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Falkland oil drillers make significant new discovery with Isobel Deep well

Published: 07:31 28 May 2015 BST

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Appraisal work could involve a side-track or a new well

Premier Oil (LON:PMO) has declared the Isobel Deep exploration as the latest new Falklands oil discovery.

Isobel Deep found around 75 feet of oil bearing reservoir, in the F3 sands. The reservoir was at a higher pressure than anticipated and as a result there was an influx of into the well. 

Oil was recovered to surface, and it was described as being similar to crude from the known Sea Lion discovery.

Falkland Oil & Gas (LON:FOGL) and Rockhopper Exploration (LON:RKH) are partners in the well with 40% and 24% respectively, while operator Premier has 36%.

Isobel Deep is described by Premier as an important ‘play opening’ discovery, as it is located in a previously unexplored area to the south of the Sea Lion field.

An appraisal programme may now be considered for this new area, which may include either a side-track to the existing well or possibly a ‘re-drill’ near the current location. 

In the meantime the Eirik Raude drill rig will be released to the deeper waters of the South Falkland basin, where it will drill the potentially high impact Humpback prospect for FOGL and Noble Energy.

FOGL chief executive Tim Bushell, in a statement, said: "We are delighted by the results of this well. Whilst it has not been possible to acquire wireline logs over the F3 reservoir (Isobel Deep), the presence of oil bearing sands is highly encouraging.

“FOGL believes these initial results open up an exciting new oil play in this part of PL004 and also, significantly reduce the risk on FOGL's other prospects in the adjacent PL005 licence.”

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