Irvine Energy plc, the AIM listed oil and gas exploration and production company is pleased to provide a report on continued developments at its Kansas project area including a further discovery of oil.
The Company can confirm that the third Rock 3D well to be drilled, Rock 1-32, has encountered hydrocarbons in the Arbuckle formation following drilling to a depth of 3,050 feet (930 metres). Live oil shows were seen in the cuttings and petrophysical analysis has confirmed oil saturation and porosities of 10 to 15%. Production casing was run on 14 June, 2008 and the well is currently being prepared for completion.
In addition, Irvine and its joint venture partner Metro Energy Group have agreed to expand the current drilling portfolio following interpretation of the recent Ayres 3D seismic shoot, which indicated additional promising drilling opportunities in the area. Accordingly, a fifth well, Ayers 1-20, is to be added to the programme with work expecting to commence at the new site following completion of drilling at Rock.
Work is planned to commence at the Rock 1-29 site imminently.