Chevron to Work on P2-10 Appraisal Well in November

Xtract Energy Plc confirms that Chevron expects the Noble Byron Welliver jack-up drilling rig to be on site at the P2 block in the Netherlands, over which Xtract has an overriding royalty interest, in October 2011 and intends to spud the first well (P2-10 appraisal well) in November 2011.

The P2-10 appraisal well will target an existing gas discovery on the P2 block (P2-7, with low levels of CO2) and one of the main objectives is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir. Xtract has an overriding royalty arrangement of up to 5 per cent. of the sales value from Chevron’s share of gas delivered into the Dutch National Transmission System and Chevron condensate delivered onshore.

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Source: Xtract Energy Plc , September, 27.  2011