Prospex Energy plc said that the Viura-1B development well had exceeded expectations with good gas shows and several potential reservoirs at the onshore field in northern Spain.
INSPIRATIONAL
Drilling began in June, reaching the new target total depth of 4,500 metres, approximately 4,100m true vertical depth, on 21 October.
The well had encountered the main Utrillas-A reservoir and deepening Viura-1B aimed to appraise the previously undrilled deeper Utrillas-B formation.
Operator Heyco Energy Iberia S.L. (HEI) discovered a “new gas-bearing section” beneath the proven and producing Utrillas-A formation.
Prospex added that the move was a “highly successful commercial decision” with production revenues expected in November.
Gas is also flowing again from the existing producing well Viura-1 ST3.
“Deepening the well to evaluate the previously undrilled formations below the proven, developed and producing Viura gas field has turned out to be an inspirational decision,” said chief executive Mark Routh.
“There are positive signs that a new gas bearing interval has been encountered with further analysis and importantly flow tests required to quantify the impact on recoverable reserves.
“It is also good news that the existing well on the Viura field successfully recommenced production last week with the produced gas being sold into the grid.”
Prospex owns 7.2365% of the Viura field through its 7.5% holding in HEI.