Var Energi has confirmed a discovery at its King and Prince exploration wells in the Balder area in the Southern North Sea. Success at the combined King and Prince exploration wells lifts preliminary estimates of recoverable oil equivalents between 60 and 135 million bbl.
King/Prince was drilled in PL 027 by semisubmersible rig Scarabeo 8. The Prince well encountered an oil column of about 35 m in the Triassic Skagerrak formation within good to moderate reservoir sandstones, while the King well discovered a gas column of about 30 m and a light oil column of about 55 m with some thick Paleogene sandstone.
An additional King appraisal sidetrack further confirmed a 40-m gas column and an oil column of about 55 m of which about 35 m are formed by thick and massive oil-bearing sandstone with excellent reservoir quality.
The licensees consider the discoveries to be commercial and will assess tie-in to the existing infrastructure in the Balder area. The wells are located about 6 km north of the Balder field and 3 km west of the Ringhorne platform.
Var Energi operates and holds a 90% stake of the license. Mime Petroleum holds the remaining 10%.