Ireland: Results of Petronas’ Midleton well disappointing
Petronas’ exploration well in the Celtic Sea offshore Ireland, which the company is drilling through its subsidiary PSE Kinsale Energy, has been deemed a failure.
According to its partner in the licence, Lansdowne Oil & Gas, drilling has reached target depth at the Midleton exploration well, in the licence SEL 4/07 in the Celtic Sea, and the logging programme has been completed.
PSE Kinsale Energy holds an 80% interest in the licence while Lansdowne holds the remaining 20%.
Designated 49/11-3, the well spudded on July 29, 2015 and reached total vertical depth of 3,480 feet below the rotary table (3,393 feet TVDSS below sea level). The company says that good quality reservoirs were encountered in the Greensand and Upper Wealden formations of the Lower Cretaceous. Some gas was present in the Greensand but the volumes are not considered commercial and the Upper Wealden was water wet. The well will be plugged and abandoned.
The Midleton well was operated by PSE Kinsale Energy using Diamond Offshore Drilling’s Ocean Guardian drilling rig.
Stephen Boldy, Chief Executive of Lansdowne Oil & Gas commented: “The results from the Midleton exploration well are disappointing but we retain substantial resources in the Celtic Sea via our 20% interest in the Barryroe oil field. We will continue to work hard to move forward with this project and to unlock its value for our shareholders.”