No magic at Presto as well comes up dry

Published on 03-04-2019 09:11:39
Energy Insight: Norway - 03042019 - Feature image

The exploration well Presto in the Norwegian North Sea has encountered good reservoir quality rocks, but, according to the Norwegian Petroleum Directorate, hydrocarbons were not present. UK independent Cairn Energy holds a 30% stake in the Equinor operated PL885 licence. The well was targeting 160mmboe gross mean resources in the Lower Cretaceous Agat sandstones with a secondary objective in shallower stacked channelised turbidite fan complexes in the Upper Cretaceous

Presto was a large stratigraphic trap which was relying on the reservoir sands pinching out to form an effective updip seal, and once the well data has been analysed, we suggest that a lack of seal is the likely cause of failure at this location.

Presto was highlighted in our ‘Exploration Watch: 2019 exploration wells’ report. We do not expect any further results from our highlighted wells over the next couple of months as the ongoing Blackrock well, West of Shetland is expected to take around five months to drill. The next well spud is expected to be the Tullow Oil operated Jethro well offshore Guyana.

Prospect
Region
Operator
Resource estimate*
Estimated spud 2019
Current status
Winx-1
Alaska
88 Energy
400mmbbl
February
Non moveable hydrocarbons
Presto
Norway
Equinor
160mmboe
February
Dry
Blackrock
West of Shetland
Siccar Point
200mmbbl
Q2
Spudded 19/3/19
Jethro
Guyana
Tullow Oil
>100mmbbl
June
Joe
Guyana
Tullow Oil
150mmboe
mid July
Warwick (x2)
West of Shetland
Hurricane Energy
935mmboe
Q2/Q3
Carapa
Guyana
Repsol
>200mmbbl
Q3
Chimera
North Sea
Cairn Energy
154mmboe
Q3
Block 7
Mexico
ENl
200mmboe
Q3
Alom
Mexico
Cairn Energy
140mmboe
Q3
Bitol
Mexico
Cairn Energy
180mmboe
Q3
Velociraptor/Fox
Mongolia
Petro Matad
201/206mmbbl
Q4

Source: Edison Investment Research, *Operator estimate where available
Orinduik JV: Tullow Oil (60% and operator), Total (25%), Eco Atlantic (15%)

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