LONDON, UK - Premier Oil says the semisub Eirik Raude has discovered oil in the Isobel Deep prospect in the North Falkland basin, 30 km (18.6 mi) south of the Sea Lion field.
Well 14/20-1 was drilled to a depth of 8,289 ft (2,526 m), reaching top reservoir 2 m (6.5 ft) higher than prognosis. The bottom 75 ft (23 m) of the well consists of oil-bearing F3 sands.
These sands were at a higher-than-expected reservoir pressure, which resulted in an influx into the well. As part of the operations to remove the influx, oil was recovered from the well, and the characteristics appear similar to Sea Lion’s crude.
According to partner Rockhopper, data collected over the first 12 m (39 ft) of the reservoir along with cuttings data to the base of the well (comprising oil-stained sandstones) also confirm an oil discovery.
Following analysis of the new geological information the partners have decided to suspend operations on the well prior to the planned TD – to date it has penetrated one-third of the mapped thickness at the location.
The rig will be released to drill next in the South Falkland basin.
Premier’s exploration director Andrew Lodge said the discovery had opened a significant play in the previously unexplored southern area of License PL004, demonstrating a trapping mechanism and the presence of moveable oil in the Elaine/Isobel fan complex
As a result, the company partners will review the optimal appraisal program for Elaine/Isobel over the next few weeks.
Tim Bushell, CEO of another partner, Falkland Oil and Gas Ltd (FOGL), said: "Whilst it has not been possible to acquire wireline logs over the F3 reservoir (Isobel Deep), the presence of oi-bearing sands is highly encouraging. FOGL believes these initial results…also, significantly reduce the risk on FOGL's other prospects in the adjacent PL005 license.
"Further operations on the well will be performed when the rig returns to the North Falkland basin after the Humpback well [in the South Falkland basin]. These could include either a side-track from the existing well or a re-drill of the well near to the current location.”