Sodra to drill first well offshore Falklands with new partner Desire
Sodra is pleased to announce that an agreement has been reached with Desire Petroleum Plc whereby Desire will earn a 12.5% working interest in Tranche
F. Desire already has a 25% interest in Tranches C and D, and 100% of Tranches I and L. This assignment is subject to the approval of the Falkland Islands
Government.
Sodra Petroleum is expected to take charge in the next few days of the Borgny Dolphin drilling rig offshore the Falkland Islands. The rig is being moved to
location on block 14/24 in Tranche F and will be spudding an exploration well 14/24-A in the next few days.
Well 14/24-A will be the fourth exploratory well in the North Falkland basin. It is planned to drill the well on the Braela prospect to a depth of 3,750 metres. It
is anticipated the well will take approximately one month to drill.
The Shell well 14/05-1A finished drilling on 31st August 1998 at a total depth of 4525 meters. The well intersected oil and gas at shallower levels and
hydrocarbon source rocks were also penetrated in the same interval. However, reservoir development was poor and no significant hydrocarbon
accumulations worth testing were encountered. The well further intersected gas shows in poor-quality reservoirs at deeper levels indicating the development
of additional hydrocarbon source rocks. Although these gas shows are significant for the hydrocarbon potential of the North Falklands Basin, gas has no
current prospect of a market in the South Atlantic and the shows were not tested.
Through a data sharing agreement with the other operating companies Amerada Hess, Lasmo, and Shell, Sodra has the benefit of the results of the first three
wells in choosing the well location in its licence area. Sodra is encouraged by the drilling results of wells 14/09-1 (Amerada Hess), 14/13-1 (Lasmo) and
14/05-1 (Shell) which have shown that an active hydrocarbon system, comprising at least three separate hydrocarbon-generating sources, exists in this basin.
Gas-generating source rocks encountered in deeper depths should be generating oil if present at shallower depths. The presence of oil and gas shows in two
of these wells decreases the risk involved in exploration elsewhere in the basin.
Sodra believes that Tranche F is better located to find reservoir rocks, which appear to be lacking in the more northerly tranches, because it is closer to the
source of sediment that has filled the lower part of the basin. This sediment source is believed to have been derived from a land mass to the south, of which
the present day Falkland Islands still form a part.
Sodra Petroleum is listed on the Stockholm Stock Exchange New Market and on Alternative Investment Market of the London Stock Exchange.
Greywolf note: This is a good deal and everyone should wait to hear the details.. |
