Falklands : Falklands Oil - The Source Rock is Key
Submitted by Falkland Islands News Network (Juanita Brock) 22.03.2010 (Article Archived on 05.04.2010)
Itís been nearly a month since Ocean Guardian spudded its exploratory well for Desire Petroleum in the Liz Prospect.
FALKLANDS OIL Ė THE SOURCE ROCK IS KEY
By J. Brock (FINN)
Itís been nearly a month since Ocean Guardian spudded its exploratory well for Desire Petroleum in the Liz Prospect. Indications are that despite the thick source rock and the length of the drill there will be significant reserves of crude beneath it. However, we wonít know if this well is successful until the source rock is penetrated. The late Dr Colin Phipps mentioned that the rock could be as much as 2km deep Ė thus the month drilling through it.
Having thick source rock means less hydrocarbons will escape through it to form oil slicks on the ocean surface. Still, after all of that drilling, nothing could be found. Itís a game of hit and miss with one exploratory well bringing up nothing while one near-by could have a significant find.
On the way down the well could produce indicators like gas hydrates, making a discovery more likely but not a certainty. Whether or not samples have winged their way to the UK is minor news. Samples sent north when the rock is penetrated will better tell the complete story of what (if anything) we have discovered.
I think the longer it takes to drill through the source rock the better chances are that we will find something. Quantities will only be known when the rock is penetrated and it is possible there will be an announcement any time past the 23rd of March.
Time spent penetrating source rock in the Liz Prospect is a good indicator of how long other exploratory wells will take to drill. Thatís good news for Falklandsí Businesses having a stake in the exploratory round and eventually excellent news for investors.