Preliminary petrophysical analysis of electric wireline logs acquired over the main Lower Cretaceous target indicates a 484 foot gross hydrocarbon-bearing interval. The reservoir zones are of equivalent age to those encountered in the 50/11-1 & 2 wells, located c. 2.5 km and c. 5 km to the south-west, respectively. Initial analysis of the data suggests an overall improvement in reservoir quality at the 50/11-3 location, with average porosities of 20% within the main hydrocarbon-bearing interval. In addition to the successful appraisal of the accumulation, a number of further exploration objectives were also logged as hydrocarbon bearing in the well. The plan is now to set a string of casing prior to flow testing the well.
Upon completion of drilling operations, the revised* equity ownership in the Hook Head discovery is Providence Resources Plc (Operator) 43.5294%, Challenger Minerals (Celtic Sea) Limited 16.3235%, Dyas BV 16.3235%, Atlantic Petroleum (Ireland) Limited 10.8824%, Forest Gate Resources Inc. 7.5%, Sosina Exploration Limited 5.4412%.
*Subject to Ministerial approval
Commenting on the announcement, Mr. Tony O'Reilly Jnr., Chief Executive said:
"We are delighted with the 50/11-3 well results to date, which appear to confirm the presence of a significant hydrocarbon volume within the Hook Head structure. The partners have now agreed to case the well which will be followed by a flow testing program".
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