Silverstone Abandons UKCS Well But Upbeat on Adjoining Vulcan Prospects

Silverstone Energy Limited, a 100% owned subsidiary of Storm Ventures International Inc., today confirmed the abandonment and rig release of the 48/25c-6 well on the Northwest Vulcan prospect in the UKCS sector of the Southern North Sea.

The well was operated by Silverstone (10%) with partners Century Exploration (UK) Limited, (32.5%) Champion Exploration (UK) Limited (32.5%) and Vaalco Energy Inc. (25%).

The well encountered a substantial 265 foot gas column, and in Silverstone's view appears to share a common gas water contact over the extent of the Vulcan Northwest structure (previously tested with wells 48/25a-4 and 48/25b-5) extending east onto Block 48/25b, in which Silverstone holds a 100% interest.

The overall prospect is estimated to contain between 150 and 250 billion cubic feet of gas (25-41.7 million BOE) in place in the tight Upper Leman reservoir.

Silverstone Chief Executive Officer, Matt Brister, said, "Our partnership is disappointed that the 48/25c-6 well did not encounter sufficient reserves to support stand alone commercial development. However, Silverstone are very encouraged that the new technical information gained supports a positive view as to the commerciality of our 100% owned Northwest Vulcan fallow discovery in Block 48/25b adjoining to the east. This may have some synergies with other company operated activity in the immediate area."

Silverstone is currently working towards the development of the Vulcan East discovery in Block 49/21 located 15km southeast of Northwest Vulcan which has 160 billion cubic feet of gas in place. Silverstone has also successfully developed the Victoria gas field in Block 49/17 in 2008.

The 48/25c-6 well was drilled efficiently to 7910 feet by the jackup rig GSF Labrador under a turnkey well management arrangement with ADTI. Following wireline log, MWD and preliminary core analysis evaluation of the Rotliegendes Leman Sandstone reservoir the decision was taken to plug and abandon the well due to the limited gas in place determined on the joint acreage.

Silverstone consider the well an appraisal of the fallow discovery on the adjoining 100% owned land in 48/25b and are reviewing the well results including final core analysis, a detailed petrophysical review and other commercial information before determining commerciality and finalizing the overall development strategy.


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