Last checked at 9 Feb 2012 07:13
February 9th 2012
Lansdowne Oil & Gas plc
Celtic Sea Drilling Update
Lansdowne Oil & Gas, ("Lansdowne" or "the Company") welcomes the announcement today by Providence Resources plc ("Providence"), Operator of Standard Exploration Licence 1/11 (Lansdowne 20%),providing a further market update on its ongoing drilling programme on the Barryroe oilfield in the North Celtic Sea Basin, offshore southern Ireland. The 48/24-10z Barryroe appraisal well is located in c. 100 metre water depth, c. 50 kilometres offshore Ireland.
Drilling Operations
The original drilling timeline was initially set back by weather and later by rig performance issues which significantly delayed the drilling of the 12.25" section. Drilling of this section recommenced on February 2nd, when the necessary rig repairs and maintenance programmes were completed by the rig owner. The current well depth is 6,969' TVDSS at the base of the 12.25" section, with all key geological horizons to date having been encountered in line with pre-drill depth prognosis.
Preliminary Results - Secondary Objective
Hydrocarbon shows were encountered during the drilling of the 12.25" section, which contains a number of potential secondary reservoir units. Preliminary real time LWD data demonstrates excellent sandstone package correlation with the nearby 48/24-3 well.
Forward Activities - Primary Objective
The forward programme includes a comprehensive wire-line data acquisition programme of this drilled 12.25"section, utilizing modern 'state of the art' down-hole tools, after which the section will be cased.
Subsequent operations will include coring of the underlying primary reservoir zone, which is the main focus of this drilling programme. Following this, it is planned to carry out drill stem testing of the primary basal sands target in order to ascertain flow rates and productivity.
Contacts
Lansdowne Oil & Gas plc | ||
Steve Boldy | Chief Executive Officer | +353 1 637 3934 |
Chris Moar | Finance Director | +44 1224 748480 |
FinnCap | ||
Sarah Wharry | Corporate Finance | + 44 20 7220 0567 |
About Lansdowne
Lansdowne is an exploration and appraisal oil and gas company listed in London on the AIM Market (Symbol : LOGP). Lansdowne holds a balanced portfolio of oil discoveries, low and moderate risk gas prospects near existing infrastructure and moderate risk oil prospects. The Company is focused on the underexplored North Celtic Sea Basin which has proven petroleum systems in place for both oil and gas. For more information, visit the Company's website: www.lansdowneoilandgas.com
About Barryroe
Providence 80%, Lansdowne 20%
A third party audit carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP
estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding 2C and 3C
Barryroe recoverable contingent resources are 59 MMBO and 144 MMBO, respectively.
Three wells within SEL 1/11 (Barryroe) have tested oil:
48/24-1 drilled by Esso in 1973/1974 tested oil from Middle Wealden sands at an aggregate rate of
1,300 barrels per day
48/28-1 drilled by Esso in 1974 tested oil from a Middle Wealden sand at 1,527 barrels per day
48/24-3 drilled by Marathon in 1990 tested oil from Lower Wealden sands at an aggregate rate of
1,619 barrels per day
Glossary of terms used in this Announcement
ALL FIGURES QUOTED ARE GROSS FIGURES, UNLESS OTHERWISE STATED
MMBO Millions of Barrels of Oil
STOIIP Stock Tank Oil Initially In Place
This release has been reviewed by Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 31 years experience in petroleum exploration and management. Mr. Boldy has consented to the inclusion of the technical information in this release in the form and context in which it appears.