Bow Valley Energy Ltd. announces oil discovery in the UK North Seaadmin
Thursday, August 14th 2008
Bow Valley Energy Ltd. announces that its wholly owned subsidiary, Bow Valley Petroleum (UK) Limited, has made an oil discovery in the UK North Sea at Blackbird located on Block 20/2a, six kilometres south of our Ettrick field development. The well encountered 111 feet of net pay in multiple zones. The well was drill-stem tested and flowed at an average restricted rate of 3,800 bopd through a 34/64 inch choke. Analysis indicates light crude oil in good quality reservoir sands. The well has been suspended for use as a potential production well.
The close proximity of the Blackbird discovery to the Ettrick Field combined with the common ownership between the two fields provides for a quick and cost effective development option to sub-sea tie back the Blackbird discovery to the floating production, storage and offloading vessel at Ettrick.
Bow Valley owns a 12% interest in the Blackbird well with Nexen, as operator, with a 79.73% working interest and co-venturer Atlantic Petroleum at 8.27%.
R.G. Moffat, president and CEO of Bow Valley stated “The Company is successfully building a full cycle exploration and production company of significant size in the UK North Sea. Three producing fields at Kyle, Enoch and Blane combined with two pre-production fields at Chestnut and Ettrick, a pre-sanction field at Peik and now a new pool discovery at Blackbird is creating a balanced portfolio that should provide continued shareholder value growth. The exploration success also highlights the remaining potential in UK North Sea and Bow Valley’s ability to identify and capture value. Bow Valley’s continued exploration activity over the next six months includes participation in four exploration wells and one field appraisal well on new prospects.”
Bow Valley Energy Ltd. is an international oil and natural gas exploration, development and production company with operations in the U.K. sector of the North Sea and Alaska. The common shares of the Company trade on the Toronto Stock Exchange under the symbol BVX.