IOG Spuds Harvey Appraisal Well
UK based Independent Oil & Gas (IOG) has confirmed that the Maersk Resilient rig spudded the Harvey appraisal well on 6 August 2019.
The North Sea firm said in a press release that as previously indicated, completion of the well is expected to take approximately two months in the success case.
According to the development and production company focused on becoming a substantial UK gas producer, Harvey is centrally located within IOG’s asset portfolio in UK Southern North Sea Blocks 48/23c, 48/24a, and 48/24b, close to the Thames Pipeline export route.
The primary objective of the well is to confirm gas volumes which management estimate at 85/129/199 BCF Prospective Resources in the Low/Best/High case, with a 63% Geological Chance of Success¹, and secondly to demonstrate reservoir deliverability.
If successfully appraised, the additional scale and synergies of a Harvey development could substantially enhance the portfolio’s overall value and returns.
Andrew Hockey, CEO of IOG, said: "Spudding the Harvey appraisal well is an exciting development for IOG and potentially a major catalyst for the business. Our objective is to prove up a substantial, high-quality reservoir in the heart of our core asset base which would create significant shareholder value over and above our recently announced farm-out."
Andrew added: "Success at Harvey could trigger a further significant near-term cash payment plus valuable life-of-field royalties should our designated partner exercise its right to farm in. We are pleased with our choice of rig and contractors and look forward to drilling the well safely and successfully."
The Maersk Resilient is a modern, high-spec rig with a strong operating history and an excellent safety record. The designated well operator is Fraser Well Management, who have extensive experience in drilling successful wells in the UK Southern North Sea (SNS).
In addition, Halliburton Manufacturing and Services Ltd have been contracted to provide offshore drilling services for the well.
