EnCore Oil says the 48/22b-6 exploration well on the Cirrus prospect has reached total depth and available electric log data indicates that the well has encountered a hydrocarbon column. Analysis of the data indicates that the potential size of the accumulation is currently sub-commercial and therefore the well will be plugged and abandoned following completion of the drilling operations.
Perenco UK Limited is the operator of the block with a 65 percent interest and EnCore holds a 8.3125 percent interest.
Alan Booth, Chief Executive Officer, commented:
"Whilst we are pleased to have encountered a hydrocarbon column with this well, we are disappointed that the current analysis suggests that this is sub-commercial. We look forward to the drilling of the Schull and Breagh prospects, the forthcoming wells in our 2007 multi-well program."
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