Successful Southern North Sea appraisal well

abarrelfullabarrelfull wrote on 02 Jul 2012 11:26
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10th FEB 2009

GDF SUEZ and its license partners, Venture Production Plc and Endeavour Energy UK Limited, are pleased to announce that appraisal well 44/12a-3 has been a success, further extending the Cygnus Gas Field. The ultimate recoverable reserves for the whole field will lead to Cygnus being ranked as one of the more significant Southern North Sea development projects in recent years.

The well is located in the Southern Basin sector of the United Kingdom Continental Shelf, six kilometers East North-East of the previous Cygnus well 44/12a-2. The well was drilled to a total depth of 12,433 feet and tested up to 32 million standard cubic feet per day.

The well has confirmed the presence of gas in both the primary and secondary reservoir intervals. The likely reserves of the secondary reservoir are thought to be in excess of 100 billion cubic feet.

A further appraisal well is planned approximately 8 km northwest of 44/12a-3 immediately following completion of operations on this well.

Commenting on the news, Jean-Marie Dauger, Executive Vice President of GDF SUEZ in charge of Global Gas & LNG said: “This is an excellent result for the project as it confirms a sizeable northwards extension for Cygnus. It also provides a very solid commercial foundation for what is likely to be one of the larger UK Southern North Sea developments in recent years and will make a sizeable impact on the medium term growth target planned for GDF SUEZ.”

Notes:
GDF SUEZ is operator of the P.1055 (Blocks 44/11a, 12a) license with a net equity interest of 38.75%. Venture has a net equity of 48.75% and Endeavour a net equity of 12.5%.
GDF SUEZ E&P UK Ltd, previously GDF Britain Ltd, is a wholly owned oil and gas exploration and production subsidiary of the GDF SUEZ Group, active in the UK.


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