P2499 Block 21/2a (Glenn) – JOG 100% Working Interest

Licence P2499 Block 21/2a contains the Glenn oil discovery. The licence is classed as an Initial Term, Phase A with a two (2) year duration to perform technical studies to evaluate further the Glenn oil discovery. The licence working obligations include a Drill or Drop obligation to be elected after two (2) years.

Glenn

Glenn oil discovery

The Glenn oil accumulation is a faulted horst structure with oil entrapped within late Jurassic, shallow marine Sgiath Formation sands.

The Glenn Field was discovered in 1975 by the drilling of the 21/2-1 well. This well tested oil from two zones within the Sgiath sand interval – these zones included DST #5 (12,899-12,923ft) which finally flowed at c. 3,650 BOPD with 5% Base Sediment and Water (BS&W) and DST #6 (12,820- 12,860ft) which flowed at a stabilised rate of 1,792 bopd (35 degrees API) with 2% BS&W after acidisation.

Subsequent appraisal drilling of this discovery was unsuccessful with the 21/2-3 well (1976) drilled on the crest of the structure and lacking reservoir. The 21/a-5 well (1978), drilled down-dip to the north, encountered tight water wet Oxfordian sands, while the 21/2-7 well (1985) drilled to the south encountered a thin wet sand.

Reservoir distribution is the key risk that JOG will be looking to de-risk as it evaluates the potential for Glenn to be a tie back candidate for the Greater Buchan Area. JOG estimates that the Glenn oil field contains 14mmboe of mean case recoverable oil volumes.