FAR 0.00% 1.7¢ far limited

sinapa oil wells

  1. 1,506 Posts.
    lightbulb Created with Sketch. 20
    i've pasted below an article I managed to Google.

    20 April - Sinapa Well
    Premier announces the completion of the Sinapa-2, 2ST well, located offshore Guinea Bissau in West Africa, which is being plugged and abandoned as an oil discovery.
    The Sinapa-2 well has gone some way to defining reserves in the Sinapa diapir prospect, however reservoir quality and structuring issues will need to be thoroughly appraised and understood through further seismic and later drilling before any declaration of commerciality can be made.
    The results of this well have significantly reduced the risks of the salt diapir flank play in Guinea Bissau. Premier's acreage in blocks 2, 4a and 5a includes a number of similar diapir structures that have the same play elements controlling hydrocarbon occurrence. Premier are currently beginning the evaluation of the data from the new well, and anticipate a future programme that will include new 3D seismic acquisition followed by exploration and appraisal drilling.
    Charles Jamieson, Chief Executive of Premier, said:
    "The results of the Sinapa-2 well are encouraging for further exploration of our extensive acreage in Guinea Bissau now that the potential of the salt diapir play has been clearly proven. But it is too early to say whether the well has succeeded in discovering commercial quantities of oil in this particular prospect."
    20 April 2004
    Premier Oil Plc
    020 7730 1111
    Charles Jamieson
    John van der Welle
    College Hill
    020 7457 2020
    Jim Joseph
    Nick Elwes
    Background For Editors:
    Premier Oil plc is a leading independent oil and gas company with producing interests in the UK, Indonesia, and Pakistan. Exploration and appraisal is ongoing in the UK, Indonesia, Philippines, West Africa (Mauritania, Guinea Bissau and Gabon) and South Asia (Pakistan and India).
    The Sinapa-2 well commenced drilling on 15th February 2004. The pre-drill objective of the well was to drill vertically down the side of a salt column (diapir) and establish the presence of effective reservoir, hydrocarbon charge and trap in sediments flanking the diapir. Evidence for the existence of these trap elements would be encouraging not only for the Sinapa prospect itself, but also for the prospectivity of several adjacent untested diapir prospects held by Premier. The exploration plan was to determine the precise depth of the Albian reservoir sequence, and thereafter, if the reservoir sequence was found, to drill a sidetrack well towards the salt diapir to evaluate the best trap location.
    The Sinapa-2 well was drilled to a total depth of 3657 metres (Measured Depth Below Rotary Table), penetrating a thick Albian sequence from 3131 metres to target depth. The Albian at this location is broadly divided into an Upper sand unit, a Middle mudstone prone unit and a Lower sand unit. The Upper sand unit is approximately 90 metres thick within which are low quality oil-bearing sandstones comprising around 25% of the unit. Two samples of oil were recovered (initial tests suggest the oil is high quality, around 35 degrees API). The Lower sand unit is over 250 metres thick and contains better quality sandstones but is water-bearing at this location.
    On finding the prognosed reservoir sequence, the well was then sidetracked towards the salt diapir, kicking off at 1400 metres and penetrating a 326 metres thick Albian sequence in a significantly up-dip position from 2924 metres to 3250 metres, and finally reaching TD in the salt diapir at 3366 metres. The Albian at this location is again broadly divided into an Upper sand unit, a Middle mudstone unit and a Lower sand unit. The Upper sand unit is approximately 34 metres thick with 60% being oil-bearing and from which another sample of oil was recovered. The Lower sand is over 150 metres thick and is water bearing.
    Pressure and structural data suggest that the oil column in the sidetrack well is in pressure communication with the oil column in the original well, defining a potential oil column in excess of 500 metres within these steeply dipping beds flanking the salt diapir.
    Premier is operator and currently has a 60% interest in Blocks 2, 4A & 5A (Sinapa and Esperanca blocks) subject to the following rights:
    The Government of Guinea Bissau has the right to back in to 30% equity on commercial discovery through the state oil company Petroguin on the Sinapa/Esperanca licenses.
    Premier has granted Fusion Oil & Gas (subsidiary of Sterling Energy plc) the right to receive a 5% paying interest from Premier's interest in Block 2 (the Sinapa block) and in Blocks 4A and 5A (the Esperanca blocks), these rights to be exercised within 60 days of completion of the drilling of one well on each block.
watchlist Created with Sketch. Add FAR (ASX) to my watchlist
(20min delay)
Mkt cap ! $169.6M
Open High Low Value Volume
1.7¢ 1.8¢ 1.6¢ $445.6K 26.15M

Buyers (Bids)

No. Vol. Price($)
1 99994 1.7¢

Sellers (Offers)

Price($) Vol. No.
1.8¢ 12675723 29
View Market Depth
Last trade - 16.10pm 05/06/2020 (20 minute delay) ?
0.000 ( 0.59 %)
Open High Low Volume
1.7¢ 1.7¢ 1.7¢ 13430265
Last updated 16.12pm 05/06/2020 (live) ?
FAR (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.