In a drilling update released this afternoon, Arc said the clastic sediments of the Virgin Hills Formation at this location were interpreted to be predominantly tight sandstones and calcareous claystones.
“No significant indications of hydrocarbons or porosity were noted over this interval,” Arc said.
“Further evaluation of all intervals in this well will be undertaken with the planned wireline logging program.”
Based on these results, Arc said it decided to stop drilling.
After wireline logging, Arc said the well would be plugged back and sidetracked to the Stokes Bay targets.
“In Valentine-1, the very strong gas shows and indications of porosity in the shallower intervals of the Anderson and Laurel Formations is considered highly encouraging for the targets of the Stokes Bay-1 well, which were encountered as planned, substantially down-dip in the Valentine well bore,” it said.
Participants in Valentine-1 are Arc Energy (operator – 38.95%), Empire Oil & Gas (14.8%), Emerald Oil & Gas (12.75%), Pancontinental Oil & Gas (10%), Phoenix Resources (10%), First Australian Resources (8%) and Indigo Oil (5.5%).
