Barryroe Well (4092Z)
March 15 2012 - 5:46AM
UK Regulatory
TIDMSLE TIDMPVR
RNS Number : 4092Z
San Leon Energy PLC
15 March 2012
15th March 2012
San Leon Energy Plc
("San Leon" or the "Company")
Barryroe well successfully flows oil and gas
San Leon, the fast growing oil and gas company with an extensive
portfolio of assets across Europe and North Africa, notes the
announcement this morning from Providence Resources plc
("Providence") updating on the Barryroe well. San Leon announced,
on 23 December 2011, that the Company has assigned its 30% working
interest in Standard Exploration Licence 1/11 to Providence in
exchange for a 4.5% NPI on the full field. San Leon Energy will not
pay any further appraisal or development costs on the Licence and
is not paying any costs towards the 48/24-10 well.
The full announcement by Providence stated the following
BARRYROE WELL SUCCESSFULLY FLOWS OIL AND GAS
-- WELL FLOWS AT A STABILISED RATE OF 3,514 BOPD & 2.93 MMSCFGD (4,000 BOEPD)
-- ANALYSIS CONFIRMS HIGHLY MOBILE LIGHT SWEET OIL
-- UPPER GAS BEARING ZONE BEING PREPARED FOR TESTING
Providence Resources P.l.c., ('Providence') the London (AIM) and
Dublin (ESM) quoted oil and gas exploration and production company
is pleased to provide an operational update on its ongoing well
operations 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 in Standard
Exploration Licence (SEL) 1/11 in the North Celtic Sea Basin.
Providence (80%) operates SEL 1/11 on behalf of its partner
Lansdowne Oil & Gas plc (20%).
A 24' thick net pay interval in the oil bearing basal Wealden
sandstone section was perforated as the first phase of the well
testing programme. Stabilized flow rates of 3,514 BOPD & 2.93
MMSCFGD (4,000 BOEPD) were achieved through a 68/64" choke with a
well head pressure of 517 psia without the use of artificial lift.
The well was tested using vacuum insulated tubing over just the
upper c. 2,600' of the total c. 7,400' test string length due to
equipment availability constraints. As expected, laboratory
reservoir fluid analysis confirms that the oil is light with a
gravity of 42o API and a wax content of 20%. The oil is highly
mobile with an in-situ reservoir viscosity of 0.68 centipoises and
a gas-oil ratio of c. 800 SCF/STB.
The upper gas bearing basal reservoir zone is currently being
prepared for testing and flow rates from this section are planned
to be comingled with the basal oil zone to assess any additional
flow rate potential. After these operations are completed, it is
planned to suspend the well for potential sidetrack drilling. All
data obtained from these operations will be integrated with the 3D
seismic acquired in 2011.
Commenting on today's announcement, Tony O'Reilly, CEO of
Providence said:
"We are pleased to report flow rates of 3,514 BOPD which
materially exceed our stated pre-drill target of 1,800 BOPD. The
well has also confirmed that the basal sands are laterally
continuous, highly productive and that the oils are of a very high
quality. Our comprehensive wire-line logging programme has revealed
the seismic signature of the basal sands and can therefore be used
to map these intervals directly in the 3D seismic volume for field
volumetric determinations and sidetrack well planning. The most
recent development planning carried out by RPS Energy cites the use
of high angle oil production wells which should provide significant
incremental production potential over this simple vertical
well.
"Given that we only assumed operatorship of Barryroe in late
2010, I would like to pay tribute to all of the team members who
have helped to deliver such a successful outcome to this programme
(site survey, 3D acquisition/processing, rig procurement, drilling
& testing) within such a challenging 15 month timeline."
For further information contact:
San Leon Energy Plc Tel: + 353 1291 6292
Oisin Fanning, Executive Chairman
Macquarie Capital (Europe) Limited Tel: +44 (0) 20 3037
2000
Paul Connolly
John Dwyer
Westhouse Securities Tel: +44 (0) 20 7601
Richard Johnson 6100
Antonio Bossi
College Hill Associates Tel: +44 (0) 20 7457
2020
Nick Elwes
www.sanleonenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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