Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Revus Energy (OSL:REVUS) Revus Energy ASA announces that well 210/29a-4 has encountered an oil column in excess of 110ft (34m) with no observed oil-water contact, in an Upper Jurassic sequence below 9,450ft (MDRT) containing 25ft (8m) of sandstones with log porosity exceeding 20% and showing high oil saturations. Although the well will not be flow tested, an extensive pressure test measurement programme and the collection of oil samples through a Modular Formation Tester (MDT) logging tool, suggest good reservoir mobility and therefore promising productive potential. The well will be suspended providing the group the option to re-enter, side-track, flow test, at a later date, once the data-set collected has been evaluated for potential resource size and commercial options.
Harold Vabo CEO of Revus commented: "The results of the Cladhan well are very pleasing in that a new stratigraphically controlled play has been de-risked in this lightly explored part of the Northern North Sea. We look forward to following up the potential once the results are incorporated in our evaluation. Suspending the well provides us with a series of cost -effective forward options."
Well 210/29a-4 was drilled to target a seismic amplitude-driven Upper Jurassic anomaly, down-dip and eastwards from the East Shetland Platform. The well, in 535ft(163m) water depth using Transocean's 704 semi-submersible rig, was spudded on 15th October 2008 and reached a total measured depth of 9,735ft (2,967m) on 12th November 2008. Services for the well were provided by Advanced Drilling Technology International (ADTI).
The co-ventures in UKCS licence p1064 which includes block 210/29a are Sterling Resources (UK) LTD (Operator, 39.9%), Revus Energy (UK North Sea) Limited 33.5%, Encore Petroleum Limited (16.6%) and Dyas (UK Limited (10%)
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
