(MENAFN - ProactiveInvestors - N.America) North Sea Energy Inc. (CVE:NUK) said on Friday it had been advised by operator Premier Oil UK (LON:PMO) the 13/25a-1 well which was targeting the Bagpuss prospect on the Halibut Horst in the Outer Moray Firth has reached a total depth of 1,532 feet (TVDSS) in granite basement.
The well was drilled approximately 2 km from the 1981 Amoco well in the same structure.
The well encountered 41 feet of hydrocarbon-bearing sands within a 68 feet hydrocarbon column. This is in line with pre-drill estimates. The sands have between 25%-33% porosity and initial indications are that the oil is heavy. The Well is now being plugged and abandoned.
"The Bagpuss well has successfully proven a significant volume of oil in place. We will now work with our partners to carry out a full analysis of the hydrocarbons and reservoir encountered with a view to ascertaining whether commerciality can be established," the company said in a statement which it attributed to Premier Oil's director of exploration.
NSE shares were down 9.1% at C$0.05 while those of Premier Oil rose 5.5% to 62.75p in London earlier.