WBN Woburn Energy

 

TIDMWBN 
 
RNS Number : 3483Y 
Woburn Energy PLC 
01 September 2009 
 

+-------------------------------------+-------------------------------------+ 
| For immediate release               |                    1 September 2009 | 
+-------------------------------------+-------------------------------------+ 
Woburn Energy Plc 
("Woburn Energy" or the "Company") 
 
 
Technical Update 
 
 
Colombia - Las Quinchas Association Contract 
Woburn Energy Plc ("Woburn" or the "Company"), stock code: WBN, the AIM-traded 
oil and gas exploration and production company, announces that the acquisition 
of a 33 square kilometre 3D seismic program over the Acacia Este discovery in 
the Las Quinchas Association Contract area, Colombia has been concluded. This 
survey was acquired by the Operator, Kappa Resources Colombia ("Kappa", a wholly 
owned subsidiary of Pacific Rubiales Energy Corp) in order to gain a greater 
definition of the basement including topographic highs and faults and any impact 
these may have on the nature and distribution of the fluvial sands that 
constitute the reservoir in the Acacia Este field. 
 
 
The 3D seismic survey has now shown that Acacia Este is more complex than 
originally considered with a number of major NE-SW and NW-SE faults dividing the 
field into a series of compartments that may account for the productivity and 
reservoir differences between AE-1 and AE-2 previously announced. The results of 
drilling AE-4 and AE-5 by the Operator, Kappa prior to completion of the 3D 
seismic project on Acacia Este has supported the view of a widespread but 
complicated distribution of hydrocarbons in the field potentially controlled by 
structural configuration and reservoir characteristics. Woburn Energy did not 
participate in the drilling of AE-4 and AE-5. A comprehensive evaluation and 
synthesis of all the data collected by drilling and seismic exploration of 
Acacia Este will now be conducted. 
 
 
In the Las Quinchas Association Contract, Woburn's interest is vested with our 
subsidiary, the Las Quinchas Resource Corp. ("LQRC") in which Woburn holds a 51% 
interest. Woburn has therefore a 25.5% working interest in the Las Quinchas 
Association Contract. 
 
 
Acacia Este 1 well has remained in long-term production testing since November 
2008. Initially production rose to 122 barrels of oil per day ("BOPD") and has 
now settled back to around 26 BOPD. Cold production testing is also being 
undertaken on Arce 4. Testing was initiated in December 2008 with production 
peaking at 23 BOPD. This has now settled back to around 6 BOPD. 
 
 
Relinquishment of 50% of the Las Quinchas Association Contract area has been 
proposed to Ecopetrol in line with the requirements of the licence. Subject to 
approval by Ecopetrol, the Joint Venture will retain the areas around Acacia 
Este, Arce, Baul and Bukhara whilst relinquishing the less prospective and more 
risky sections of the contract area 
 
 
Colombia - Alhucema E&P Contract 
 
 
Woburn has a 25.5% working interest, held via Alhucema Resource Corporation, in 
the Alhucema E&P Contract. As reported at the Annual General Meeting, our year 3 
obligations on the Alhucema E&P Contract consisted of the acquisition of a 50 km 
programme of 2D seismic. Technical interpretation of the processed seismic was 
disappointing and revealed only high-risk prospects that were considered 
inappropriate for drilling in view of the results of the Arrinconada well and 
the structural complexity revealed in the equivalent Mugrosa sequences along 
strike in Acacia Este. 
 
 
Following careful review of the remaining opportunities on the Contract area, 
further expenditure  could not be justified. The operator, Kappa, in agreement 
with all interest holders of the property, has therefore decided not to proceed 
with the next exploration phase of the Alhucema E&P Contract and has submitted a 
notice to the ANH to such effect. The ANH has acknowledged the surrender of the 
property and has conditioned its acceptance to evidence of compliance with 
certain contractual matters. The ANH E&P Contract for the block has six phases 
and all work commitments have been completed up to and including phase 3 of the 
program. 
 
 
 
 
UK - Southern North Sea P1147 licence 
 
 
The Company has a 15% interest in Block 49/8c, in the Southern North Sea, 
operated by Wintershall Noordzee, which contains the undeveloped Monterey gas 
field. Little progress has been since the AGM.  Development of Monterey is 
realistically unlikely to take place before the end of 2011 as further technical 
work will be required to determine the precise development scenario for this 
Carboniferous tight gas sand field and gas prices remain depressed as a result 
of the weak economic conditions in the UK. Woburn Energy continues to seek a 
buyer for our interest or to farm out to a company who will carry us through any 
future work obligations required to take Monterey into development. Currently, 
the Joint Venture is operating on a care and maintenance basis until a buyer or 
farm-in partner(s) can be found. 
 
General 
 
 
Woburn Energy is currently conducting technical and financial reviews of a 
number of new asset acquisition opportunities. Further announcements will be 
provided in due course. 
 
 
Dr John Cubitt, Managing Director of Woburn Energy Plc, commented: 
"The 3D seismic survey over the Acacia Este field and the drilling of Acacia 
Este 4 and 5 has provided important technical information on this complex heavy 
oil field. Detailed assessment of the results of the seismic and drilling 
program will be required before further appraisal and development drilling is 
proposed. Whilst our operator progresses the detailed evaluation of Acacia Este, 
Woburn is looking to enhance the size and balance of its asset portfolio by 
adding a number of new producing and exploration assets" 
 
 
Qualified Person 
 
 
Dr John Cubitt (a Director of the Company) has been involved in the oil and gas 
production industry for more than 29 years. Dr John Cubitt is a registered 
Chartered Geologist (CGeol) and has a BSc and PhD in geology. He has compiled, 
read and approved the technical disclosure as it relates to Woburn in this 
regulatory announcement. 
 
 
Enquiries: 
 
 
+------------------------------------------------+----------------------------+ 
| Woburn Energy Plc                              |         Tel: 0207 387 2288 | 
+------------------------------------------------+----------------------------+ 
| Dr John Cubitt, Managing Director              |       www.woburnenergy.com | 
+------------------------------------------------+----------------------------+ 
|                                                |                            | 
+------------------------------------------------+----------------------------+ 
| Beaumont Cornish Limited (Nominated Adviser)   |         Tel: 0207 628 3396 | 
+------------------------------------------------+----------------------------+ 
| Michael Cornish                                |                            | 
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|                                                |                            | 
+------------------------------------------------+----------------------------+ 
 
 
ENDS 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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