Paydirt for Feb. 5, 2018: Pennine's Ramica structure target shares characteristics with Albania's big producing fields

Shpirag, Velca and the String of Pearls (Part 2 of 3)

They’re called the String of Pearls for a reason.

Because producing fields along this northwest-southeast fault line, running down the spine of Albania, have yielded prosperity for decades—and have, in fact, been home to much of Albania’s oil production.

The Patos-Marinza oilfield, in central Albania, is considered the largest onshore oilfield in Europe, containing a significant chunk of the country’s estimated 220 million barrels of oil reserves, and 5.7 billion cubic metres of natural gas reserves.

Patos-Marinza is part of the String of Pearls. So is Shell’s Shpirag-4 well, spudded in mid-December 2017. So are the Cakran and Gorisht fields, just north of the Velca Block. So is the Amonica field, within the Velca Block.

And so is the Ramica structure target—which, according to Pennine Petroleum’s NI 51-101 compliant independent resource estimate, has a best-case prospective resource scenario of 26.5 million barrels of recoverable hydrocarbons.

“It’s said that past behavior predicts future behavior. Cakran, Gorisht and Amonica are great examples from Albania’s energy exploration, because they are all separated by a transverse fault along the northwest-southeast lineament that isolates the reservoir structure,” says Pennine CEO N. Desmond Smith.

“Based on the strong amount of data, the existing 2D seismic indicates a drilling target on the Ramica feature at a depth of about 3,200 metres,” adds Mr. Smith.

In late November, Pennine finalized a Production Sharing Agreement (PSA) for Velca Block with Albpetrol Sh.A, Albania’s national oil company. Pennine’s geophysical team is currently poring over seismic data to determine a drill location for the Ramica structure target.

Pennine expects its production targets for the Ramica anticline structure to be similar to those of Shell’s Shpirag-2 appraisal well, whose drill pad just saw the spudding of Shpirag-4.

As for those other String of Pearls fields:

  • Gorisht is producing 1,000 barrels a day, with 135 of 295 drilled wells in production;
  • Cakran is producing 500 barrels a day, with 24 of 64 drilled wells in production; and
  • Amonica is producing 120 barrels a day, with 23 of 60 drilled wells in production.

“We are very much looking forward,” says Mr. Smith, “to bringing another of Albania’s pearls online.”

(Check back with Pennine’s Paydirt channel to read Part 3 of the Shpirag, Velca and the String of Pearls series)