Searching for petroleum
Company plans to work significant oil discovery licence
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.