Cairn Energy PLC FAN South-1 well result (6468K)
11 July 2017 - 4:00PM
UK Regulatory
TIDMCNE
RNS Number : 6468K
Cairn Energy PLC
11 July 2017
EMBARGOED FOR RELEASE AT 7AM 11 July 2017
CAIRN ENERGY PLC ("Cairn" or "the Company")
FAN South-1 well result
SNE North exploration prospect
Cairn announces the results of the FAN South-1 well in the South
Fan prospect offshore Senegal. The Stena DrillMAX drill ship
performance continues to be excellent and operations have been
safely and successfully completed ahead of schedule and under
budget following drilling and wire line logging operations.
The well encountered hydrocarbon bearing reservoir (Lower
Cretaceous) and oil samples were obtained. Preliminary analysis
indicates 31deg API oil quality. Further work is being undertaken
to integrate this discovery with FAN-1 to establish the potential
commerciality of the deep water, basinal resource seen in these two
wells.
FAN South-1 is located in 2,175 metres (m) water depth, 90
kilometres (km) offshore in the Sangomar Deep Offshore block and 30
km south west of the FAN-1 exploration well. The well reached Total
Depth of 5,343m, targeting dual prospects: an Upper Cretaceous
stacked multi-layer channelised turbidite fan prospect and a Lower
Cretaceous base of slope turbidite fan prospect, similar to the
FAN-1 oil discovery in 2014. FAN South -1 is being plugged and
abandoned.
The rig is now moving location to commence operations at the SNE
North exploration prospect, 15 km north of the SNE-1 discovery well
and the most northerly location yet tested, on trend with the
highly successful SNE field. SNE North is targeting a prospective
volume of more than 80 mmbbls of total resource in multiple
objectives. The well is located in 900m water depth and the
projected total depth of the well is 2,800m.
Simon Thomson, CEO of Cairn Energy PLC said:
"FAN South is our tenth well in Senegal in the last three years
and our second well to encounter oil in the deep portion of the
basin, adjacent to the FAN discovery.
The results of FAN South will be integrated with FAN-1 and SNE
to help the joint venture's ongoing evaluation of the large, deep
water basin potential offshore Senegal.
As planning for the phased development of the SNE field moves
ahead, we will shortly commence operations on the SNE North
prospect which has the potential to enhance our total resources in
Senegal."
http://www.rns-pdf.londonstockexchange.com/rns/6468K_1-2017-7-10.pdf
Enquiries to:
Analysts / Investors
David Nisbet, Corporate Affairs Tel: 0131 475 3000
Media
Linda Bain, Corporate Affairs Tel: 0131 475 3000
Cairn Energy PLC
Patrick Handley, David Litterick Tel: 0207 404 5959
Brunswick Group LLP
NOTES TO EDITORS
The JV has drilled ten wells in three years; with two basin
opening discoveries in 2014, followed by four wells completed in
2016 ahead of schedule and under budget. Cairn then announced a
contingent resource upgrade with gross oil in place on SNE of more
than 2.7 billion barrels.
The third phase of drilling commenced in January 2017 with
further evaluation of both the SNE and FAN discoveries; SNE-5
appraisal well, VR-1 exploration and appraisal well, SNE-6
appraisal well, FAN South-1 exploration well and to follow, SNE
North exploration well.
Cairn has a 40% Working Interest (WI) in three blocks offshore
Senegal (Sangomar Deep, Sangomar Offshore and Rufisque), Woodside
has 35% WI, FAR Ltd 15% WI and PETROSEN, the national oil company
of Senegal 10% WI.
Cairn is one of Europe's leading independent oil and gas
exploration and development companies and is listed on the London
Stock Exchange. Cairn has discovered and developed oil and gas
reserves in a variety of locations around the world.
Cairn's business operations are focused on frontier exploration
acreage in North West Europe, North West Africa and the North
Atlantic, underpinned by interests in development assets in the
North Sea. Cairn has its headquarters in Edinburgh, Scotland
supported by operational offices in London, Norway and Senegal.
Cairn and Corporate Responsibility
Ø Cairn is a signatory to the UN Global Compact and our core
values of respect, responsibility, relationships and our
commitments towards people, the environment and society are
enshrined in our Business Principles, which are available on the
Cairn website at
http://www.cairnenergy.com/index.asp?pageid=282
Ø Cairn became a participating company in the Extractive
Industry Transparency Initiative (EITI) in September 2013. The EITI
is a coalition of governments, companies and civil society, who
have adopted a multi-stakeholder approach to applying the EITI
global standard promoting transparency of payments in the oil, gas
and mining sectors http://eiti.org/
For further information on Cairn please see:
www.cairnenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
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