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VNG Spuds Bue Sidetrack In PL586, Norwegian Sea

|Includes:Rocksource ASA (RKSFF)

Rocksource Exploration announced that VNG Norge has spud the Bue sidetrack well (6406/12-3A) to the North of the Pil discovery in PL586, Norwegian Sea. The sidetrack will be drilled by the Transocean Arctic and is expected to take approximately 30 days.

The Bue sidetrack follows the successful appraisal well on the Pil discovery. The results from the appraisal well led Rocksource to update its resource estimate for Pil to a range of 90-150 MMBOE with a mean volume of 115 MMBOE.

Bue has an unrisked volume potential of 8-32 MMBOE (Rocksource estimate), and is regarded as a medium risk exploration prospect.

PL586 ownership: VNG (30%, operator), Spike Exploration (30%), Faroe Petroleum (25%) and Rocksource (15%).

On 27-May-2014, Faroe announced that VNG encountered an 80m gross pay at the Pil sidetrack well (6406/12-3 B) in PL586. The well was drilled to a total depth of 3,996m.

In Mar-2014, VNG discovered 135m of gross oil pay and 91m of gross gas pay at the Pil exploration well (6406,12-S), located in PL586 in the Norwegian Sea.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: RKSFF