StockMarketWire.com - Cove Energy has revealed further successful appraisal of the Lagosta discovery offshore Mozambique.
Cove said Anadarko Petroleum - the operator of the Lagosta-3 appraisal well - had reported that 577 net feet of natural gas pay had been encountered.
Lagosta 3 - the eighth successful well to drill in the world class Windjammer, Lagosta, Barquentine and Camarão gas complex - found high quality gas sands not well imaged by seismic data.
Cove says this confirms the gas accumulation to the western limits of the WLBC gas complex, into what was an unknown area
And it says pressure readings confirm important reservoir continuity of Lagosta 3 to Lagosta 1 and 2 and to the Windjammer/Camarao wells further north.
Cove chief executive John Craven said: "We are very pleased to announce this further successful appraisal of the Lagosta discovery, which not only delivers another significant section of gas pay but also considerably extends the western area of the gas field, adding further confirmation to the 15 to 30-plus TCF recoverable gas resource estimate for the WLBC complex."
At 8:20am: (LON:COV) share price was +1.38p at 158.13p
Story provided by StockMarketWire.com
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