Rocksource's Ivory disappoints

December 2, 2014

Rocksource said it encountered a thick well-developed basin floor fan sand with a gas-accumulation at the top in the Kvitnos target in the PL 528 Ivory exploration well in the Norwegian Sea.

In the deeper Lysing target, the well penetrated a poorer than expected water-bearing sand. At this stage, it is not possible to determine if the gas discovery is economically recoverable.

The primary objective of the Ivory well was to prove the presence of hydrocarbons in the Kvitnos formation sandstones, with a secondary target in the deeper Lysing formation. Extensive data acquisition has been performed including cores, wireline logs, fluid samples and VSP.

The discovered hydrocarbon column in the Kvitnos formation is estimated at the well location to be 12m total vertical depth, thinner than pre-drill estimates. Preliminary Rocksource volume estimates indicate a resource base below the pre-drill low case estimate of 280Bcf of gas.

The partnership will now evaluate the results with respect to commerciality and remaining prospectivity of the license. The exploration well was drilled to a total depth of 4264m below sea level. The well, being drilled by the West Navigator drill ship, will now be permanently plugged and abandoned.

The Ivory prospect is located approximately 20km northeast of the Statoil-operated Aasta Hansteen field development in the Norwegian Sea.

Centrica is the operator of PL 258 with 40%, with partners Rocksource Exploration Norway (10%), Statoil (25% pending government approval), Wintershall (10% pending government approval) Atlantic Petroleum Norge (9% pending government approval) and Repsol (6%).



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