BG Group has made an oil discovery on the Block 22/15 second round license in the UK Central North Sea, said participant Canadian Overseas Petroleum Ltd., Calgary.
The Esperanza 22/15-4 well went to 9,427 ft total depth and encountered a minimum 52 ft of net pay in a 73-ft minimum gross section in Paleocene Forties sand topped at 8,677 ft.
Log, core, and wireline pressure measurements indicate that the reservoir fluid is light oil. Oil samples were recovered, and drillstem tests are planned.
Once testing is complete and rig released, COPL will have 120 days to decide whether it will exercise its right to purchase a 50% interest in the entire block from BG, which includes the Banks discovery, for $15 million.