Spring Energy announces further exploration success in the recently completed exploration well (6406/3-8T2) on the Maria prospect in PL 475BS, 15 km East of the Åsgard Field and 5 km Northeast of the Trestakk discovery.
The objective of the well was to prove hydrocarbons in the early to middle Jurassic Formations (Garn, Ile and Tilje). The well proved high quality oil in the Garn Formation, whereas the Ile and Tilje Formations were water filled.
Preliminary analysis indicates a thicker than expected gross oil column in the well exceeding 60 metres in a better than expected reservoir with excellent properties and high net to gross. Initial analysis indicates that the Maria oil has properties similar to the oil in the nearby Trestakk discovery, around 40 degrees API. The recoverable reserves are estimated to between 10 and 20 million standard cubic meters (63 - 126 mmboe) of recoverable oil and between 2 and 5 billion standard cubic meters of associated gas (13 - 31 mmboe).
Spring Energy has a 15 percent working interest in the license.
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