Northern announces that as anticipated by Shell France on June 23rd, The Stena Drillmax ICE drillship commenced operations on the GM-ES-2, the second well on the Guyane Maritime permit on Friday 6th July. GM-ES-2 follows up on the Zaedyus oil discovery in late 2011, which encountered 72 metres of net oil pay in two turbidite sand systems successfully proving that the Jubilee play is mirrored across the Atlantic from West Africa.
The potential of this well was indicated by the Chief Executive of Shell France, Patrick Romeo who stated that, “drilling should last three months and Shell hopes to discover a reserve of at least 300 million barrels of oil ” as reported by Dow Jones Newswires. Also, Tullow’s Exploration Director, Angus McCoss was quoted in the New York Times as having said the field could be larger than Jubilee, with 1 billion barrels or more of recoverable oil.
The partner interests in offshore Guyane are:
Shell 45.0% and operator
Tullow 27.5%
Total 25.0%
Northpet Investment 2.5% (Northern owns a 50% equity interest in Northpet Investments)
Derek Musgrove, Managing Director of Northern stated:
“We are pleased to be following up on the highly successful Zaedyus discovery so quickly. Through this project shareholders may benefit from this potentially very high impact event without any great cost exposures. I look forward to updating shareholders on progress.”
In accordance with the AIM Rules – Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Exploration and Technical Director of Northern, Mr. Graham Heard CGeol.
FGS, who has over 35 years experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard.
[mappress] Press Release, July 17, 2012; Image: Stena Drilling