The Northumberland 2 exploration well has been drilled to a measured depth of 3,427 meters with the primary target reservoir, the Waarre sands extending even deeper beyond this point. The well was drilled to schedule and budget and extensive logging has now been completed, including a drill stem test over a 30 meter section.
Detailed results from the well
Commenting on the announcement, Peter Levine, Chairman of President Petroleum Company Holdings BV said, "Interestingly it may be said that the value proposition of the PEL 82 license is greater now than before the drilling of the well, both in terms of increased potential and reduction of risk.
While Northumberland 2 has not made a commercial discovery, the clear identification of hydrocarbons in the system with a significantly thicker than expected reservoir sand, has given encouragement and impetus to move forward with further work on this license. Now that one of the two main questions has been de-risked, our attention is focused on identifying structures with a complete and effective seal and we move forward on this task with some optimism as much of the license has not yet been covered by high resolution seismic.
Now that the two legacy prospects have been drilled, and notwithstanding the important work now continuing on PEL 82, President clearly recognizes the priority of exponentially growing the Company and is very much focused on pursuing acquisition opportunities. President remains in a strong financial position with substantial current net cash balances, and continues to be well funded with the ongoing support of its major shareholder Levine Capital Management. Patient and careful progress is being made in various directions and further announcements will be made as soon as appropriate."
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