and
Gas Limited
Tim Bushell, Chief
Executive +44 (0) 20 7563 1260
RBC Capital Markets
(Nominated Advisor
and Joint Broker)
Matthew Coakes /
Daniel Conti +44 (0) 20 7653 4000
Numis Securities
Limited (Joint Broker)
John Prior / Ben
Stoop / Paul Gillam +44 (0) 20 7260 1000
FTI Consulting
Ed Westropp / George
Parker +44 (0) 20 3727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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