EnCore Oil: Burgman Well 28/9-4 Has Encountered Good Hydrocarbons
March 21 2011 - 9:41AM
Dow Jones News
EnCore Oil PLC (EO.LN), an oil and gas exploration and
production company, said Monday the Burgman well 28/9-4 located on
UKCS Central North Sea Block 28/9 has reached total depth of 5,990
feet Measured Depth and has encountered good quality hydrocarbons
in a Tay sandstone interval.
MAIN FACTS:
-Well encountered 22 feet of net hydrocarbon pay within the
overall Tay sandstone interval; 12 feet of gas in the Upper Tay
sandstones and 10 feet of 24 degree API oil in the Lower Tay
sandstones.
-Cromarty and Fulmar sections were not hydrocarbon bearing at
this location.
-Gas Oil Contact was calculated at 3,560 feet true vertical
depth sub sea, or TVDSS, and the Oil Water Contact was calculated
at 3,980 feet TVDSS, giving a gross gas column of at least 78 feet
and a gross oil column of 420 feet.
-Seismic data strongly suggests that the Lower Tay sands are
more thickly developed over a large proportion of the remainder of
the Burgman prospect area, as well as being above the newly
established oil water contact.
-Based on the results of the well, the joint venture partnership
has decided to drill an immediate side-track from the Burgman well;
Burgman side-track will conclude this phase of drilling on Block
28/9.
-Equity in the Block 28/9 joint venture partnership is as
follows: EnCore Oil (15%, Operator), Premier Oil (35%), Wintershall
(U.K. North Sea) Limited (20%), Nautical Petroleum (15%) and Agora
Oil & Gas (15%).
-Shares of Encore Oil at 13:07 GMT up 5 pence or 5%, at
GBP1.16.
-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448,
tapan.panchal@dowjones.com
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