Europa Oil & Gas has provided an update on the drilling plans for the main section of the Hykeham-1 exploration well, located in the PEDL150 license in Lincolnshire.
Europa has signed a contract agreement with British Drilling and Freezing (BDF) for Rig 28 to drill the main section of Hykeham-1. It is anticipated that the well will commence drilling in late 2009 after the rig's next drilling campaign.
Hykeham is a well-defined prospect with clear four-way dip closure and a common spillpoint with the Whisby Oilfield, 1.5km to the northwest. The nearby Caledonian Farm well encountered good oil shows in a 10m thick channel sandstone reservoir, significantly thicker than that seen in the Whisby Oilfield. The target is at a depth of c.1000m and the well is anticipated to take 15-20 days to drill. The well is targeting 10 million barrels of oil in place and is given an in-house risk assessment of a 1 in 3 chance of success. Europa holds a 75% interest in the PEDL 150 license, which also includes the West Whisby Prospect.
Paul Barrett, Managing director of Europa, said, "We are very excited about drilling this well and regard it as having a very good chance of containing commercial hydrocarbons If successful, this well will double our reserves base and can be in production and generating revenue in a very short time."
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