Gulf Shores Petroleum (UK) Limited, a wholly owned UK subsidiary of Gulf Shores Resources Ltd. provides the following update on the 15/18a-12 (Maria) well.
The well reached total depth of 5,865 feet measured depth (MD) on February 17, 2008 with logging operations completed on February 23, 2008. During drilling operations severe hole problems were encountered, and as a result a neutron density log was not acquired. Preliminary interpretation of logs indicates that a 60 foot hydrocarbon column was encountered in the targeted Lower Forties reservoir, of which 45 feet is interpreted as oil pay and 15 feet is interpreted as gas pay. Reservoir sands are described as excellent quality. A modular formation dynamics testing tool ("MDT") provided samples of both oil and gas in the Lower Forties. The oil/water contact in the 15/18a-12 well appears to be the same as the contact established in the 15/18a-8 well drilled one kilometer away to the south-east, thereby establishing one continuous pool. The Company will integrate well information into geological and geophysical models to determine future operations and commerciality.
Pursuant to the terms of the 15/18a farmin agreement Gulf Shores was required to pay 11.11% of the cost to drill, log, test, and plug and abandon the well to earn an 8.33% interest in Block 15/18a, earning has now occurred. As per the original drilling program filed with BERR the well is being plugged and abandoned and the rig will be released and transported back to Ivergordon, Scotland.
Acquisition of 3-D seismic has commenced in Quad 30. Gulf Shores is paying 20 per cent of the cost of acquiring new 3-D seismic and 13.33 per cent of the cost of drilling a test well to earn a 10-per-cent interest in the 422-square-kilometre (approximately 104,000-acre) block. Recently acquired seismic indicates the block contains several Jurassic and Permian plays. A well drilled into one of the Jurassic plays logged oil before the well was abandoned due to insufficient zone thickness. 3-D seismic on the block indicates that the Jurassic thickens to the northwest of that well. Lundin Petroleum AB is the operator of this project.
As part of its continuous active exploration program in the North Sea, Gulf Shores continues to review other North Sea exploration projects.
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