Barryroe Update (8522F)
June 21 2012 - 4:11AM
UK Regulatory
TIDMSLE
RNS Number : 8522F
San Leon Energy PLC
21 June 2012
21 June 2012
San Leon Energy Plc
("San Leon" or the "Company")
Barryroe Update
San Leon, the specialist 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 oil discovery
in the North Celtic Sea Basin, offshore Ireland. 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 TECHNICAL UPDATE
-- RESERVOIR CORE ANALYSIS COMPLETED
-- PERMEABILITIES IN BASAL OIL BEARING RESERVOIR INTERVAL EXCEED EXPECTATIONS
-- GOOD PERMEABILITIES ALSO CONFIRMED IN SECONDARY LOGGED HYDROCARBON BEARING SAND
-- CONFIRMATION OF MARINE INFLUENCE IN LOWER PART OF WEALDEN DEPOSITIONAL SETTING
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 further
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. 100m water depth and is c. 50 km off the south coast of
Ireland.
Permeability analysis of side wall cores carried out by Corelab
over the basal oil bearing interval in the recent 48/24-10z
Barryroe appraisal well has now been completed. These analyses have
confirmed average reservoir permeability in the basal oil bearing
reservoir sands of c. 600 mD, confirming the high productivity
nature of this reservoir interval as observed during well testing
operations. In addition, analysis of cores from overlying secondary
reservoir sands, which were logged as hydrocarbon bearing in the
48/24-10z well, has demonstrated permeabilities of up to c. 100 mD.
These secondary sands are thinly developed at the 10z well location
but they thicken significantly to the west, where previous logging
by a previous operator shows porosities of up to c. 30% (ref.
Esso-operated 48/23-1 Barryroe well.)
Third party micro-paleontological studies have now revealed the
presence of a significant marine flooding surface within the lower
part of the Wealden section, confirming that the environment of
deposition had more of a marine influence than previously
considered. Log motif analysis also shows that the deposition of
the basal oil bearing sand may have been in a distributary channel
setting as part of a broad delta plain which would support the
evidence of marine influence.
Speaking today, John O'Sullivan, Technical Director of
Providence said,
"It is pleasing to note that the post well analysis from
Barryroe keeps on getting better. The results of the sidewall core
analysis are very positive as they confirm the high productivity
nature of the main oil bearing basal reservoir interval. The
permeability data from the overlying secondary reservoirs is
welcome news as previously we had no information as to their
potential productivity. These sands are now likely to add further
resource potential to Barryroe. The evidence for marine influence
in the lower part of the Wealden is consistent with the previous
Esso-Marathon core analysis, which suggested the basal reservoir
interval to have been deposited in a delta plain setting. With the
completion of these post well studies, in conjunction with all the
other post well works that have now been carried out, we look
forward to providing a revised resource update for Barryroe later
this summer."
-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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