NEWS BULLETIN

March 09, 2017 --- Vol. 23, No. 7March 2017

Success at Horseshoe

Repsol said this morning that it and partner Armstrong Energy have made the largest U.S. onshore conventional hydrocarbon discovery in 30 years.

Repsol said the Horseshoe 1 and 1A wells Armstrong has been drilling this winter confirm the Nanushuk play as a significant emerging North Slope play, extending by 20 miles the play previously discovered at Pikka.

There could be some 1.2 billion barrels of recoverable light oil, Repsol said, with preliminary development concepts for Pikka anticipating first production in 2021, with a potential rate approaching 120,000 barrels per day.

The Pikka discoveries were made in 2014 and 2015 and permitting is underway in that area.

Repsol said the Horseshoe 1 discovery well was drilled to a total depth of 6,000 feet and encountered more than 150 feet of net oil pay in several reservoir zones in the Nanushuk section. The Horseshoe 1A sidetrack was drilled to a total depth of 8,215 feet and encountered more than 100 feet of net pay in the Nanushuk interval.

Repsol holds a 25 percent working interest in the Horseshoe discovery and a 49 percent working interest in the Pikka unit. Armstrong holds the remaining working interest and is currently operator.

- Petroleum News

See story in the March 12 issue, available online Friday, March 10, at www.PetroleumNews.com


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