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PRM takes the plunge at Bowsprit-1

18 October 2021 13:43
ASX: PRM

Prominence Energy is hoping for a cathartic rise as the company prepares to plunge the first concrete casing into the seabed at the Bowsprit-1 well, part of its working interest in the shallow waters of Louisiana southeast of the US state of New Orleans.

As oil prices remain above $US84 a barrel, PRM will evaluate up to seven prospective reservoirs, primarily targeting the T2 Middle Miocene Sand underneath a Shell’s former producing oil field, and independently estimated as containing between 1.8 and 4.1 million barrels of oil.

The first well will assess the upside of the Middle Miocene (T2), known to contain an undeveloped conventional Miocene aged oil at around 7,400ft (2,255m) and a gas field at about 9,500ft below the surface.

With the advantage of new equipment, the company can viably recover recoverable oil from 14 vertical well penetrations and has demonstrated producible oil from an upper Miocene sand (T1), plus have a further five potential reservoir sands anticipated to be encountered by the well.

Following the arrival of custom-designed drilling equipment last week, the company has commenced drilling sinking surface casing around 2,900 feet (885m) to the next casing point.

“It is great to be drilling at Bowsprit, at current oil prices, success in this well would be transformational for PRM”, managing director Alex Parks said.

The company’s Australian Stock Exchange-listed price was trading at 1.6c today (1:21 pm GMT + 8 hours).

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