Drilling Update
TIDMDES
RNS Number : 4555U
Desire Petroleum PLC
15 October 2010
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| For immediate release | 15 October 2010 |
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Desire Petroleum plc
("Desire" or "the Company")
Drilling Update
Desire Petroleum plc (AIM:DES), the oil and gas company wholly focussed on the
North Falkland Basin, advises that the 14/15-1 well on the Rachel prospect has
reached a total depth of 2,877 metres. Initial wireline logging shows that no
hydrocarbons have been found. However a substantial thickness of sandstone was
encountered in the upper part of the target zone, comprising 103m of gross
sandstone of which 81m is net reservoir with an average porosity of 23%.
The Rachel well has provided much new valuable data on the distribution of the
reservoir targets within the Eastern Flank play and in particular the
calibration of the 3D seismic data for sandstone prediction. Our understanding
of this play type is rapidly evolving but one of the biggest remaining
uncertainties relates to the oil charging mechanism from the mature oil source
rock to the fan sandstones. Based on the latest information from this well,
potential sandstones have now been identified downdip from the existing
location, closer to the mature oil source rock, significantly reducing the oil
charge risk. As a result the well will be sidetracked to this location to
evaluate the prospectivity. The sidetrack will commence when the present logging
operations are complete. The total depth of the sidetrack is planned to be
3,418 metres measured depth (2,970 metres vertical depth) with an offset of
circa 1.2 kilometres from the total depth of the original vertical well. The
sidetrack will be designated 14/15-1Z and is expected to take 20 days and the
Company will make a further announcement upon completion of this sidetrack.
The Rachel well is the first in a likely four well drilling campaign operated by
Desire. Following the 14/15-1Z sidetrack it is intended to move the rig to the
next location 25/5-1 on the Dawn/Jacinta prospect in the Desire 100% Tranche I
licence.
For further information please contact:
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| Desire Petroleum plc | 020 7436 0423 |
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| Stephen Phipps, Chairman | |
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| Dr Ian Duncan, Chief | |
| Executive Officer | |
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| | |
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| Seymour Pierce Limited | 020 7107 8000 |
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| Jonathan Wright | |
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| | |
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| Buchanan Communications | 020 7466 5000 |
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| Ben Romney | |
| Tim Thompson | |
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This information is provided by RNS
The company news service from the London Stock Exchange
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