6 January 2009 - Breagh Horizontal Well Update
Press Release
For immediate release: 6 January 2009
EnCore Oil plc (‘EnCore’ or ‘the Company’)
Breagh Horizontal Well Update
EnCore Oil plc (LSE: EO.) is pleased to announce the successful drilling of the 42/13-5 high angle pilot hole and 5z horizontal well on Block 42/13 in the United Kingdom North Sea.
The 42/13-5 well was directionally drilled from the same seabed location as the 42/13-3 well drilled during 2007, and encountered the top of the Breagh reservoir approximately 17 feet higher than anticipated. At this point the well bore was angled at 70 degrees and entered the reservoir some 1,700 feet south east of the 42/13-3 well. The 42/13-5 “pilot hole” encountered 165 feet of gas bearing sand (approximately 55 feet vertical thickness) confirming consistency with previous wells and reached a final depth of 8,892 feet measured depth below rotary table (MDBRT).
The pilot hole was then cemented back above the reservoir and the drilling of a 2,500 feet horizontal well (denoted 42/13-5z) commenced. The horizontal well reached a final total depth of 10,746 feet MDBRT on 2 January 2009. The 42/13-5z well drilled a total of circa 1,200 feet of gas bearing sand.
A 7 inch liner has been run and the well will be tested in the next two to three weeks. Following completion of testing, it is planned to suspend the well as a potential development well.
EnCore has a 15 per cent. interest in the licence and the operator, Sterling Resources Limited, has a 45 per cent. interest.
Alan Booth, EnCore's Chief Executive Officer, commented:
“We are very pleased with the progress made so far on this well. It has confirmed the ability to successfully drill a horizontal well within the Breagh reservoir and testing should establish the reservoir performance from a horizontal well. This will give the partnership a better understanding of development options, production profiles and recoverability.”
Peter Williams B.Sc. (Hons.) in Physics and EnCore’s Group Technical Manager, who has over 35 years' engineering experience in the oil exploration and production industry, has reviewed and approved the technical information contained in this announcement.
Click here for a pdf copy of the announcement
For further information, please contact:
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EnCore Oil plc
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Alan Booth, Chief Executive Officer
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+44 (0)20 7224 4546
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Eugene Whyms, Chief Financial Officer
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Aquila Financial Limited
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Peter Reilly
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+44 (0) 118 979 4100
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Hanson Westhouse Limited
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Tim Feather
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+44 (0)113 246 2610
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Matthew Johnson
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KBC Peel Hunt
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Jonathan Marren
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+44 (0)20 7418 8900
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Notes to Editors:
EnCore Oil plc (LSE:EO.) is an oil and gas exploration and production (E&P) company quoted on AIM.
At EnCore, it is not the Company’s aim to build a full cycle E&P company. The principal strategy is to create shareholder value through the successful exploration and appraisal of prospects and discoveries. The Company will seek to monetise or exchange the asset at the appropriate point in its life cycle and return value directly to shareholders wherever possible.
EnCore has an experienced and proven management team, a number of whom were responsible for the discovery of the Buzzard field in the UK North Sea, which currently produces 10 per cent. of the UK’s total oil production.
All EnCore’s commercial and material technical evaluations are undertaken in-house by the EnCore team. This brings both continuity to the management and development of the assets and an ownership that is vital to unearth the best and most creative new ideas and opportunities.
EnCore currently holds a balanced portfolio of interests in licences both on and offshore, primarily focused on the UKCS. This portfolio includes an active drilling programme.
Tuesday, January 06, 2009
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