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.