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Videocon announces successful appraisal of Barquentine -2 well in Mozambique Offshore

Videocon Industries Ltd. | Consumer Durables - Electronics | Consumer Durables | BSE: 511389 | NSE: VIDEOIND

22 Aug 2011 Evaluate

Videocon hydrocarbon Holdings (VHHL), a wholly owned subsidiary of Videocon Industries has informed that the well operator-Anadarko Petroleum has intimated that during the ongoing appraisal program, Barquentine -2 appraisal well has encountered more than 230 net feet (70 metres) of natural gas in high quality Oligocene-age reservoirs. Also the first appraisal of Barquentine discovery matched the operator’s expectation, confirming seismic modeling and providing confidence in geological interpretation of this world- class accumulation.

Barquentine -2 located in Mozambique Offshore Area 1 of the Rovuma basin, is the first appraisal well in Windjammer, Barquentine and Logasta Complex, which is estimated to hold a minimum of 6 trillion cubic feet of recoverable natural gas resources. The Barquentine -2 appraisal’s well was drilled to a total depth of approximately 13500 feet in about 5400 feet of water. The result of Barquentine-2 well located approximately 2 miles east-southeast of the Barquentine -1 discovery well, also indicated that the Oligocene reservoirs are in the static pressure communication between the walls. The drillship is currently being mobilized to the south to drill the Camarao exploration well, which will also serve as appraisal to the Windjammer discovery.

Videocon Mozambique Rovuma, an overseas subsidiary of VHHL holds 10% participating interest (PI) in the block. Anadarko Petroleum Mocambique Area 1 Lda, an affiliate of Anadarko is the operator of the 2.6 million acre block with a PI of 36.5%.Other Co - owner in this area include Mitsui E&P Mozambique Area 1(20%), BRPL Ventures Mozambique B.V (10%) and Cove Energy Mozambique Rovuma Offshore (8.5%). Empresa Nacional de Hidrocarbonetos, E.P a national Oil company of Mocambique holds the remaining 15% interest and is carried through the exploration phase.

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Videocon announces successful appraisal of Barquentine -2 well in Mozambique Offshore

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