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Cairn Energy marks sixth successful well for SNE discovery offshore Senegal

VR-1 is located some 5 kilometres away from the prior SNE wells, so it is considered to be a significant step-out.

Offshore oil operations
The next well will be the SNE-6 appraisal

Cairn Energy PLC (LON:CNE) has marked its sixth successful appraisal well for the SNE field in Senegal.

This morning the oiler released the findings of the VR-1 well, which comprised both an appraisal and an exploration target.

The appraisal – the ‘lower’ reservoir – target was confirmed. The well encountered an oil column confirmed with fluid contacts and quality in line with previous well results. Preliminary analysis suggests better and slightly thicker reservoir that previously encountered, meanwhile, oil samples have been recovered for further examination.

VR-1 is located some 5 kilometres away from the prior SNE wells, so it is considered to be a significant step-out. Cairn says the result confirms the predictability of the mapped reservoir over a wide area, which gives confidence to the group’s reservoir engineering models.

A new update to the project’s resource estimates will follow, later this year.

“Resource numbers will be updated later this year following completion of appraisal operations,” said Simon Thomson, Cairn chief executive.

“The drilling programme is currently ahead of schedule and significantly under budget.  We look forward to commencing operations on SNE-6."

The well’s exploration target, meanwhile, was less successful. Cairn confirmed that targeted reservoirs were encountered, but, they were in tight formation at this location and are therefore not deemed commercial.

Cairn told investors that the operations on the SNE-6 well are now due to commence ‘shortly’. That well will be a further appraisal and test of the SNE field, located about 2 kilometres from the original discovery well.

Quick facts: Cairn Energy PLC

Price: 176.3 GBX

LSE:CNE
Market: LSE
Market Cap: £1.04 billion
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