Petro River UK Limited, a wholly owned subsidiary of Petro River Oil Corp., has started drilling operations on the Woodburn Forest-1 Well in Larne Basin, Northern Ireland. Initial results are expected in July 2016.
The vertical well will be drilled to a depth of 2,000 meters (approximately 6,500 feet) to test the commercial viability of three conventional sandstone reservoir intervals, the Triassic Sherwood Sandstone, Lower Permian Sandstone, and Carboniferous Sandstones. The P50 Prospective Resources have been estimated by the company’s joint venture partners at 25 million barrels of oil within the Woodburn Forest prospect.
As previously disclosed, Petro River and Horizon Energy Partners LLC collectively acquired a 25% working interest (9% and 16%, respectively), in approximately 130,000 gross acres of both onshore and offshore petroleum licenses in the Larne Basin. The Larne Basin has broad similarities to the Carboniferous sourced East Irish Sea Basin to the southeast, which has produced over 200 million barrels of oil and 4 trillion cubic feet of natural gas.
Stephen Brunner, president of Petro River commented, "Larne Basin remains one of the only Carboniferous basins in Europe that is untested for hydrocarbons."
Brunner continued: "After we reach total depth, our teams will complete a comprehensive subsurface engineering study to fully analyze and evaluate each of the sandstone reservoir intervals. Findings from this well, coupled with new 3-D seismic data to be acquired in the basin over subsurface prospects previously identified by recently collected 2-D seismic data will help define and high-grade potential locations for future wells."
Additional details of the Woodburn Forest-1 Well will be announced as they become available.