Cove Announces Further Appraisal success Offshore mozambique

Cove Announces Further Appraisal success Offshore mozambique

Cove Energy plc, the AIM quoted upstream oil and gas company, together with the operator Anadarko  Petroleum Corporation, is delighted to provide an update of the results of the Lagosta 2 appraisal well, which lies 7km north of the Lagosta discovery in the Rovuma Basin Area 1 block, Offshore Mozambique ("Area 1 Rovuma Offshore"), the seventh well in the discovery area.

Highlights

  • Thickest Gas Pay to date
    Lagosta 2, the seventh successful well to drill in the world class Windjammer, Lagosta, Barquentine and Camarão (WLBC) gas complex, encountered 237 (777 feet) net meters of natural gas pay in multi zones. This is the largest pay count of any well in the WLBC gas complex to date.
  • Results Further De-risks Estimated Gas Resource
    Results support estimated recoverable resource for the WLBC gas complex of 15 to 30 - plus trillion cubic feet (TCF) of natural gas.
  • Reservoir Communication
    Pressure readings confirm important reservoir continuity between Lagosta 2, Lagosta 1 and Camarao over a distance of 15.5 kilometers.
  • Second Drillship Arrives
    The Deepwater Millennium drillship has arrived in Mozambique to begin an extensive testing programme that will include installing observation gauges and conducting several flow tests to further substantiate the discovered resource.

John Craven CEO of Cove Energy commented; "Lagosta 2 has delivered another outstanding result demonstrating the lateral and vertical extent of the high quality Tertiary reservoirs in the WLBC gas complex and further de-risks the recent resource upgrade of 15 to 30-plus TCF.

"I am confident that after further evaluation of Lagosta 2, combined with new drilling and well testing, we will see more resource upgrades as this exciting project drives on towards final investment decision in 2013."

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