Longreach Oil & Gas (LOI-V) optionor Cairn starts drilling at Foum Draa
Oct 28, 2013 - News Release
Longreach Oil and Gas Ltd. optionor Cairn Energy PLC has started drilling on the FD II-Alpha-1 exploration well, on the Foum Draa licence, offshore Morocco, using the Cajun Express, a fifth-generation semi-submersible drilling unit. The Foum Draa licence is located in deep water in the Tarfaya basin, directly West of Agadir. The FD II - Alpha-1 exploration well is located in 1,500 metres of water approximately 120 kilometres offshore Morocco. The well has a planned Total Depth of 5,500 metres TVDSS and operations are anticipated to take approximately 60 days. The Alpha prospect is a slope apron clastic fan of Cretaceous / Jurassic age.
Under the terms of the farm-out agreement Cairn acquired a 50% operated interest in the licence from Longreach and each of its joint venture partners in exchange for paying the first US$ 60 million of the exploration well costs. Longreach retains a 2.5% interest in the Foum Draa licence.
Sidi Moktar update
Longreach is also pleased to provide an update on the mobilisation of the Saipem Drillmec Mas 7000, a 2,000HP unit built in 2007 for the drilling of the Koba 1 well in its operated Sidi Moktar, onshore licence area. The rig arrived at Agadir Port on 12th October and is now on location and being assembled for a planned spud date for mid-November.
Commenting, Andrew Benitz, CEO of Longreach, said:"The Foum Draa well represents a significant opportunity for Longreach and its investors, given the size of the target prospect. The start of this well also kicks-off a wider drilling programme for Longreach in the near and medium term. The programme consists of the drilling of two sizable onshore prospects, starting with the imminent Koba 1 well, operated by the Company, as well as a further significant offshore well, where again Longreach benefits from a carry on the well". |
