United Oil and Gas released updates for investors today on the Colter appraisal well, in which United holds a 10% interest, being drilled by Corallian Energy in the Wessex Basin.
A number of companies working alongside United on the Colter appraisal well have also released updates, including Andalas Energy , holding 8%, and Reabold Resources , which will soon increase its equity investment into Corallian by £750,000.
The Colter well (98/11a-6) has been drilled as a vertical well, reaching a total depth of 1870m MD in the Sherwood Sandstone. The project builds on a appraisal well drilled by British Gas in 1986 within the Colter Prospect.
The joint venture has begun preparations to side-track the 98/11a-6 well. The side-track will be drilled toward the Sherwood Sandstone target and will take approximately two weeks to complete.
While the well “unexpectedly remained on the southern side of the Colter Prospect bounding fault” it still encountered oil and gas shows over a 9.4 metre interval near the top of the reservoir.
This discovery was separate from the original appraisal target. A petrophysical assessment of the logging-while-drilling data has calculated a net pay of 3 metres. Similar indications of oil and gas were noted by British Gas’ drill in 1983.
United has indicated that a provisional analysis of this new data indicates the two wells may “share a common oil-water-contact having both intersected the down-dip margin of the Colter South prospect.”
Corallian’s most recent assessment of the Colter well, completed prior to drilled, estimated a mean recoverable volume of 15 mmbbls but will be revisited given the new well data.
For more news and updates on: United Oil and Gas , Andalas Energy , Reabold Resources