Silverstone Energy Celebrates Promising North Sea Gas Discovery

Silverstone Energy Limited has made another promising North Sea gas discovery. The company estimates the Southern North Sea 49/1714 Lx exploration well contains approximately 50 billion cubic feet of gas in place in a 311 foot gas column in the Rotliegendes sandstone reservoir.

Associated discovered accumulations in adjacent fault blocks increase the estimated Lx B North Field gas in place to more than 120 billion cubic feet of gas.

Silverstone and partners, ConocoPhillips and BP, are reviewing the well results and other technical and commercial information to plan the development of the field.

Silverstone Chief Operating Officer, Steve Horton, said: "In our first year of operations, Silverstone has drilled three discovery wells in the Southern Gas Basin. Our challenge now is to work with our partners and bring these new fields effectively and efficiently onto production."

Silverstone was formed two years ago as a joint venture between the specialist energy focused private equity fund, Lime Rock Partners, and Calgary based independent oil and gas company, Storm Ventures International Inc.

A farm-in agreement with ConocoPhillips and BP covers a selection of exploration opportunities in blocks 49/12a, 49/16, 49/17, 48/20b, 48/25b and 49/21 in the vicinity of the prolific V Fields and Viking Fields. Silverstone hold a number of other Southern and Central North Sea licenses awarded during the 22, 23 and 24 UK Seaward Licensing Rounds.

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