COPL to Abandon Bluebell Exploration Well

Canadian Overseas Petroleum Limited announces that drilling in the Bluebell exploration prospectmthat spans Blocks 15/24c and 15/25f in the UK Central North Sea did not encounter any commercial volumes of hydrocarbons.

Seismic AVO analysis suggested that one of two situations would be encountered with this well: either an oil-bearing sand with normal porosity or a water-bearing sand with higher than normal porosity. The 15/24c-10 well encountered a thick sand that had higher than predicted porosity and was water-bearing with only minor hydrocarbon shows. The well is currently being plugged and will be abandoned. The well, operated by Premier Oil plc, was originally estimated to take approximately 30 days to drill but because of favourable weather and drilling conditions, the time was significantly shorter, thus resulting in lower than budgeted costs.

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Offshore Nieuws Staff, March 09, 2012