Premier spuds Zebedee prospect (Falkland Islands)

Falkland Oil and Gas Limited (FOGL) has announced that the 14/15-5 ‘Zebedee’ exploration well, off the Falkland Islands, was spudded, by Premier Oil as operator, on March 6, 2015.

The well is being drilled with Eirik Raude semi-submersible drilling rig that arrived on site a few days earlier.

The well is located on licence PL004b, in which FOGL has a 40% working interest and is to be drilled on the Zebedee prospect. The well will test a total of seven stacked fan bodies with varying geological chances of success, ranging between 10% and 50%. The well is targeting mid case unrisked gross prospective resources based on FOGL management estimates of 281mmboe (112mmboe net to FOGL).

According to FOGL, the well is anticipated to take approximately 30 days to drill. The anticipated well cost net to FOGL is c. $22 million.

Tim Bushell, FOGL CEO, commented:

“I am very pleased to announce the commencement of the 2015 drilling programme. The Zebedee prospect, if successful, will significantly increase the hydrocarbon resources of the Sea Lion field complex within our licence area.”

Rockhopper Exploration, with a 24% working interest in licence PL004b, said that as a result of the various carry arrangements, the total net cash exposure to Rockhopper of the four wells is estimated at approximately US$25 million. No drill stem testing is planned during the campaign.

Rockhopper CEO, Samuel Moody, commented:

“We are very pleased to be drilling again in the North Falkland Basin and to be targeting prospects we first mapped in 2012. This exciting exploration campaign exposes shareholders to a range of prospects and risks which in the case of success will add significantly to the value of the already discovered and appraised Sea Lion field.” 

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