An
oil discovery at the 14/5b-5 well is a successful start to the four well North
Falkland Basin campaign for Rockhopper (RKH 24%), Premier Oil (PMO 36%) and Falkland Oil & Gas (FOGL 40%). The well sits
immediately to the south of Sea Lion in PL004b and was testing the extension of
the F2 sands that represent the existing discovered resources at Sea Lion, as well as the the deeper untested F3 sands. All
seven predicted reservoirs were encountered with oil in the primary target,
Zebedee, and gas in the shallower Hector target. Good oil shows were recorded in
the F3 targets, but the sands were not well developed at this location.
Of the targets encountered, pre-drill chances of success were
highest at Zebedee (52%) and Hector (27%) so it is perhaps not a surprise that these are the two zones that have been most successful. However, even at these confidence levels there was a decent chance that the well could have failed, so we consider these results to be broadly positive.
The Zebedee fan encountered 25.3m of
net oil pay with reservoir quality among the
best found in the region to date. Pre drill resource estimates for all the
targets ranged between 165mmbbls (PMO) and 281/282mmbbls (RKH/FOGL) with the
Zebedee fan expected to contribute in the region of 50mmbbls. Of particular
interest we note that FOGL believes that the Zebedee fan is in communication
with Sea Lion based on pressure measurements. This would potentially impact
FOGL's share of Sea Lion itself once unitisation discussions get underway at
some point in the future.
The
rig will now move some 40km to the south of Sea Lion to drill Isobel Deep. This
well is higher risk than Zebedee and is only targeting the F3 sands. The F3 oil
shows in Zebedee have demonstrated their potential to be hydrocarbon bearing,
but better developed sands will need to be present here for the well to be
successful.
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