Premier Oil PLC’s Isobel Deep redrill, 14/20-2, has confirmed the oil discovery of the original well in May 2015 (OGJ Online, May 28, 2015). The well, which is on licence PL004A, 30 km south of Sea Lion field, reached TD at 3,014 m encountering oil-bearing intervals in a number of sandstone reservoirs between 2,564-2,861 m (the base of the Isobel Deep sand).
No oil-water contacts were encountered in the gross oil-bearing interval of about 300 m, Premier said. The company will use existing 3D seismic to determine future plans and the extent of the discovered resource. Operations have now been suspended and the well will be plugged as planned. The rig is now moving to the Chatham well location.
Robin Allan, Premier exploration director, noted, “The results of this well confirm the success of the Isobel Deep 14/20-1 well announced in May last year. We have encountered a substantial oil bearing interval, which confirms the potential of this part of the North Falkland basin as a standalone discovery.”
Premier holds a 36% operating interest in the well. Rockhopper Exploration PLC holds 24%, but this will soon increase to 64% once its merger with Falkland Oil & Gas Ltd. is completed at the end of January. Announced in November 2015, the all-share merger was valued at £57.1 million (OGJ Online, Dec. 7, 2015). Once combined, the resulting company will be the largest license holder in the North Falkland Islands, the companies said.