VNG makes oil and gas discovery at Pil prospect (Norway)

Rocksource ASA has announced an oil and gas discovery in the VNG-operated Pil prospect in PL 586 in the Norwegian Sea.

Rocksource’s preliminary volumetric estimates indicate recoverable resources above the estimated pre-drill range of 20-50 million barrels of oil equivalent.

CEO Chris Spencer said: “We are very pleased with results so far from the Pil well. The discovered resource base, excellent reservoir properties and short tie-back distance to infrastructure, indicate that Pil has all the necessary characteristics to become a commercial development project. Furthermore, there is exciting upside potential, which needs to be further investigated.

Rocksource’s participation in Pil is a result of the new exploration strategy that the company adopted two years ago, and a great endorsement of our team’s ability to follow through on that strategy.”

The 6406/12-3 S well encountered a 226 metre hydrocarbon column, 92 metres of gas and 134 metres of oil in the Rogn formation. Extensive coring and data acquisition has been performed in the reservoir section. Preliminary data indicates good reservoir properties. The well will now be drilled to the planned TD.

The partnership has decided to conduct a production test, and a potential side track into the adjacent Bue prospect is under evaluation.  The well is being drilled using the Transocean Arctic drilling rig.

The PL 586 licence is operated by VNG. Pil is located within tieback distance (33 km) to the producing Njord field. Rocksource, through Rocksource Exploration Norway, holds a 15 percent interest in PL 586. Partners are VNG Norge (Operator) with 30 percent, Spike Exploration 30 percent and Faroe Petroleum 25 percent.

 

 March 06, 2014

 

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