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Montevideo, November 17th 2018 - 13:07 UTC

Falklands' offshore Scotia well not viable: Noble Energy will take 75m write down

Monday, October 6th 2014 - 07:19 UTC
Full article 36 comments
 The well was drilled by the Leiv Eiriksson owned by Norway’s Ocean Rig. The well was drilled by the Leiv Eiriksson owned by Norway’s Ocean Rig.
Despite the Scotia well decision Noble will continue its Falklands exploration efforts. Noble plans to drill the Humpback prospect Despite the Scotia well decision Noble will continue its Falklands exploration efforts. Noble plans to drill the Humpback prospect

Houston-based Noble Energy will take a 75 million write down for exploration costs after determining that its offshore Scotia well in the Falkland Islands is not commercially viable. The well was drilled in 2012 using 2D seismic interpretation but was deemed non-commercial following analysis of 3D seismic data.

 The well was drilled by the Leiv Eiriksson owned by Norway’s Ocean Rig.

Noble updated its guidance for third quarter exploration expenses to be between 230 and 240 million, including approximately 75 million related to the Scotia well.

Despite the Scotia well decision Noble will continue its Falklands exploration efforts. Noble plans to drill the Humpback prospect following an extensive 3D seismic program over parts of its 10 million acre position in Falklands.

The Humpback prospect is one of multiple stacked fan prospects clustered together in the Fitzroy sub basin.

Noble estimates that this group of prospects has a combined estimated gross un-risked resource potential of approximately one billion barrels of oil equivalent.

Drilling operations at Humpback are projected to being in the middle of 2015, dependent on rig arrival.

Noble Energy is currently finalizing prospect locations for a second exploration well, planned for later in 2015 following results at Humpback.

Noble Energy operates its licenses offshore the Falkland Islands with a 35% working interest.

“The Falklands provides an opportunity to create another core area for Noble Energy through organic exploration success,” Noble’s vice president of exploration Mike Putnam said.

Top Comments

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  • Englander

    Will Argentina get the hump over Humpback?
    I sincerely hope so.

    Oct 06th, 2014 - 07:41 am 0
  • paulcedron

    “Falklands' offshore Scotia well not viable...”

    what did i say during months?
    that that tiny little oil well is not viable.
    that the oil of that tiny little well is not commercial.
    and all that for free.

    noble energy...lol

    Oct 06th, 2014 - 12:48 pm 0
  • golfcronie

    @2
    You mentioned Scotia well months ago? And what thread was that on? The FALKLANDS will be drilled in 2015 H2 and I have no dout they will find commercial amounts of gas and oil. How is VACA MUERTA getting on? I expect you will be self suffient in oil shortly, or you will not have the reserves to see you through summer. Incidently they knew back in 2012 that the permeability was not good. Research you knob.

    Oct 06th, 2014 - 02:36 pm 0
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