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Falkland Oil and Gas reported poor quality hydrocarbons at Scotia well

LONDON--Falkland Oil and Gas,focused on its license areas to the South and East of the Falkland Islands,reported poor quality hydrocarbons at Scotia exploration well 31/12-01 which it now plans plug and abandon.

Well was drilled to a depth of 5,555 m and penetrated the mid Cretaceous aged reservoir objective on prognosis, encountering strong gas shows. Interpretation of wireline log data indicates that the target interval 4719 m to 4769 m comprises 50 m of hydrocarbon bearing fine grained sandstones and claystones.

Wireline logs indicate that, at this location within Scotia, the sandstones form fairly poor quality reservoir, although some zones have up to 20% porosity. Other thin hydrocarbon bearing sandstones were encountered beneath the main target in the interval 4900 m to 5164 m subsequent evaluation of the main interval using a wireline formation testing tool didn' t flow hydrocarbons, indicating that the reservoir has low permeability. Well was deepened below the main target in order to penetrate and sample Cretaceous aged source rocks.

Scotia well has proven a working hydrocarbon system in the mid Cretaceous Fan play and has also demonstrated that Scotia is a viable stratigraphic trap. It is expected to take 10 days to plug and abandon the well, it is estimated that Company' s cash balance post the 2012 drilling campaign will be $220 million. PGS M/V Ramform Sterling is expected to arrive in the Falklands and start 3D seismic acquisition imminently.

Falkland Oil & Gas is the operator of the well, holding a 40% interest,Noble Energy holds a 35% interest and Edison International, holds the remaining 25% interest.
Under the terms of the farm-out agreements, Falkland Oil & Gas is paying 15% of the costs of this well.

Dow Jones Newswires

11/28/2012

 

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