Island Oil & Gas plc has made another commercial gas find in the Celtic Sea. Its 49/23-2z sidetrack appraisal well on the Old Head of Kinsale prospect (UK), tested more than 18 million cubic feet of gas per day through a restricted choke with the potential to flow 47 milliom cf/d on an open hole. This was in line with expectations as the company had given the well a 15-25 million cf/d window.
The well, the first in the AIM company’s two-well programme for Summer 2007, carried a pre-drill P50 gross recoverable reserve estimate of 55 billion cubic feet. It is still too early to say whether the well has confirmed that number as the well data will now be integrated with the seismic and earlier well results. Island will update investors in the weeks to come.