Highlights:
- 577 net feet (176 meters) of Natural Gas Pay encountered
- Extension of Gas accumulation - Lagosta 3, the eighth successful well to drill in the world class Windjammer, Lagosta, Barquentine and Camarão ("WLBC") gas complex, found high quality gas sands not well imaged by seismic data thus confirming the gas accumulation to the western limits of the WLBC gas complex, into what was an unknown area
- Reservoir Communication - Pressure readings confirm important reservoir continuity of Lagosta 3 to Lagosta 1 and 2 and to the Windjammer/Camarao wells further north.
John Craven CEO of Cove Energy commented;
"We are very pleased to announce this further successful appraisal of the Lagosta discovery, which not only delivers another significant section of gas pay but also considerably extends the western area of the gas field, adding further confirmation to the 15 to 30-plus TCF recoverable gas resource estimate for the WLBC complex.
"With the second rig now on contract, we are proceeding to drill-stem test the Barquentine-2 well and preparing to drill the Barquentine-4 appraisal well. I am also pleased to see that ENI announced last week, the successful flow testing of their Mamba North well located approximately 4 kilometers from Area 1 Rovuma Offshore, adjacent to our Barquentine discovery.
"The project continues to provide significant upside potential as we continue towards final investment decision in 2013."
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