MOU1 spud imminent15 Jun 2021 11:46
to recap = "Historical exploration focus was entirely on the Jurassic and was
completed before the shift in emphasis took place that resulted in
shallow (Tertiary) gas production in the Rharb Basin and successful
deep (Triassic) gas appraisal drilling at Tendrara.
In this context therefore Guercif has never attracted new exploration
to evaluate the Tertiary targets encountered in the gas producing
Rharb Basin and the offshore gas discovery well Anchois1. Recently
published new academic research (Capella et. al. 2017) confirmed for
the first time the geological continuity of the section containing the
producing Miocene (equivalent to the Tortonian Hoot and Guebbas
formations) gas reservoirs in Rharb Basin with geological outcrops in
the Guercif Basin. During the year under review ConocoPhillips were
awarded licences contiguous to those of the Company. PGVL’s wellestablished “first mover” strategy was reinforced with the growing
appreciation of the hydrocarbon potential of the previously overlooked Guercif Basin and its contiguous area to the west.
MOU1 Prospect
The Company has picked the MOU1 Prospect from its extensive
inventory of prospects, on the basis of it having the lowest risk of
finding dry gas with sufficient potential volumes to meet its threshold
for early monetisation through a simplified commercial gas
development. The MOU1 well will also test the limits of closure for
the upside cases for gross recoverable prospective gas resources for
the MOU2 and MOU4 prospects.
The MOU1 well has multiple potential reservoir objectives:
– Sands equivalent to the upper Guebbas of the Rharb Basin
(TGB3 and TGB4 PGVL nomenclature)
– Sands equivalent to the lower Guebbas of the Rharb Basin
(TGB2 PGVL nomenclature)
– Sands equivalent to the lower Hoot of the Rharb Basin (TGB2A
PGVL nomenclature)
The above reservoir objectives are prognosed to occur between 1,000
and 1,500 metres drilling depth. Below 1,500 metres to the planned
total depth of the well at 2,000 metres (or top Jurassic, whichever
occurs first) there are additional potential reservoir objectives:
– Sands equivalent to those encountered in SDX Energy’s LMS2
well in the Rharb Basin (“onlap surface” PGVL nomenclature) –
SDX to flowtest in Q4 2021, after operational delays due to
COVID19 in 2020.
– Basal reservoirs on top of the Jurassic equivalent to those gasbearing on logs in offset well GRF1 (Red Beds or TGB1a PGVL
nomenclature)
The TGB2 reservoir objective is considered to have the highest
chance of finding gas (very conservatively estimated at 34% by SLR
Consulting (Ireland) Ltd.s CPR) given:
– Seismic amplitude brightening (seismic line 84 GR 05 below) that
conforms to structural closure
– Dry gas shows in the equivalent section 1.7 kilometres to the
southeast in GRF1 (drilled in 1972)
– Evidence for thermogenic dry gas in soil samples northwest of
GRF1"
Sign In
Follow the stocks
