Dana Petroleum PLC (DNX.LN), the independent oil and gas exploration and production company, said Wednesday the Tornado prospect, offshore West of Shetland, U.K., discovered gas and oil in Tertiary reservoir sandstones and extensive data collection is currently underway.
MAIN FACTS:
-Thickness and quality of reservoir in line with pre-drill prognosis.
-Sidetrack being planned to delineate discovery and determine hydrocarbon fluid types and overall size of this new field.
-Tornado well was drilled to a true vertical depth of 2743 meters in the Lamba Formation.
-Water depth at this location is 1048 metres and the well was drilled by the Stena Carron drillship as a cost sharing endeavour between production licences P.1190 and P.1262.
-Participants in Tornado well are OMV AG (OMVKY) - operator 35%, Dana Petroleum 30%, Dong Energy A/S (DONG.YY) 20%, Faroe Petroleum PLC (FPM.LN) 7.5%, and Idemitsu E&P 7.5%.
-Operations completed on the September exploration prospect in the Gulf of Suez Egypt.
-The main Nubia target contained good quality sands however these were not hydrocarbon bearing at this location.
-Dana spudded the Jetta well in the Jotun oil area of the Norwegian North Sea on Oct. 11. Results are expected from this well in November.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com