Thu Dec 17, 1998
Second Exploratory Well Has Been Spudded In Portugal
The second exploratory well, Aljubarrota No. 2, located in Portugal's Lusitanian Basin,
was spudded on December 17, 1998.
This wildcat, the second well in Portugal's territory since 1993, will require approximately
60 days to reach a total depth of 3,650 metres (12,050 feet).
The uppermost and primary objective is the Lower Triassic Silves Formation sandstone
which, if productive from the identified structural closure, could contain between 1 and 2
trillion cubic feet of gas, plus over 100 million barrels of recoverable oil.
This wildcat is testing a satellite structure which is part of a much larger (38,000 acre)
feature that could contain an additional 10 TCF of gas plus another 100 million barrels of
recoverable oil. A 24-inch gas pipeline with available capacity is located within 800
metres of the wildcat.
Interests in the project are Mohave Oil and Gas Corporation (Operator), Houston; Doreal
Energy Corporation, Vancouver; El Paso Energy Portugal Inc., Houston; Capex S.A.,
Buenos Aires; European Hydrocarbons Ltd., London, and EDC/Samedan Oil Corporation,
Houston. This consortium currently holds over 550,000 acres in this portion of Portugal's
onshore Lusitanian Basin.
Doreal's working interest is 10 percent with a 9.35 net revenue interest.
The Aljubarrota well is one of the world's most interesting international ventures and will
be monitored by the entire petroleum industry. |
