Forest Gate Logs Significant Hydrocarbons Offshore Ireland
Montreal - Forest Gate Resources Inc., together with its partners announced that it has successfully logged a total of 75 feet of net hydrocarbon-bearing reservoir in the 50/11-3 Hook Head appraisal well, offshore Ireland.
The well was drilled to a total depth (TD) of 4,880 feet true vertical depth subsea (TVDSS). All geological horizons were encountered within the pre-drill depth prognosis and significant oil and gas shows characteristic of either a light oil or rich gas were encountered whilst drilling. This well, located in 240 feet of water and approximately 60 kilometres offshore Waterford, Ireland, is situated in Standard Exploration Licence 2/07 in the North Celtic Sea Basin.
Preliminary petrophysical analysis of electric wireline logs acquired over the main Lower Cretaceous target indicates a 484 foot gross hydrocarbon-bearing interval. The reservoir zones are of equivalent age to those encountered in the 50/11-1 & 2 wells, located approximately 2.5 kilometres and approximately 5 kilometres to the south-west, respectively. Initial analysis of the data suggests an overall improvement in reservoir quality at the 50/11-3 location, with average porosity of 20% within the main hydrocarbon-bearing interval.
In addition to the successful appraisal of the accumulation, a number of further exploration objectives were also logged as hydrocarbon-bearing in the well. The plan is now to set a string of casing prior to flow testing the well.
Upon completion of drilling operations, the revised(x) equity ownership in the Hook Head discovery is Providence Resources Plc (Operator) 43.5294%, Challenger Minerals (Celtic Sea) Limited 16.3235%, Dyas BV 16.3235%, Atlantic Petroleum (Ireland) Limited 10.8824%, Forest Gate Resources Inc. 7.5%, Sosina Exploration Limited 5.4412%.
Consistent with the above revised equity ownership, the Company also reports that it has forfeited 7.5% of its 15% interest in the Celtic Sea joint venture.
"We worked relentlessly through the summer to raise this financing to maintain a level of participation in the project," said Michael Judson, President and CEO of Forest Gate. "A 7.5% interest in these Celtic Sea licenses offers Forest Gate enormous potential value," continued Judson. "The results from the Hook Head appraisal well are extremely encouraging."
Forest Gate has $1.5M in cash and must contribute approximately $2.5M to fund its share of ongoing exploration and well-testing activities.
(x)subject to Ministerial approval
SOURCE: Forest Gate Resources Inc.