Andalas Energy wraps up seismic work programme at Badger prospect

20th Aug 2018 08:35

(Sharecast News) - Andalas Energy and Power provided investors with an update on its seismic interpretation work programme undertaken on the Southern North Sea Licence P2112.Eagle Gas, in which Andalas holds a 25% stake in, wrapped up its 2018 technical work programme on Monday, completing the group's commitment to the licence as a result.Following the interpretation of reprocessed 3D seismic data covering the block, Holywell, a subsidiary of Eagle, assessed the Badger prospect as having a resource potential of 399bn cubic feet of recoverable gas and 3.9m barrels of natural gas liquids.The AIM-listed explorer also revealed that a location had been picked for a potential exploration well to target two of the four identified objectives.Andalas said the well would be drilled in water depth of roughly 45 metres to a total depth of 4,200 metres.Simon Gorringe, Andalas' chief executive, said, "We believe that the definition of a prospective resource is validation of our decision to participate in the project via our investment in Eagle. Badger is a significant gas prospect, which has the potential to be one of the larger discoveries in recent years in the UK Southern North Sea."As of 0835 BST, Andalas shares had jumped 8.25% to 0.92p.