Trinidad and Tobago Discovery (1972Z)
13 Marzo 2012 - 1:00AM
UK Regulatory
TIDMBEH
RNS Number : 1972Z
Bayfield Energy Holdings PLC
13 March 2012
13 March 2012
Bayfield Energy Holdings plc
("Bayfield" or "the Company")
Trinidad and Tobago Discovery
Bayfield Energy, (AIM: BEH), an independent oil and gas
exploration and production group with key assets in Trinidad and
Tobago, is pleased to announce that its first exploration well in
the Galeota Licence, EG8, has been suspended as an oil and gas
discovery having reached a total depth of 8,133ft (2,479m). EG8 is
located 930m east of a previous discovery, well EG2, which was
drilled in 1978 and tested oil and gas.
EG8 was deviated from its surface location towards the south
west in order to target the crestal area of mapped horizons in the
prospective EG2/EG5 Central fault block. The well encountered ten
hydrocarbon-bearing sandstone reservoir zones between 1,364ft
(416m) and 6,000ft (1,829m) below mean sea level. Preliminary
analysis indicates that the vertical thickness of net
hydrocarbon-bearing sands totals 421ft (128m) of which 352ft (107m)
is gas and 69ft (21m) is oil. A comprehensive programme of logging
and sampling has been conducted and samples of oil were collected
in the oil zone and a mini drill stem test (mini-DST) was conducted
on wireline. The data confirms light oil and good quality reservoir
with production potential of over 1,000 barrels of oil per day.
Samples of gas and gas condensate were also collected in other
reservoirs.
Bayfield is currently integrating the new well data into the 3D
seismic mapping to study the impact on contingent and prospective
resources. Management believes that EG8 has demonstrated
development potential of 32 million barrels (Mmbbls) of oil and 69
billion standard cubic feet (Bscf) of gas in the EG2/EG5/EG8
Central and East fault blocks. Initial interpretation suggests that
substantially all of the gas potential lies within the Galeota
Licence though the oil potential extends into an adjacent licence
in which Bayfield has no participating interest.
The jack-up drilling unit, Rowan Gorilla III, will shortly move
to the EG7 location to drill the second of Bayfield's seven
exploration and appraisal well commitments in the Galeota
Licence.
Bayfield is the operator of the Galeota Licence area holding a
65% interest, with Petrotrin holding the remaining 35%.
Hywel John, Chief Executive of Bayfield Energy, commented: "The
results from EG8 add to our confidence in the prospectivity of the
Galeota licence and we will continue to focus on the potential for
accelerated development and commercialisation of hydrocarbons in
the East Galeota area."
-ends-
Enquiries:
Bayfield Energy +44 (0)20 7920 2330
Hywel John, Chief Executive Officer
Seymour Pierce +44 (0)20 7107 8000
Jonathan Wright/Stewart Dickson (Corporate Finance)
Richard Redmayne/David Banks (Corporate Broking)
M:Communications
Patrick d'Ancona +44 (0)20 7920 2347
Ann-marie Wilkinson +44 (0)20 7920 2343
Andrew Benbow +44 (0)20 7920 2344
In accordance with the AIM Rules - Note for Mining and Oil and
Gas Companies, the information contained in this announcement has
been reviewed by Brian Thurley, a geologist with over 38 years'
experience who has a degree in Geology from the Royal School of
Mines, Imperial College, London.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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