Entek provided an update on the VR 342 well in the Gulf of Mexico where the Company has a 50% working interest. The well is at 8,480 ft. Measured Depth (7,635 ft. True Vertical Depth) which will be the Total Depth of the well. The well has been deepened after wire-line logging of the primary L1 Sand target where greater than 40 ft. of oil pay has been interpreted.
The Company reported that the L2 Sand has successfully been penetrated by the well with preliminary results suggesting the potential for an additional 10 ft. of oil pay. Oil pay in the L2 sand in the fault block being tested by this well was not previously factored into the reserves calculation for the field. The joint venture will incorporate the results of wire-line logging and sidewall core analysis into mapping of the L2 Sand interval to determine its reserves potential. The L2 Sand will be considered as a completion interval in this well after depletion of the L1 Sand that will be developed first.
Previous gross 3P Reserves potential, established by previous drilling on the block, have been independently evaluated at circa 7.5 MMBO (1P 2.5 MMBO; 2P 4.8 MMBO; 3P 7.5 MMBO) and 9.5 BCFG (1P 3.8 BCFG; 2P 6.3 BCFG; 3P 9.5 BCFG), which did not include any reserves attributed to the L2 Sand in this fault block.
The 7 inch production liner has been run over both the L1 and L2 pay zones, the well has been suspended as a future producer and the rig has left location.
CEO and Managing Director Trent Spry commented, "Our intention was always to drill the current well deep enough to test the L2 sand section in this fault block. The L2 and L3 Sands are the target zones for two new wells (planned for 2012) in the fault blocks to the south of the one we have tested with this first well. In these fault blocks to the south both the L2 and L3 sands have been shown to contain hydrocarbons by previous drilling, as shown on the map above. It is a great result to have potential reserves in the L2 sand in the northern fault block as well. Development planning is now underway."
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