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NEWS BULLETIN

July 22, 2019 --- Vol. 25, No.27July 2019

BP transfers Sourdough interest to Jade

Under a proprietary farmout agreement BP Exploration (Alaska) transferred its 32.326% working interest in the North Slope Sourdough oil discovery to Jade, per paperwork filed July 17 with the Alaska Department of Natural Resources' Division of Oil and Gas.

Combined with the 62.674% working interest previously assigned by ExxonMobil, Jade now holds a 95% working interest in the project lease, ADL 343112, Tract 32, Area F. The remaining 5% is currently retained by ConocoPhillips.

"We are pleased that BPXA has joined ExxonMobil in supporting Jade's ongoing Sourdough appraisal effort and we look forward to BPXA collaboration toward delivering a successful project for the benefit of all stakeholders," Erik Opstad, Jade's managing director, said in a July 20 email following a query from Petroleum News.

The state lease segment contains the Sourdough 2 and 3 wells drilled by BP in the mid-1990s and is the most southeasterly Point Thomson unit lease, bordering the 1002 area of the Arctic National Wildlife Refuge. The 1002 area is a narrow strip of ANWR coastline that was set aside for potential development by Congress because of its hydrocarbon-rich geology.

Both wells are under state confidentiality protection.

Sourdough is estimated to hold 100 million barrels of recoverable oil, per a 1997 BP press release.

Jade plans to drill a well, Jade No. 1, in the first quarter of 2020.

In the Alaska independent's multiyear oil discharge prevention and contingency plan application with the Alaska Department of Environmental Conservation, the primary target of Jade No. 1 is the "Point Thomson Brookian resource, which is 25 API gravity oil, contained within the over-pressured reservoir sands found throughout the PTU and nearby Badami oil field."

Along with recent 3D seismic work, "this well will allow Jade to evaluate and then select an option for development of the Brookian reservoir," the company told DEC.

- KAY CASHMAN

See story in July 28 issue of Petroleum News, available online Friday, July 26 at www.PetroleumNews.com

For information on PN's news bulletin service, call 907-522-9469. PO Box 231651, Anchorage, AK 99523 - 1651

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