PanCanadian confirms potential of UK Central North Sea discovery

Jul 05, 2001 02:00 AM

PanCanadian Petroleum announced the results of a sidetrack well drilled on its "Buzzard" oil discovery in the UK Central North Sea. All information gathered to date indicates that "Buzzard" has the potential to be a world-class hydrocarbon accumulation, on par with the top tier North Sea oil fields.
The sidetrack from the original well encountered the same high quality hydrocarbon bearing reservoir sands as the original well bore. The discovery well initially encountered more than 250 feet of hydrocarbon bearing sandstone with an average porosity of 24 % and permeability of up to three Darcies. The sidetrack, which encountered the reservoir 4,400 feet to the east of the discovery well, has extended the oil column of the discovery to at least 750 feet. These two wells have established recoverable oil of 200 to 300 mm barrels in this part of the "Buzzard" structure.
"Our mapping indicates that the 'Buzzard' structure covers a large area and is only partially evaluated by the discovery and sidetrack wells," said Gerry Macey, PanCanadian's Executive Vice President Exploration. "Further appraisal drilling of the untested areas has the potential to increase the currently established recoverable oil very significantly." PanCanadian is planning an aggressive appraisal program of "Buzzard" and will drill another two or three appraisal wells starting later this fall.

The original "Buzzard" discovery well, located 100 km northeast of Aberdeen, was drilled in 320 feet of water. During testing, the well flowed at 6,547 bpd of light oil and 0.97 mm cfpd of natural gas on a 36/64th-inch choke. These rates were constrained by the limits of the testing equipment.
The "Buzzard" discovery lies in PanCanadian operated Licence P986, which was awarded to PanCanadian and its partners in the UK 18th Licensing Round in 1998. PanCanadian holds a 45.01 % interest in the licence. Other interest-holders in the licence are Intrepid Energy North Sea (30.00 %); BG Group (19.99 %); and Edinburgh Oil and Gas (5.00 %).

PanCanadian is a premier North American energy company active in the exploration, development, production and marketing of natural gas, crude oil and natural gas liquids. Their core areas are the Western Basin -- encompassing their land in Western Canada and the United States -- the East Coast of Canada, the Gulf of Mexico and the United Kingdom. These areas are complemented by their prospects in Australia, Brazil and Libya.

Source: Stockhouse Media Corp.
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