Although the company has spent considerable time over the last 18 months working with various potential joint venture and funding partners, with improving market conditions and sentiment, it was considered opportune for Petrel to realise maximum upside, to look to fund the next stage of appraisal in its own right. This will take the form of a four well drilling programme based in large part on addressing questions raised during the JV process and continual upgrading of the geological model. Notwithstanding the feedback from the partner process the general objectives of the drilling programme are:
In summary the objective is to drill four wells as cheaply as possible and cover as much of the concession area as possible while targeting multiple and different objectives within and across each well.
Figure 1. Idealised cross section along basin axis
Figure 2. Four proposed wells extend SE/NW across both concessions
This well is a very low cost opportunity to confirm oil migration and test/calibrate the magnetotelluric data set.
This well is designed to confirm the reservoir potential of the Tres Islas sand and Permian source rock at shallow depth.
This well will test a very large regional structure with multiple source rock and reservoir targets. It importantly presents a shallow opportunity to test the very thick (300 metres) Devonian Cordobes shale sequence.
This well will test a shallow AVO prospect which has been identified by several seismic lines. AVO’s significantly de-risk exploration and can become a very successful exploration tool when calibrated for local geology.
AVO is favourably: