EnCore Hits Paydirt at Varadero Prospect

EnCore announced that the Varadero exploration well 28/9-2 has encountered excellent quality hydrocarbon bearing reservoir sandstones at 4,020 feet (1,225 meters) within the targeted Tay Sandstone level.

The well was drilled to a total depth of 5,205 feet (1,586 meters) by the Galaxy II jackup. Initial analysis indicates that the well found a 400-foot (122-meter) hydrocarbon bearing interval with a calculated net pay of 106 feet (32 meters).

Extensive pressure testing and wireline sampling were carried out, suggesting the oil has an API of about 26 degrees. Analysis of the logs suggests that the sands have average porosities of nearly 33%.

The well will be plugged and abandoned, and then the rig will move to the Burgman prospect. Partners on the license include EnCore (operator, 15%), Premier Oil (35%), Wintershall (20%), Nautical Petroleum (15%), and Agora Oil & Gas (15%).

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