New exploration success for Agora in UK
The Stavanger based oil company Agora Oil & Gas AS announces today, January 4th, that its wholly owned subsidiary Agora Oil & Gas (UK) Limited, has participated in the drilling of the Varadero exploration well 28/9-2, located in UK Central North Sea. The well was drilled to a total depth of 5205 feet (1586 metres) after having encountered hydrocarbon-bearing Eocene sandstones of excellent reservoir quality at a depth of 4020 feet (1225 metres).
Initial analysis indicates the discovery of a 430 feet (131 metres) hydrocarbon-bearing sandstone interval with a net pay of 106 feet (32 metres). Extensive wireline sampling and pressure testing of the hydrocarbon-bearing zones have been carried out and suggest the oil has an API of approximately 26 degrees.
The well will now be plugged and abandoned and the Galaxy II rig will be moved to the Burgman Prospect in the same block. Subject to any weather or operational delays, the rig will arrive at the Burgman prospect location by next week.
“This is a very promising result that adds significantly to the volumes already discovered in the Catcher and Catcher East accumulations”, says Svein Ilebekk, CEO in Agora Oil & Gas AS. ”After drilling the successful Varadero Well we are looking forward to drilling an additional exploration well on the Burgman Prospect during the next few weeks. Agora believes that information from the Varadero Well has significantly de-risked additional Palaeocene prospectivity immediately to the west of the current well”, says Svein Ilebekk.
“Agora thanks Encore Oil plc for a highly efficient operation to date, and is looking forward to working further with the P1430 partnership in both exploring for additional volumes and in moving the existing discoveries towards first oil.” says Svein Ilebekk.
The P1430 license group comprises Encore Petroleum Limited (Operator, 15%), Premier Oil UK Limited (35%), Wintershall (UK North Sea) Limited (20%) and Nautical Petroleum plc (15%) and Agora Oil & Gas (UK) Limited (15%).