UK: Oil-Bearing Orchid Needs Further Assessment

Trapoil, the independent oil and gas exploration and appraisal company focused on the UK North Sea, has been advised by Summit Petroleum Limited  that operations on the Orchid exploration well have reached their targeted depth.

As previously announced, the 12¼” hole section of the Orchid well bore was re-drilled as a mechanical side-track. The well has reached its target depth of 9,333ft Measured Depth Below Rotary Table (“MDBRT”) or 8,609ft True Vertical Depth Sub Sea (“TVDSS”). The shallow secondary objective Andrew sandstones were not well developed over the top of the structure, but the deeper primary target Chalk zone had over 280ft of good oil shows. 100ft into the reservoir an influx into the wellbore of a small amount of fluid was encountered, which was safely controlled, and reported on the rig site to be oil. MWD logs completed over the Chalk interval confirm at least 50ft of net oil pay with average porosities of 30 per cent. and an average oil saturation of 47 per cent. Further log runs were obtained over this zone but these proved inconclusive as to the quality of the pay zone. Accordingly, following due consultation amongst the partnership group, where there are significant differences in materiality thresholds, the well will now be plugged and abandoned.

Analysis of the well data by Trapoil suggests that the Orchid well has penetrated 64ft of gross oil pay above a 235ft transition zone. Trapoil estimates that based on the current available data there are in place unaudited volumes of approximately 40mmbbls which should potentially provide a commercial reserve. However, a second wellbore will be required to provide conclusive evidence of such potential. The partnership group will now consider their options for potential future additional drilling activities.

The partners in exploration licence P.1556 are Summit (45 per cent., operator), Valiant Exploration Limited (30 per cent.), Atlantic Petroleum UK Limited (10 per cent.) and Trapoil (15 per cent., of which 5 per cent. is carried and 10 per cent. is a paying interest)

[mappress]
Source: Trapoil, May 4, 2012