Rocksource abandons Ivory exploration well in Norwegian Sea

Rocksource abandons Ivory exploration well in Norwegian Sea

BERGEN, Norway -- Rocksource ASA has abandoned the Ivory exploration well in the Norwegian Sea, citing volume estimates indicating a resource base that was below the pre-drill, low case estimate of 280 Bcf of gas.

"The well encountered a thick well-developed basin floor fan sand with a gas-accumulation at the top in the Kvitnos target," the company said in a statement. "In the deeper Lysing target, the well penetrated a poorer than expected water-bearing sand. At this stage, it is not possible to determine if the gas discovery is economically recoverable."

The exploration well was drilled to a total depth of 4,264 m below sea level. The well, which was drilled by North Atlantic Drilling's West Navigator drill ship, will now be permanently plugged and abandoned.

The primary objective of the Ivory well was to prove the presence of hydrocarbons in the Kvitnos formation sandstones, with a secondary target in the deeper Lysing formation. The discovered hydrocarbon column in the Kvitnos formation is estimated at the well location to be 12 m TVD, thinner than pre-drill estimates. 

The partnership will now evaluate the results with respect to commerciality, and remaining prospectivity of the license. 

The Ivory prospect is located approximately 20 km northeast of the Statoil-operated Aasta Hansteen field development in the Norwegian Sea.

Rocksource Exploration Norway holds a 10% interest in the well. Centrica is the operator with 40% interest, Statoil holds 25%, Wintershall has 10%, Atlantic Petroleum Norge has 9%, and Repsol holds 6%. Wintershall interests are pending government approval.