Business
Technical Update
Technical Update.
About this update from Petrel Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2188B Petrel Resources PLC 02 April 2013 \n\n \n \n \n \n \n \n \n2 April 2013 \n \n \nPetrel Resources plc\n(\"Petrel\" or the \"Company\")\nTechnical Update on Irish Atlantic Margin Prospects\n \nPetrel Resources (AIM:PET) is pleased to announce that it has now completed the initial work on its two highly prospective Licencing Options (1,400km2) in the promising and under-explored Porcupine Basin, offshore west Ireland. It is now moving forward in talks with prospective partners. Option 11/4 in the North of the basin covers Blocks 35/23, 35/24 and the western half of 35/25 and the second option 11/6 in the East of the basin covers Blocks 45/6, 45/11 and 45/16. In addition to the previously identified potential on Quad 35,\nQuad 45 (Option 11/6) has the capability to hold several hundred million barrels of in-place oil. \n \nInterest in the Porcupine Basin continues to rise with the nearby ExxonMobil well about to be spudded on the Dunquin prospect. The basin contains known working petroleum systems at Jurassic and Cretaceous levels, with oil/gas shows recorded in most of the 29 exploration wells drilled in previous times. Flows of high API, good quality oil have been recorded from three wells, with condensate flows recorded in a fourth well. Mature source rocks are proven in the Jurassic and are also likely in the Lower Cretaceous. Good quality reservoir sands have been recorded at Jurassic, Early Cretaceous and Early Tertiary levels. \n \nSince award of the Options, the company has purchased additional 2D seismic data, 3D seismic data and well logs to supplement its data base and has carried out further regional seismic mapping integrated with well analysis. Since our last update Petrel has completed further detailed technical programmes, including:\n• The interpretation of 3D seismic data in the south-east part of Quad 35.\n• Acoustic inversion of selected lines to assist in the assessment of the targeted reservoir sections.\n• Detailed internal seismic mapping of two mounded Lower Cretaceous fan features in the Option 11/4 area.\n• Detailed seismic mapping of the Eocene delta in Quad 35 (Option 11/4).\n• Mapping of Lower Cretaceous and Lower Tertiary prospects within Quad 45 (Option 11/6).\n• Progressed the...