Rachel North Exploration Well 14/15-2
TIDMDES
RNS Number : 2396X
Desire Petroleum PLC
02 December 2010
?
For Immediate Release
2 December 2010
Drilling Update
Rachel North Exploration Well 14/15-2
Oil Discovery
Desire Petroleum plc (AIM:DES) the oil and gas company wholly focussed on the
North Falkland Basin, wishes to advise that the 14/15-2 Rachel North well has
reached a total depth of 3052 metres.
Preliminary data collected indicate that this well is an oil discovery. The
company has run an initial suite of wireline logs and this together with the
drilling data indicate that the well encountered a 349 metres gross interval
from 2621 metres to 2970 metres of sands and shales with hydrocarbons ,of which
57 metres is net pay in multiple zones. The thickest zone is 8 metres thick with
an average porosity of 20% . Other zones are thinly bedded and lower porosity
but require further analysis from additional wireline logs to establish
reservoir potential.
Desire now intends to complete the wireline logging and wireline sampling
programme to obtain more information on the reservoir quality, the hydrocarbon
saturations and the fluid type to assess the significance of this discovery.
Further information will be released in due course.
Commenting on the well, Stephen Phipps Chairman of Desire said, "It is highly
encouraging that the initial results from the Rachel North well endorse both our
findings and geological model from the previously drilled Rachel sidetrack well.
This discovery combined with Rockhoppers' Sea Lion discovery confirms our belief
that the eastern flank play fairway in the North Falkland Basin is highly
prospective and that further oil fields will be discovered in this area".
Subsurface support is provided to Desire Petroleum by Senergy (GB) Ltd and the
results reported today are based on the work of the Senergy operations team.
This statement has been approved by Dr Ian Duncan of Desire Petroleum plc, who
is a Fellow of the Geological Society, Chartered Geologist, and a member of the
American Association of Petroleum Geologists with over 35 years experience in
petroleum exploration and management.
For further information please contact:
+-------------------------------+-------------------------------+
| Desire Petroleum plc | 020 7436 0423 |
+-------------------------------+-------------------------------+
| Stephen Phipps, Chairman | |
+-------------------------------+-------------------------------+
| Dr Ian Duncan, Chief | |
| Executive Officer | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Seymour Pierce Limited | 020 7107 8000 |
+-------------------------------+-------------------------------+
| Jonathan Wright/Stewart | |
| Dickson, Corporate Finance | |
| Richard Redmayne / Paul | |
| Jewell, Corporate Broking | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Buchanan Communications | 020 7466 5000 |
+-------------------------------+-------------------------------+
| Ben Romney | |
| Tim Thompson | |
+-------------------------------+-------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END |
