BNP Resources has drilled and cased a well at 5-4-3-20 W4M to a total depth of 2,381m and encountered a significant oil pay column in excess of 30m based on log analysis at a depth of approximately 1300m in the Mississippian horizon.
This is the third well drilled by the Corporation in the Jensen area that has encountered a significant oil pay column. This well and the 2 previously announced Jensen wells drilled to date have all encountered Mississippian light oil and are all BNP 100%. One of the 3 Jensen wells is on production in an optimization (test) phase and has produced approximately 1000 barrels of oil since November 2007.
The second well is currently being equipped for production. The third well is currently being completed. The Corporation has now obtained pressure data from the first two wells. This information, combined with well log data and geologic structural information from all three wells, suggests to the Corporation that all three wells are in a common pool.
Further drilling will be needed to determine the full extent of the pool and additional zones of interest. The next step is to license and drill 6 more wells. Upon successful completion of the 6 well drilling program, a 40-acre spacing infill drilling program will be considered.
In addition, the 5-4 well encountered multiple prospective deep zones below the Mississippian. The first of these deep zones was completed and flowed gas to surface, however it was determined to be uneconomic and therefore this first deep zone was abandoned. Unseasonably warm weather and road bans have delayed further uphole completion work until road access conditions improve.
BNP expects to focus the majority of its resources on developing Jensen in 2008.
BNP continues to tie-in and/or equip a number of wells elsewhere in South Central Alberta, the timing of which will now depend on imminent spring break-up, weather and road ban conditions.
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