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LONDON (Alliance News) - Shares in four London-listed oil & gas companies interested in the Colter well slumped Friday as test results showed the north part of the well is "unlikely to yield additional commercial volumes".
Baron Oil PLC shares fell 53% Friday morning, Reabold Resources PLC were down 6.7%, Andalas Energy & Power PLC dropped 58%, and United Oil & Gas PLC shares were trading down 13%.
Sidetrack operations at the Colter well, located offshore in the P1918 licence within the UK Wessex Basin, have now been completed.
It has now been determined the majority of the potential resource resides within the Colter South portion of the play, the partners said.
Reabold explained: "The more northerly location of the fault results in a larger areal extent than previously mapped at Colter South, which modelled a 15 million barrel mean potential resource within the Colter South prospect. However, this also results in a smaller areal extent of the Colter feature north of the fault, which is unlikely to yield additional commercial volumes."
Andalas owns a 8% stake in the well, the same as Baron. United Oil owns a 10% interest while Reabold has a 33% interest in Colter operator Corallian Energy.
Baron Oil Chair & Chief Executive Malcolm Butler said: "While the drilling campaign indicates the Colter prospect is smaller than expected, it has demonstrated the Colter South prospect is larger than initially thought and has also given encouragement for our adjacent onshore prospects by encountering good shows in the Middle Jurassic.
"We will now integrate the results of drilling into the seismic data and evaluate the way forward to commercialisation of the Colter prospect and the enlarged Colter South prospect."
In a separate statement, Andalas said it has been advised by Eagle Gas Ltd that Holywell Resources Ltd and Atlantic Petroleum UK Ltd have elected to relinquish the Southern North Sea Licence P2112.
Andalas holds 25% of Eagle Gas, which wholly owns Holywell. Holywell owns a 67% interest in the licence and the remainder is held by Atlantic Petroleum.
"We are disappointed the Licence will be relinquished," Andalas Chief Executive Simon Gorringe said.
"However, whilst Holywell has undertaken discussion with a number of interested parties regarding participation in drilling the proposed well, it has been unable to secure a partner within the time permitted under the Licence and therefore it has no other practical course of action."
