Search­ing for petroleum

Com­pany plans to work sig­nif­i­cant oil dis­cov­ery li­cence

The Gulf News (Port aux Basques) - - NEWS -

With its main tar­get be­ing the Shoal Point prospect, thought to be reach­able from an on­shore lo­ca­tion, G2 En­ergy Corp. is pro­ceed­ing with work re­quired to sub­mit an ap­pli­ca­tion for a sig­nif­i­cant dis­cov­ery li­cence on EL1070.

G2, an in­vest­ment com­pany led by Ge­orge Lang­don and Ger­ard Ed­wards, re­spec­tively a for­mer se­nior ge­ol­o­gist and fi­nan­cial an­a­lyst at Mo­bil Oil, has en­tered into an op­tion agree­ment with NU-Oil and Gas, out of Manch­ester, United King­dom, to earn 100 per cent of the lat­ter’s work­ing in­ter­est in the deep rights of that par­tic­u­lar off­shore li­cence.

A story in “Off­shore” magazine, which cov­ers global trends and tech­nolo­gies for off­shore oil and gas op­er­a­tions, said G2 has com­pleted its due dili­gence on the lease.

Cur­rently G2 is pro­ceed­ing with work re­quired to sub­mit the ap­pli­ca­tion for that sig­nif­i­cant dis­cov­ery li­cense and must within 24 months of Dec. 16, 2016 achieve a flow test for hy­dro­car­bons on one or more of the wells on the lease, in ac­cor­dance with reg­u­la­tory terms.

G2’s anal­y­sis of data on wells drilled on the li­cence has led it to iden­tify a po­ten­tial by­passed oil pay zone be­hind cas­ing in one of the wells.

Sub­ject to reg­u­la­tory ap­proval, the com­pany plans to flow test this prospec­tive zone which has the po­ten­tial for nat­u­ral flow ca­pa­bil­ity.

The deep rights on EL1070 are de­fined as all petroleum sub­stances and as­so­ci­ated rights within and be­low what’s now as the Or­dovi­cian Car­bon­ate Plat­form.

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