Falkland Explorers Confirm Oil Discovery with Isobel Re-Drill

Oil firms exploring around the Falkland Islands in the South Atlantic reported Monday that the re-drill of the Isobel Deep well (No. 14/20-2) has successfully confirmed an oil discovery made at the well in May 2015.

The well, located on license PL004A in the North Falkland Basin, reached a target depth of 9,890 feet and encountered oil-bearing intervals in a number of sandstone reservoirs between 8,400 feet and 9,385 feet, the latter being the base of the Isobel Deep sand, according to operator Premier Oil (which holds a 36-percent interest in the license).

Although the well was principally designed to re-drill the Isobel Deep sands, it was also able to test other sand bodies within the F3 sand system, Falkland Oil & Gas Limited (a partner in the license) said. The well successfully penetrated five separate fans with the complex, including: Isobel Deep, Elaine South, Emily and Irene. All five of these fan systems were found to be oil bearing and no gas was encountered, with total net pay of 89 feet discovered in the Isobel Deep, Isobel and Emily reservoirs. No oil-water contacts have been encountered in the oil-bearing interval.

FOGL added that, while the data so far acquired is still to be fully evaluated and integrated, its initial view is that the Isobel/Elaine complex is likely to contain commercially viable quantities of recoverable oil.

Premier Oil Exploration Director Robin Allan commented in a company statement:

"The results of this well confirm the success of the Isobel Deep 14/20-1 well announced in May last year. We have encountered a substantial oil-bearing interval, which confirms the potential of this part of the North Falkland basin as a standalone discovery. This successful re-drill of the Isobel Deep oil sand along with the additional discovery of new oil-bearing sandstones, is extremely encouraging for the prospectivity of the area with a proven petroleum system and a number of prospects established."

FOGL CEO Tim Bushell added in a separate statement:

"This is an excellent result and completes a highly successful 2015/16 drilling campaign, with three out of four wells making significant oil discoveries. Such an outcome was considerably beyond our pre-drill expectations. Furthermore, the very positive well results in the North Falkland Basin underlines the importance of our decision to acquire Desire Petroleum in 2013 and diversify our exploration risk.

"The merger with Rockhopper is now the natural next step for the company and should see the realisation of shareholder value via the progression of Sea Lion to first oil, the development of surrounding oil discoveries including Isobel/Elaine and further exploration of a number of material untested prospects.

"I look forward to progressing the commercialization of hydrocarbons in the Falkland Islands through my position on the board of Rockhopper and I would like to take this opportunity to thank FOGL staff for all their hard work over the years in getting the business to where it is today and I would also like to thank our shareholders for all their support since we came to the market in 2004."

In a separate statement Rockhopper Exploration CEO Samuel Moody commented:

"Proving oil this far down dip in the Isobel Deep reservoir, in addition to confirming oil-bearing sands at a location so close to the edge of the various other fan bodies, is an outstanding result and hugely increases the likelihood that the Isobel/Elaine complex can become a third phase of development in the North Falkland Basin.

"Having retained the sub-surface lead for exploration once again I would like to congratulate our team on their unparalleled success rate of 10 out of 12 wells in licenses PL004 and PL032 which brings us closer to proving this to be the billion barrel basin that we believe it could be.

"The success is of course even more pleasing following the announced merger with Falkland Oil & Gas which will shortly complete seeing our interest in the license significantly increase to 64 percent."

The 14/20-2 well will now be plugged and abandoned.

 



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