Gas Discovery at Ivory Well Inconclusive

Norwegian independent explorer Rocksource reported Tuesday that the Ivory exploration well on production license 528 in the Norwegian Sea has discovered a gas accumulation at the top of its Kvitnos target, but that it was not possible to determine if the gas discovery is economically recoverable.

The primary objective of the Ivory well was to prove the presence of hydrocarbons in the Kvitnos formation sandstones, with a secondary target in the deeper Lysing formation. Rocksource said that extensive data acquisition has been performed, including cores, wireline logs, fluid samples and VSP. The discovered hydrocarbon column in the Kvitnos formation is estimated at the well location to be 39 feet total vertical depth, thinner than pre-drill estimates.

In the Lysing formation secondary target the well penetrated a poorer-than-expected water-bearing sand.

Rocksource said its preliminary volume estimates indicate a resource base below the pre-drill low-case estimate of 280 billion cubic feet of gas.

The Ivory prospect is located some 13 miles northeast of the Statoil-operated Aasta Hansteen field development. Rocksource holds a 10-percent interest in PL528, with partners including operator Centrica (40 percent), Statoil (25 percent), Wintershall (10 percent), Atlantic Petroleum (nine percent) and Repsol (six percent).



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