Barryroe Update (0645D)
May 10 2012 - 5:01AM
UK Regulatory
TIDMSLE
RNS Number : 0645D
San Leon Energy PLC
10 May 2012
10 May 2012
San Leon Energy Plc
("San Leon" or the "Company")
Barryroe 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")
of the technical update by Providence on the Barryroe Seismic
Inversion Study. 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 SEISMIC INVERSION STUDY CONFIRMS SIGNIFICANT AREAL
RESERVOIR POTENTIAL
-- MODELLING CONFIRMS THE BASAL HYDROCARBON BEARING SANDSTONE
PACKAGE IS DIRECTLY MAPPABLE FROM SEISMIC DATA
-- SEISMIC DATA REVIEW INDICATES THE RESERVOIR IS WIDELY DEVELOPED IN THE BARRYROE AREA
Providence Resources P.l.c., ("Providence") the Irish oil and
gas exploration and production company, whose shares are quoted in
London (AIM) and Dublin (ESM), is pleased to provide a technical
update on the Barryroe oil discovery in the North Celtic Sea Basin,
offshore Ireland. Providence (80%) operates Barryroe on behalf of
its partner Lansdowne Oil and Gas plc. The area lies in c. 100
metre water depth and is c. 50 km off the south coast of
Ireland.
In March 2012, Providence announced the successful flow testing
of both oil and gas from the 48/24-10z appraisal well (see RNS of
March 15th and March 23rd, respectively). This 48/24-10z well was
the 2nd well to be tested in the basal sands and the 6th well to be
drilled on the Barryroe oil discovery, in which all wells have
successfully logged hydrocarbons. In addition to carrying out
comprehensive flow testing, significant data acquisition was also
carried out utilising modern wire-line equipment. The objective of
the 48/24-10z appraisal well was to capture the most comprehensive
amount of data that could be used in conjunction with the data from
the 5 previously drilled wells (most of which were drilled in the
1970's, and one was drilled in 1990) as well as the 3D data from
the 2011 seismic programme.
The newly acquired wire-line log data have now been used to
evaluate the potential to directly map the hydrocarbon bearing
basal reservoir sands, which were successfully tested in the most
recent Barryroe 48/24-10z well. Geokinetics, a US based seismic
processing company, has carried out an evaluation of the seismic
response of the main basal hydrocarbon bearing reservoir interval.
This modeling has confirmed that the basal reservoir sandstone
package has a defined seismic response which can be detected
clearly within the inverted 3D seismic volume. A preliminary review
of the inverted 3D seismic volume indicates that the reservoir
sequence is widely developed in the Barryroe area. Detailed
interpretation of the inverted seismic data has now commenced and
will be used to better define the static oil in place estimates for
the Barryroe accumulation. The results from this work are expected
later this summer.
Speaking today, John O'Sullivan, Technical Director of
Providence said,
"The results of the most recent seismic modeling and inversion
are exceptionally encouraging as they confirm our ability to
seismically image the Barryroe basal sandstone package, which
tested at such great rates in the recent well. This materially
helps in the mapping of the Barryroe licence area. The preliminary
work also confirms that the reservoir is widely developed, which is
very positive both in terms of incremental resource potential as
well as our ability to accurately assess its distribution."
-ENDS-
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
Qualified person
John Buggenhagen, who has reviewed this update, has over 15
years experience in the oil & gas industry. He has a Ph.D. and
M.Sc. in Geophysics from the University of Wyoming and a B.Sc. in
Geophysics from the University of Arizona. He is currently the
Director of Exploration for the San Leon Energy Group and based in
San Leon's Warsaw office in Poland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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