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Deventci-R1, A-Lovech Block, North-West Bulgaria

Deventci-R1, A-Lovech Block, North-West Bulgaria

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Published by Leon

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Categories:Types, Research
Published by: Leon on May 02, 2012
Copyright:Attribution Non-commercial

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11/13/2012

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Deventci-R1, A-Lovech block, North-West Bulgaria
The second half of 2009 saw Liberty Energy enter into a Purchase and Salesagreement to acquire rights to a rich natural gas property situated in North-West Bulgaria, 130km from the capital city Sofia.Based within the A-Lovech exploration block which covers1,830 square miles(or 1,171,200 acres)of the East European country, the property contains thedeepest well drilled in Bulgaria for the past 30 years.Known as Deventci-R1, this primary well sits on a 15-20 sq km geologicalfeature known as the West Koynare structure, reaching a total depth of 5,888meters (19,313 ft.)into the Lower Triassic Alexandrovo formation.With bottom-hole pressure of around11,500psi, this is the highest pressuredgas reservoir to be identified in Bulgaria.The well encountered gas saturated reservoirs in the Dolni Dabnik member of the Middle Triassic Doirentsi formation, with further potential reservoirs in theUpper Triassic Rusinovdel and the Lower Jurassic Ozirovo formations. In total,this gas deposit has a capacity of around six billion cubic meters.Initial results indicate that the gas and natural gas condensate found at the siteto be of exceptionally high quality with low sulphur content.Looking to the future, Liberty Energy’s agreement entitles the company toroyalty interests on all future revenues and reserves located on the block, at nofurther cost to us.It is anticipated that the development will be tied in with the nearby Aglen fieldand first sales are expected in 2011, on completion of the pipeline. Followingthis transaction, Liberty Energy plans to continue searching assets in Bulgariaand surrounding European regions with a view to engaging in similar low risk opportunities.

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