Ireland: Lansdowne Provides Seismic Update of its Prospects in North Celtic Sea

Lansdowne Oil & Gas, announces an update of the interpretation of the recently processed 3D seismic surveys acquired in the summer of 2011, over its prospects in the North Celtic Sea, offshore Ireland.

Amergin Prospect

(Standard Exploration Licence 5/08 – part-Blocks 47/25, 48/21 & 22)

Interpretation has been completed and has confirmed the presence of a robust rotated tilted fault block. The primary targets are for oil in the Cretaceous Basal Wealden sands (the reservoir interval currently being appraised in the Barryroe 48/24-10Z well, some 40 km to the east) and the Upper Jurassic sands that are oil bearing in the Helvick Field, some 120 km to the northeast. Two additional targets have also been identified for oil in shallower Cretaceous Wealden sand sequences that are present in nearby wells.

Following the interpretation of the 3D seismic, internal pre-drill probabilistic STOIIP of the Amergin prospect for the Primary targets P50 un-risked case is calculated as 472 MMBO, with potential ultimate recoverable resources estimated internally as 151 MMBO. These figures compare to 212 MMBO and 62 MMBO respectively derived from the older 2D seismic and published in the Competent Person’s Report in February 2011.

In addition the two secondary targets in the Cretaceous Wealden have been estimated to contain P50 un-risked STOIIP of 267 MMBO with potential ultimate recoverable resources of 80 MMBO. No volumes were calculated for these additional Wealden sands in the Competent Person’s Report published in February 2011.

Additional follow-on structures have been identified in the licensed area which could be pursued in the event of a successful test on the Amergin structure.

Midleton Prospect

(Standard Exploration Licence 4/07- part- Blocks 49/11, 12, 17 & 18)

Interpretation has been completed and the 3D seismic has greatly clarified the Midleton structure and extended the closure to the north, resulting in a significant increase in the structure size. The Midleton prospect is a four-way dip closed faulted anticline at the primary Lower Cretaceous “A” Greensand level. This sand is the main reservoir in the nearby Kinsale Head Gasfield and the sole producing reservoir in the nearby Ballycotton Gasfield.

Following the interpretation of the 3D seismic, internal pre-drill probabilistic GIIP of the Midleton prospect for the Lower Cretaceous “A” Greensand P50 un-risked gas case is calculated as 204 bcf, with potential ultimate recoverable gas resources estimated internally as 174 bcf. These figures compare to 75 bcf and 56 bcf respectively derived from the older 2D seismic and published in the Competent Person’s Report in February 2011.

An amplitude anomaly, which Lansdowne considers may be an indicator of gas, has been identified on the 3D seismic at “A” Greensand level and may reduce perceived risk on this prospect ahead of drilling.

A further amplitude anomaly has been identified in the Upper Wealden and this forms a new, secondary target in the prospect. Following the interpretation of the 3D seismic internal pre-drill probabilistic GIIP of the Midleton prospect for the Lower Cretaceous Upper Wealden P50 un-risked gas case is calculated as 126 bcf, with potential ultimate recoverable gas resources estimated internally as 94 bcf. No volumes were calculated for the Upper Wealden in the Competent Person’s Report published in February 2011.

Additional follow-on features have been identified for future drilling in the licensed area in the event of a successful test on Midleton.

Rosscarbery

(Standard Exploration Licence 5/07- part- Blocks 48/17, 48/18, 48/19, 48/22 & 48/24)

Last year’s 3D seismic programme covered the Rosscarbery prospect and also extended over the Galley Head gas discovery, where the 48/18-1 well established gas in the Lower Cretaceous “A” Greensand. A much clearer understanding of this discovery has been gained by mapping the 3D seismic.

Interpretation of the 3D seismic over the main Rosscarbery prospect has confirmed a closure at the eastern end, but the larger feature is now seen to extend westward, out of the area covered by 3D seismic. Interpretation of the Rosscarbery 3D is continuing and a further update will be made once this work is complete.

Farm Out Data Room

A farm-out process has been initiated with the establishment of a data room for industry review. The farm-out process is aimed at seeking a partner(s) to drill commitment wells on the Amergin, Midleton and Rosscarbery prospects as part of Lansdowne’s plans for a three well programme in the North Celtic Sea.

The pre-drill estimates of STOIIP, GIIP and resources are based on the information and interpretations available at time of issue and are made based on Lansdowne’s management probabilistic best estimates alone. There can be no assurance that such estimates will prove to be accurate as future technical evaluations and results, including drilling results, could lead to variations or differ materially from those indicated in this release.

Commenting Steve Boldy, CEO, said:

“We are very pleased with the results of the 3D seismic. We believe we have obtained high quality data sets that have clarified the prospects and reduced the risk prior to drilling. We believe we have an attractive portfolio of opportunities for both oil and gas in the shallow water North Celtic Sea Basin and will now focus upon seeking industry partners to join us for the planned drilling campaign”.

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Subsea World News Staff , February 23, 2012;  Image: Lansdowne