Barryroe Well Testing Update (9517Z)
March 23 2012 - 6:03AM
UK Regulatory
TIDMSLE
RNS Number : 9517Z
San Leon Energy PLC
23 March 2012
23 March 2012
San Leon Energy Plc
("San Leon" or the "Company")
Barryroe Well Testing Update
San Leon, the fast growing oil and gas company with an extensive
portfolio of assets across Europe and North Africa, notes this
morning's announcement 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 TESTING UPDATE
-- UPPER GAS BEARING RESERVOIR PROVES TO BE HIGHLY PRODUCTIVE
-- WELL NOW SUSPENDED AND RIG DEMOBILISATION UNDERWAY
Providence Resources P.l.c., ('Providence') the London (AIM) and
Dublin (ESM) quoted oil and gas exploration and production company
is pleased to provide a final testing update from its Barryroe
well, 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%).
Following the successful testing of the lower basal 24' net oil
bearing interval, which flowed c. 3,514 BOPD & 2.93 MMSCFGD (c.
4,000 BOEPD, see RNS announcement of March 15(th) ), an additional
17' thick net gas bearing section was perforated to test the
potential of the upper part of the basal Wealden sandstone section.
The surface test spread equipment was optimized for the lower oil
zone test and was therefore equipment constrained on this gas zone
test, which achieved highly productive flow rates of c. 7 MMSCFGD
& 1,350 BOPD (c. 2,516 BOEPD) through a restricted 36/64"
choke, with a flowing well head pressure of c. 1,700 psig. The
productivity of the gas bearing interval far exceeded expectations
and thereby constrained the ability to fully open the well up to
its maximum potential. Preliminary modeling of the pressure data
indicates that a co-mingled flow rate of c. 17 MMSCFGD & 3,350
BOPD (c. 6,183 BOEPD) at a flowing well head pressure of c. 500
psig is achievable. Well suspension operations are now complete and
the rig will be demobilized to the UK imminently.
Commenting on this further successful test, Tony O'Reilly, CEO
of Providence said:
"We are very pleased to confirm that the gas zone was far more
productive than we had anticipated. The well lies just 3 km from
installed pipeline infrastructure which may provide a future route
to monetize any surplus Barryroe gas production. It is particularly
pleasing to note that both the oil and gas zones have far exceeded
our pre-drill expectations, both in terms of reservoir development
and more importantly, oil and gas flow rates. I once again wish to
express our thanks to all involved in this testing programme, which
has demonstrated such a substantial cumulative flow rate potential
from this vertical Barryroe appraisal well."
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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