Island Oil & Gas Begins Drilling Operations

Friday, May 05, 2006
Island Oil & Gas plc has spudded well 48/23-3 at Seven Heads West in the Celtic Sea offshore Ireland. The well is the first in its planned 2006 and 2007 drilling programs. Well 48/23-3 is designed to appraise a possible extension of the Upper Wealden gas sands that are producing gas in the 48/24-6 production well immediately to the east. The well, which is in a water depth of 329 feet, will be drilled to a planned total depth of 3,200 feet TVD ss. Island concluded a Sub-Area Equity Interest Assignment Agreement for the Seven Heads West area with Marathon International Petroleum Hibernia Limited, through its wholly-owned subsidiary Marathon Seven Heads Limited (formerly Ramco Celtic Sea Ltd) in February 2006. Under the Agreement, Island will fund 100% of the cost of the current well, including testing, in return for increasing its equity interest in the Seven Heads West, Sub–Area, from 12.5% to 55.75%. Island will operate the well during the drilling period but operatorship will revert back to Marathon once the drilling of the well has been completed. Well 48/23-3 is being drilled using the semi-submersible drilling unit, Petrolia, owned and operated by Petrolia Drilling Limited, under contract to Island. Subject to regulatory consents and approvals, Island intends to move the rig after the completion of the 48/23-3 well to the nearby Old Head of Kinsale prospect, to drill 49/23-1, the second well of its 2006 three-well program. The rig then moves on to the Donegal Basin for its planned third well, which will be operated by Lundin.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

How France Sank Japan's Sub Dream

Ousting of Japan ally PM Abbott opened door to rivals; Tokyo slow to respond to new competitive process. In 2014, a blossoming friendship between Australian

Offshore

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces

Nigeria's LNG Export Falls

Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG),

 
 
Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0827 sec (12 req/sec)