Encouraging Results from Schull Well, Celtic Sea

Island Oil & Gas, the exploration company, announced that results from its Schull well in the Celtic Sea show gas-bearing reservoir sands. The company added that preparations to carry out testing operations are now underway.

After completion of testing, Providence Resources plc will take ownership of the Petrolia semisub.

The Schull Well was drilled to its planned total depth of 2989 feet TVD BRT in just over a week, under budget and ahead of schedule.

Island has a 62.5% interest in the Schull Field, where it is partnered by Valhalla Oil and Gas Limited with a 25% interest and EnCore Oil plc have a 12.5% interest. The field is located immediately to the southwest of the Seven Heads gas field and the associated infrastructure linking Seven Heads to the Kinsale Alpha platform.