Varadero makes Central North Sea oil discovery

EnCore Oil announced that the Varadero exploration well 28/9-2 located in UK Central North Sea block 28/9 was drilled to a total depth of 5,205 ft measured depth (MD) and successfully encountered high-quality hydrocarbon-bearing Reservoir sandstones at 4,020 feet MD within the target Tay Sandstone. Initial analysis indicates the discovery of a 400-ft hydrocarbon-bearing interval with a calculated net pay of 106 ft. Wireline sampling and pressure testing of the zones have been undertaken and suggest the oil has an API gravity of about 26°. Analysis of the logs suggests sands with average porosities of approximately 33%. The well will now be plugged and abandoned as planned, and the Galaxy II rig will be moved to the Burgman prospect.