MILAN, June 21(Class Editori) — Through VårEnergi, jointly owned by the Italian oil giant Eni (69,85%) and by HiteVision (30,15%), Eni announces a new significant oil and gas discovery in production license PL027 in the Southern North Sea, with the dual branch exploration wildcat Prince (25/8-20 S) and King (25/8-20 B).
After the success reached with the King well, an additional appraisal one(25/8-20 C) has been built in the Paleogene prospect. VårEnergi, the operator, holds a 90% stake of the license and Mime Petroleum is partner with 10%. The exploration well is located in direct reach of existing infrastructure, approximately 6 kilometers North of the Balder field and 3 kilometers West of the Ringhorne platform in a water depth of 128 meters and is considered as commercial discovery.
More specifically, the Prince wildcat well-branch reached a vertical depth of 2,374 meters below sea level and encountered an oil column of about 35 meters in the Triassic Skagerrak formation within good to moderate reservoir sandstones. Wildcat well-branch King, instead, reached a vertical depth of 2,353 meters and discovered a gas column of about 30 meters and a light oil column of about 55 meters with some thick Paleogene injectite sandstone with excellent reservoir properties. Deepening of the well indicated further the lateral continuity of the Triassic Prince Skagerrak discovery in an adjacent fault block towards the Ringhorne Platform.
An additional King appraisal sidetrack further confirmed the lateral extend and connectivity of the Paleogene reservoir sands. The new sidetrack proofed a gas column of about 40 meters and an oil column of about 55 meters. The tow wellswere not formation tested, but extensive data collection and sampling has been performed, which indicates a production potential of approximately 10000 barrels of oil equivalent per day (BOEPD) per well.
Preliminary estimates place the size of the discovery between 220 and 360 Mboe hydrocarbon in place (60-135 million barrels of recoverable oil equivalents), split among Paleogene reservoir (140 and 250 Mboe) and the Triassic Skagerrak reservoir (between 80 and 110 Mboe). There is significant further upside potential in both discoveries to be verified with further exploration and appraisal activity. VårEnergi is evaluating a rapid tie-in to the existing infrastructure of the Balder Ringhorne area to accelerate the exploitation of the Paleogene resources.
After the recently announced discoveries of Isflakin the Barents Sea and ofBlasto and Garatiana West in the Northern North Sea, King/Prince further validates VårEnergi’s successful Infrastructure led exploration strategy also in the Southern North Sea by proofing additional high value resources in the Balder Ringhorne Area, which can potentially be exploited with fast-track solution.
In Norway, VårEnergi has ownership in more than 137 licenses and oil and gas production from 35 fields. The Group operates over the whole Norwegian continental shelf, the Goliat field in the Barents Sea, the Marulk field in the Norwegian Sea and the Balder and Ringhorne fields in the North Sea. Currently, VårEnergi’sproduces approximately 280,000 BOEPD per day. On the Stock Exchange, despite Brent’s rise in price (+0,35% to 73.77 dollars per barrel), Eni’s stake decreased by 0.25% to 10.288 euros.
(Source:Class Editori)
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