Independents Find Oil With Exploration Well on Slope

By Alaska Journal of Commerce, Anchorage

Apr. 15–A group of independent oil and gas explorers working together announced a discovery April 11 on one of two exploration wells drilled this winter on the North Slope.

Bow Valley Energy Ltd., working with partners AVCG LLC, TG World Energy Corp. and Ramshorn Investments, said the North Shore No. 1 well encountered oil and has been completed as a potential oil producer. The well was drilled to 10,319 feet through the Ivishak formation just north of the Prudhoe Bay field.

Bow Valley said in a press release that a full testing of the North Shore well will be done in the 2008 winter drilling season. An evaluation of the prospect will also be made using 3-D seismic, which the joint-venture group acquired this winter season, Bow Valley said.

A second exploration well drilled by the group, the Sak River No. 1 well, did not encounter hydrocarbons, according to the press release.

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Copyright (c) 2007, Alaska Journal of Commerce, Anchorage

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