The well, located in 3,600 feet (1,100 meters) of water and completed on August 30, 2004, encountered two oil and gas accumulations for a total net pay of 169 feet (52 meters) with oil quality ranging from 27-36 degrees API. Non-associated gas was also encountered in the shallower reservoir. The well, which was not tested, has been plugged and abandoned at a total depth of 12,153 feet (3,607 meters). Further drilling will be carried out to fully appraise the find.
George Kirkland, president of ChevronTexaco Overseas Petroleum, said, "This discovery positions the company for continued growth in the region and further underscores our corporate exploration strategy of focusing on core, high-impact opportunities around the world."
Gary Luquette, President and Managing Director for ChevronTexaco Upstream Europe, said, "We are extremely encouraged by the well results. This is an exciting opportunity and endorses our company's continued commitment to exploration in the Atlantic Margin test area and ongoing investment on the UK Continental Shelf." Luquette also noted that the well was drilled with a strong focus on safety and environmental protection by the "West Navigator" drill ship.
In keeping with ChevronTexaco's strong views on environmental stewardship and habitat integrity, the West Navigator's deepwater Remotely Operated Vehicle was used to obtain high quality scientific information before, during and after drilling operations. A public report will be produced on the findings to contribute to the scientific community's ecological understanding of this little known deep water environment.
Partners in the well are ChevronTexaco as operator with 40%; Statoil with 30%; OMV with 20% and DONG with 10%.
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