Business
Offer of New UK Offshore Licences
Offer of New UK Offshore Licences.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1391B Andalas Energy And Power PLC 05 June 2019 \n\n5 June 2019\nAndalas Energy and Power Plc \n('Andalas' or the 'Company')\nOffer of New UK Offshore Licences\n \nAndalas Energy and Power Plc (AIM: ADL) is pleased to report that the Oil and Gas Authority has announced offers of awards for the UK's Frontier 31st Offshore Licensing Round and that Andalas and its partners in the Colter joint venture have been successful in their application.\n \nCorallian Energy Limited, the licence administrator, together with its partners, Andalas, UOG Colter, Baron Oil and Corfe Energy have been offered Blocks 98/11b and 98/12 in the English Channel. Andalas has earnt the right to an 8% interest in the blocks through its Farm-In agreement with Corallian. The blocks are contiguous with acreage currently held by the P1918 Joint Venture (Block 98/11a containing the Colter South discovery in which Andalas has an 8% interest); PEDL330 and PEDL345. Andalas participates via its wholly owned subsidiary, Resolute Oil and Gas Limited.\nBlock 98/12 contains the eastern portion of the Colter South discovery, a rotated fault block with Sherwood Sandstone reservoir which was drilled in a downdip position by well 98/11-1 in 1983, and recently confirmed as a discovery by the Corallian operated 98/11a-6 Colter appraisal well. This well encountered 9 metres of gross oil pay in Sherwood Sandstone and the prospect contains an estimated mean recoverable volume of 15mmbbls prospective resource, 30% of which is located on Block 98/12. Block 98/12 also contains the Ballard Point East Prospect which is a structural high mapped at Penarth level, along strike from the Ballard Point discovery. The prospective reservoir is Sherwood Sandstone.\nBlock 98/11b contains the Ballard Point discovery which was drilled by Gas Council Exploration in 1984. Well 98/11-2 flowed 9.6 million standard cubic feet of gas per day with 170 barrels of 45oAPI condensate from Triassic Sherwood Sandstone. The appraisal well 98/11-4,4Z drilled in 1987 tested oil at low rates (c.180 bopd equivalent) from just above the oil-water contact in the Sherwood, and gas at low rates (25,000 - 50,000 scfg/d) also from the Sherwood. This well appears to share the same fluid contacts as 98/11-2. Block 98/11b also contains the offshore portion of the Purbeck Prospect which comp...