By OGJ editors
HOUSTON, Oct. 28 -- Private Kavala Oil SA, Kavala, Greece, spudded a second well near its Kallirachi discovery in the northern Aegean Sea north of South Kavala field.
It is to go to 3,200 m TD at a cost of $10.5 million and evaluate three horizons.
The discovery well logged a 200-m gross pay zone with 61 m of sweet oil net pay. TD is 2,556 m (OGJ Online, Jan. 28, 2004). The reservoir is equivalent to the Prinos Group.
Independent consultants' predrill estimate of the recoverable volume was a maximum of 227 million bbl of oil.
Kavala said the independent Greater Kallirachi Area Study in September 2004 confirmed the volumetric estimate of up to 1 billion bbl of oil in place and identified two locations for appraisal/development drilling, the first of which has been spudded. The second well is to spud in the first quarter of 2005.
Regal Petroleum PLC, London, has an indirect 81.66% interest in Kavala Oil.
Kavala Oil said it produces 2.1 MMcfd of gas from South Kavala gas field and 4,000 b/d of sour oil from Prinos and North Prinos oil fields. The company wants to infill drill the Prinos fields and develop the Epsilon discovery 4 km west of the Prinos facilities.