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dana - faucon-1 well operations update

  1. 321 Posts.
    Company Dana Petroleum PLC
    Headline Faucon-1 Well Update
    Released 07:00 13-Dec-05
    Number 5510V


    (“Dana” or “the Company”)

    Faucon-1 Well Operations Update

    Dana Petroleum is pleased to provide an update regarding its continuing operations on the Faucon-1 exploration well in Block 1 offshore Mauritania.

    Since the Company’s last report, the well has been drilled from 11,601 feet (3536m) to the current depth of 12,054 feet (3674m). As drilling has progressed, indications of increasing pressure have resulted in a decision to run a 7 inch liner. This casing string has now been cemented in place and preparations are underway to drill ahead in a 6 inch hole to the planned total depth of around 13,900 feet (4237m).

    An intermediate logging programme was completed over the Upper Cretaceous interval, above 11,601 feet. This included reservoir pressure measurements and reservoir fluid sampling. Initial interpretation of the data collected indicates the presence of two hydrocarbon bearing sandstones, which are some 500 feet apart. The lower sandstone has a gross thickness of approximately 131 feet of which the upper 33 feet contains a hydrocarbon which, based on the data available so far, appears to be a light oil or a liquids rich gas-condensate. The upper sandstone is 13 feet thick and is currently interpreted to be gas bearing. The hydrocarbon fluid composition in both zones will not be finally determined until the downhole pressurised fluid samples recovered from the well have been fully analysed in an onshore laboratory.

    The intermediate interval logged and described above has examined the Cretaceous above a depth of 11,601 feet. There is potential for other sands to be present in the remaining 2,299 feet (701m) or so of section still to be examined as drilling continues down to the planned total depth of 13,900 feet.

    A final interpretation on the overall hydrocarbon column encountered, and hence estimated reservoir volumes, will be made following completion of the drilling and full analysis of all the log data and fluid samples recovered from the well.

    13 December 2005

    For further information please contact:

    Dana Petroleum Plc

    Tom Cross, Chief Executive

    01224 652 400

    Andy Bostock, Technical Director

    01224 652 400

    College Hill Associates

    Nick Elwes / Ben Brewerton

    020 7457 2020


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