Xtract Energy says Elko Energy identifies new target on Danish licence
12 November 2009
Natural resources investor Xtract Energy has reported that Canadian oil and gas group Elko Energy, has identified a new target on one of its licences in Denmark that could hold 375 million barrels of recoverable oil.
In a letter to shareholders, Elko, which is 36.8%-owned by Xtract, said it had discovered a large Chalk channel some 90 km long by 10 km wide across its 02/05 licence following the reprocessing of seismic data.
Elko said the channel had the potential to be a good reservoir quality sediment and also a possible conduit for hydrocarbon migration. “The chalk channel has the potential to hold a considerable volume of hydrocarbons which in a moderate case scenario could be 375 million barrels of recoverable oil,” it said.
The company is now on the look-out for an industry partner to help it fund the estimated US$15 million cost of drilling a well that would target the chalk and previously identified Rotliegendes sandstone prospect. Elko holds an 80% interest in the 02/05 licence.
In the Netherlands, Elko is preparing to submit a proposal to the Dutch authorities for an appraisal well on its P1 Block in the P1-FA field. Here, the company eventually wants to drill five long reach horizontal wells to sustain a plateau production rate of 120 mmscf/d.
On the P2 Block, reprocessing of previous 3D seismic is ongoing and will be completed by the 2009 year end.
The company is continuing to hold discussions with a number of potential new financing partners over a promoted farm out of a percentage of its working interest in Blocks P1 and P2.
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