EnQuest confirms oil discovery from North Sea Eagle exploration well

EnQuest's new North Sea HQ
EnQuest's new North Sea HQ

EnQuest has confirmed an oil discovery at its Eagle exploration well in the North Sea.

The company said the implementation of its drilling programme had been “excellent” this year as it announced the find.

In a statement the company said drilling of the Scolty and Crathes development wells was completed ahead of schedule and under budget.

The Eagle exploration well had been acquired in the second quarter of this year with a 100% working interest basis.

Neil McCulloch, EnQuest’s president, North Sea said:”Drilling performance in the Central North Sea this year has been excellent, both ahead of schedule and under budget; this builds on EnQuest’s outstanding North Sea drilling performance in 2015, also under budget.

“I am now also pleased to confirm that the initial results of the drilling of the nearby Eagle exploration well have confirmed a new discovery.

“Following last year’s production growth and unit operating cost reduction successes at GKA, this latest success demonstrates EnQuest’s ability to create value from maturing assets and from near field exploration opportunities.”

EnQuest said preliminary analysis has indicated Fulmar oil bearing reservoir was encountered with a vertical thickness of 67ft and excellent reservoir properties.

A spokesman said the encouraging results of the initial analysis lead EnQuest to anticipate gross total recoverable reserves to be a similar size to those in the nearby Gadwall producing oil field.

Gadwall is part of the Greater Kittiwake Area and was successfully returned to production by EnQuest in the second part of 2015.

It is estimated that total gross ultimate recovery from Gadwall will be approximately 6 MMstb.