Jetex Petroleum Inc is seeking to farm-out up to 50% interest in licence P2227 (blocks 12/29a and 22/28a) which contains the Sigma discovery. The company is looking to develop the discovery by testing two objectives through a 6,800 ft vertical appraisal well. The horizontal well and test will cost USD 14.5 million including a USD 70,000 day rig cost. The two objectives consist of the Alness sand reservoir (proven oil) and Beatrice conventional sand reservoir. The Alness sand reservoir is planned to be drilled with a horizontal wellbore. Volumes within the Alnes of P90-P50-P10 are 41-70-100 MMbo whilst in the Beatrice are 13-30-59 MMbo respectively Both reservoirs are sealed by thick Oxfordian Shales which could act as an effective fault seal. Jetex has completed a stimulation study independently with Xodus completing a preliminary MODPU development plan. Further potential in Jetexâs recently awarded blocks from the 31st Licensing Round in June 2019 are also understood to be available for farm-in. Blocks 11/25b, 12/21 â 12/24, 12/27 and 12/28b are located to the north and west of licence P2227. In early May 2020 Jetex confirmed that it was still farming out the opportunity.  Well 12/29-1 discovered Sigma in August 1981 reaching a TD of 7,660 ft by Kerr McGee Oil. The primary objective of 12/29-1 was to core the Lower Cretaceous and Middle Jurassic Sandstones to assess their potential as reservoirs. The secondary objective was to drill deeper into the Pre-Permian which had the potential to be hydrocarbon bearing. Highland Petroleum who held the acreage before Jetex acquired its 100% interest August 2017 reported that that a 66 ft interval flowed at 100 bo/d between 6,852 - 6,942 ft and no water contact was encountered.   Interest in P2227 and Jetexâs 31st Licensing Round blocks is held solely by Jetex Petroleum Inc (100%).  For further information, please contact:  Ed Davies â ejd@jetexpet.com
Jetex is looking to farm-out up to 50% in so far wholly-owned promote P2227 / blocks 12/29a + 22/28a in the Outer Moray Firth ahead of possible devt of the 1981 Sigma oil discovery therein. 