Schull Well Reaches Target Depth and Encounters Gas-Bearing Sands

Valhalla Oil and Gas Limited (“Valhalla” or the “Company”) today announces that, following the completion of wireline logging operations, Island-operated gas appraisal well 57/2-3 (“Well 57/2-3”) on Exploration Licence 5/05 (the Schull Field) in the Celtic Sea, offshore Ireland, has successfully encountered gas-bearing reservoir sands. The reservoir horizons in the Upper Wealden were encountered at a measured depth of 2,332 feet MD below the rotary table (“BRT”).  Preliminary interpretation of the well results indicates the following:

  • A gross gas bearing reservoir interval of approx 294 feet
  • A net gas bearing interval of approximately 73 feet

Well 57/2-3, which was spudded on 14 July 2007, was drilled to its planned total depth of 2989 feet TVD BRT in just 10 days, ahead of schedule and under budget. Preparations to conduct testing operations are now underway and a further announcement will be made in due course.

Valhalla has a 25% interest in the Schull Field, where it is partnered by operator Island Oil & Gas plc with a 62.5% interest and EnCore Oil plc with a 12.5% interest.

The Schull Field is located immediately to the southwest of the Seven Heads gas field and the associated infrastructure linking Seven Heads to the Kinsale Alpha platform.