Business
Technical Update - Darwin Gas Condensate Discovery
Technical Update - Darwin Gas Condensate Discovery.
About this update from Borders & Southern Petroleum Plc
[{"type":"text","content":"\n \nRNS Number : 7512J Borders & Southern Petroleum plc 17 June 2014 \n\n17 June 2014\n \n \n \n \nBorders & Southern Petroleum plc\n(\"Borders & Southern\" or \"the Company\")\n \nTechnical Update - Darwin Gas Condensate Discovery \n \n \nBorders & Southern (AIM: BOR), a London based independent oil and gas exploration company, is pleased to provide a technical update on its Darwin Gas Condensate Discovery.\n \nIn April 2012 Borders & Southern made a significant gas condensate discovery with its first exploration well in the Falkland Islands. The discovery had a high condensate yield and a good quality reservoir. An initial scoping facilities study proposed an FPSO development, stripping out the liquids and re-injecting the gas back into the reservoir. Our phase 1 reservoir engineering study indicated that a mid case of 200 million barrels of liquids could be recovered from the discovery. Subsequent to this work, the Company has enhanced the seismic data with rock physics information derived from the Darwin East well and undertaken a more detailed phase 2 reservoir engineering study. Additionally, the 2008 seismic data has been reprocessed and merged with the new 2013 3D survey.\n \nThe reprocessing of the 3D seismic has greatly improved the quality of the data. Resolution has been enhanced, amplitude mapping is sharper and fault definition has improved. This new data has confirmed our previous interpretation of the potential distribution of hydrocarbons over Darwin East and West.\n \nThe phase 2 reservoir engineering study used a more detailed geological and petrophysical description of the reservoir, creating a 3D model in Petrel (The phase 1 study had used a simple layer cake model) and incorporated results from a laboratory revaporisation study and analysis from side wall cores. Our new base case model estimates a wet gas in place of 2.6 tcf and the recovered condensate of 263 million barrels (assuming no aquifer support). The increase in recovered condensate from our phase 1 model to the phase 2 model is attributed to improved net pore volume and an improvement in fluid recovery.\n \nThis new base case estimate of recoverable condensate of 263 million barrels is of course dependent on successful appraisal wells. However, this resource assessm...