BR ANNOUNCES NORTH SEA DISCOVERY.HOUSTON--(BUSINESS WIRE)--Aug. 26, 1998--Burlington Resources Inc. (NYSE NYSE See: New York Stock Exchange :BR) today announced an exploratory discovery in the central North Sea. The 21/12-3 well encountered an interval of Jurassic sandstone with a gross thickness of more than 100 feet and tested at a stabilized daily rate of 8,200 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot of 33 degree API gravity The American Petroleum Institute gravity, or API gravity, is a measure of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks. oil. BR, through its wholly-owned subsidiary Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas. Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth. U.K. Limited, has a 26 percent working interest in the discovery. Located about 11 kilometers (seven miles) northwest of the Shell/Esso Kittiwake kittiwake: see gull. kittiwake or black-legged kittiwake White oceanic gull (Rissa tridactyla) with pearl-gray mantle, black-tipped wings, black feet, and yellow bill. Field and 130 kilometers (80 miles) off the coast of Scotland, the well was drilled in 279 feet of water and reached a total depth of 9,669 feet. Geologically the well is situated on the Western Platform of the North Sea Graben. Additional seismic work and well test interpretation will be required to confirm the commerciality of this discovery. A variety of development options, such as a subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". tieback tie·back n. 1. A decorative loop of fabric, cord, or metal for parting and draping a curtain to the side. 2. tiebacks A pair of curtains intended to be tied back. Noun 1. to the Shell-operated Kittewake platform, are being evaluated. Bobby S. Shackouls, BR's chairman, president, and chief executive officer, commented, "We are pleased that our efforts to expand our presence in the U.K. North Sea have shown such early success. Our assets in the North Sea and Irish Sea are a key focus of our expanding international program." BR acquired its interest in this discovery through a recent farm-out from British Borneo Oil & Gas Limited (17.1 percent) and Lasmo (ULX ULX UltraLuminous X-Ray Source ULX Ultimate LAN Experience (gaming center) ) Limited (8.9 percent). Shell U.K. Limited has a 31.3 percent working interest and is the operator of the well. Other working interest partners are Esso U.K. Plc and Seafield Resources Plc (subsidiary of Dana Petroleum Plc) with 31.3 and 11.4 percent interests, respectively. Forward-looking Statements This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company's periodic reports filed with the Securities and Exchange Commission.
CONTACT: Burlington Resources Inc., Houston
John Carrara, 713/624-9548
Clay Jeansonne, 713/624-9354
Jeff Monte, 713/624-9384
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion