Borders & Southern Petroleum plc Stebbing Well Results (7086H)
16 July 2012 - 4:43PM
UK Regulatory
TIDMBOR
RNS Number : 7086H
Borders & Southern Petroleum plc
16 July 2012
16 July 2012
Borders & Southern Petroleum plc
("Borders & Southern" or "the Company")
61/25-1 (Stebbing) Well Results
Borders & Southern (AIM: BOR) reports results from its
Stebbing well.
Well 61/25-1 was drilled to a total measured depth of 3060m
(true vertical depth of 3011m). The well penetrated the upper
Tertiary target on prognosis but was unable to reach lower targets
due to anomalous pressure conditions. The lower targets remain
unevaluated.
The well encountered very strong gas shows (C1 to C5) whilst
drilling the Tertiary section. Petrophysical analysis of the
wireline logs suggest an interval (2500m to 2651m) of thin bedded
siltstones and claystones with a net to gross of 36% and an average
porosity of 19%. Due to the thin bedded character of this sequence
it was not possible to obtain a clear indication of the fluid type
or saturation. The geophysical anomalies identified on seismic are
coincident with this zone containing hydrocarbons. Our initial
assessment is that this upper target is unlikely to be commercial
although further technical evaluation is required.
Strong gas shows continued below the upper target. However,
progress was slow due to lost circulation and well flows which
occurred in consecutive hole sections. Several of these flows
contained gas. On each occasion the well was successfully
controlled but it became necessary to set additional strings of
casing, using the contingency casing considered in the well design.
In the final 6" hole section, the fluid pressures continued to rise
giving further well flows and it became impossible to continue
drilling whilst maintaining well integrity. A decision was
therefore made to cease drilling.
It is very disappointing not to have reached all the potential
reservoir targets in this well. The geological and engineering data
will now be reviewed in detail in order to understand the
complexities of this prospect.
The Company now intends to plug and abandon the well in line
with regulatory requirements and assign the rig to Falkland Oil and
Gas. An announcement will be made once this has been completed.
Fluid samples from the Darwin discovery are undergoing analysis
in the lab and the results are on track to meet the previously
reported 10 week timeframe.
For further information please visit www.bordersandsouthern.com
or contact:
Howard Obee, Chief Executive
Borders & Southern Petroleum plc
Tel: 020 7661 9348
Katherine Roe
Panmure Gordon (UK) Limited
Tel: 020 7459 3600
Simon Hudson / Kelsey Traynor
Tavistock Communications
Tel: 020 7920 3150
Notes:
Borders & Southern Petroleum plc is an oil & gas
exploration company listed on the London Stock Exchange AIM (BOR).
The Company operates and has a 100% interest in five Production
Licences in the South Falkland Basin covering an area of nearly
20,000 square kilometres. The Company has acquired 2,862 km of 2D
seismic, 1,492 square kilometres of 3D seismic and drilled two
exploration wells.
This statement has been reviewed, verified and approved by Dr
Howard Obee, (a petroleum geologist with 25 years relevant
experience, Fellow of the Geological Society and member of the
American Association of Petroleum Geologists and the Petroleum
Exploration Society of Great Britain), in accordance with the
Guidance Note for Mining, Oil and Gas Companies issued by the
London Stock Exchange in respect of AIM companies.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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