Centrica: Test Well At Cygnus Gas Field Successful

7th Jul 2010 10:57

LONDON (Dow Jones)--U.K.-based energy company Centrica PLC (CNA.LN) Wednesday said the second appraisal well at the U.K. North Sea's Cygnus gas field confirms good characteristics of the reservoir. "This is potentially one of the most significant undeveloped gas fields in the U.K. continental shelf and comes at a time when developing the untapped potential of the North Sea is critical to U.K. energy supply security," Centrica Energy's Upstream Managing Director Jonathan Roger said in a statement. Centrica has a 48.75% stake in the Cygnus field. GDF Suez SA (GSZ.FR), the field's operator, owns 38.75% and Endeavour Energy International Corp. 12.5%. Endeavour in a separate statement estimated that the field contained reserves of 500 billion cubic feet to 1.2 trillion cubic feet of gas. Centrica said the latest well had achieved a stabilized flow of 29 million standard cubic feet a day. First gas from eastern area of the field is scheduled for 2013, Centrica said. At 0952 GMT, Centrica's shares were flat at 299 pence, outperforming the broader market. London's FTSE 100 index was down 1.2%. -By Sarah Kent, Dow Jones Newswires; 4420-7842-9376; [email protected] (END) Dow Jones Newswires July 07, 2010 05:57 ET (09:57 GMT)