Rocksource to start drilling targeting the Breiflabb prospect
Rocksource ASA (“Rocksource” or “company”, OSE: RGT) today announces that the partnership in PL 416 in block 31/8 on the Norwegian Continental Shelf (NCS) has decided to move forward to drill a firm well targeting the "Breiflabb" prospect.
The sanctioned well is estimated to be drilled in May 2011 with the drilling unit Borgland Dolphin. Rocksource has swapped the company’s rig slot in 2011 with an E.ON Ruhrgas' slot in 2012, to secure an earlier drill date. Rocksource independently estimates the primary target at the “Breiflabb” prospect to contain mean recoverable resources amounting to 170 million barrels of oil equivalents. Rocksource estimates the chance of success to be 44 per cent. Both risk and volumetric estimates have been high-graded based upon additional information provided by the integrated EM data evaluation.
Block 31/8 lies within the Stord Basin and is located approximately 30 km southwest of the Troll Field. The ”Breiflabb” prospect is a fault controlled, structural trap with potential for multiple vertically-stacked reservoir intervals. The main reservoir potential is related to the shallow-marine sandstones of the Upper Jurassic Sognefjord Formation. Additional, deeper reservoir potential may be found in the underlying Lower – Middle Jurassic Brent and Dunlin Groups. The main prospect risk is associated with source and migration.
The PL 416 partnership consists of E.ON Ruhrgas (Operator, 50%), Rocksource (35%) and Det norske oljeselskap ASA (15%).