Windjammer - an extra 76ft net gas pay

Monday, Mar 22 2010 by
6

Just RNS'd:

http://www.investegate.co.uk/Article.aspx?id=201003221100039302I

 

Cove Energy plc ("the Company" or "Cove", AIM: COV), the AIM quoted upstream oil and gas company, is pleased to announce that an additional 76 net feet of natural gas pay has been encountered in a deeper objective in the Windjammer exploration well, the first in a minimum four deep water wells offshore programme operated by Anadarko Petroleum Corporation (Anadarko), in the frontier Rovuma Basin offshore Mozambique (Cove Energy paying interest 10%, net 8.5%). Following on from the discovery announcement of February 18th last, this additional deep pay brings the total net feet of natural gas pay in Windjammer to more than 555 feet.

 

The Windjammer discovery well has reached a total depth of 16,930 feet and will be suspended after which the Belford Dolphin drill ship will move south to the Collier well site.

 

John Craven, CEO of Cove said:

 

"Windjammer has been an enormous success.  The additional deeper gas is a real bonus for Cove shareholders particularly following the announcement of 18th February 2010 which confirmed 480 net feet of natural gas pay in high-quality reservoir sands. The extensive net gas columns encountered in Windjammer underpin the significant hydrocarbon potential of our offshore Rovuma block. We are looking forward to working with our partners in our continuing drilling programme with the Belford Dolphin"

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Disclaimer:  

The opinions expressed by the author are those made by him personally as an individual and not in any professional capacity. 


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1 Post on this Thread show/hide all

djpreston 22nd Mar '10 1 of 1
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Should add that Anadarko has a presentation at 10.30am Central time, which should on the Anadarko website afterwards.

http://www.anadarko.com/

Some wild action in the shares after the announcement - a 10% rise then a 5% fall and now almost back to all square. Looks like there was quite a lot of hope amongst holders that there would be oil in the deeper levels.

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