Sterling Energy reported that plans to drill the Charlie prospect in May 2008 are well advanced, with a rig contracted and site survey now completed. This prospect has mean case estimated potential recoverable reserves of 21 million bbls with an upside case of 40 million bbls. Sterling estimates that a discovery of approximately 8 million bbls should be commercial here.
In May 2007 the Iris Marin Joint Venture entered into a third exploration term on Iris Marin. A 3D Pre-Stack Depth Migration processing project was completed in March 2007, from which several encouraging prospects were identified, including the Charlie Prospect. An aeromagnetic survey was also acquired at the same time. Regional studies and nearby offset well data predict the presence of excellent reservoir quality sandstones in the area.
A total of 347 km of high resolution 2D seismic data was acquired in January 2008, covering the under-explored shallow water of Iris Marin, close to the large Gamba and Ivinga oil fields. This data is now being processed and will be interpreted to delineate further prospects.
Sterling has exercised its pre-emption rights to increase its interest in the Iris Marin permit from 38.57% to 50%.
Ibekelia Technical Evaluation Agreement
Sterling and its partners are in negotiations to convert the neighboring Ibekelia TEA into a PSC following the successful completion of a technical study over the Ibekelia area. The TEA covers a 673 sq km area which is contiguous with the Gamba and Olowi oil fields and with Sterling's Iris Marin license.
Themis Marin lapsed
The Themis Admiral Marine-1 well was drilled in early January 2008 in 14 days and within budget. The well was abandoned as a dry hole with shows in the predicted thick Gamba sandstone. An analysis of the well results and a review of the remaining prospectivity of the license led the partners to allow the block to expire. Sterling was carried for 18% of its approximately 28% interest.
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