Noble, Edison enter PL001 in North Falkland basin

Noble Energy Inc. has acquired 75% interest and operatorship of the PL001 license in the North Falkland basin from Argos Resources Ltd.

Edison International SPA has obtained the remaining 25%.

PL001 covers an area of 285,000 gross acres and is northwest of PL032, which includes the Sea Lion oil discovery (OGJ Online, Apr. 2, 2015). Noble Energy and Edison will provide to Argos 5% royalty override from all hydrocarbon development on the license.

In PL001 Noble is initially targeting the Cretaceous-aged stratigraphic trap Rhea prospect, which features multiple reservoir targets and total estimated gross mean unrisked resources of 250 million bbl of oil.

Drilling, slated to begin in the third quarter, will take place in 1,550 ft of water and reach a total depth of 8,760 ft.

Noble's initial operated Falkland Islands prospect, Humpback in the South Falkland basin, is now expected to commence drilling by early May (OGJ Online, Oct. 1, 2014). It’s the first of multiple stacked fan prospects clustered together in the Fitzroy sub-basin.

Humpback has estimated gross mean unrisked resources of 250 million bbl of oil, with the cluster of prospects in the sub-basin totaling 1 billion bbl of oil. The Humpback well lies in 4,170 ft of water and will reach a total depth of 17,550 ft. Noble has 35% interest in the South Falkland basin.

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