St Laurent

The Saint Laurent Permit in South West France contains the undeveloped Grenade heavy oil accumulation and several further hydrocarbon exploration plays. The discovery well, Grenade-Sur-Adour-1 was drilled by SNEAP (Elf) in 1975 and encountered a 97 metre oil column of 10 API oil in Cretaceous Albian carbonates. Between 1976 and 1985 around 8,000 barrels of oil were recovered from intermittent tests, the well being finally plugged and abandoned during a period of low oil prices in 1985.

The Grenade 3 appraisal well drilled in 2008 did not encounter hydrocarbons. Studies are focused on determining the extent of this accumulation and whether to sidetrack or abandon the GAR-3 well. Best estimate gross oil in place is now estimated to be 86 million barrels (0.9 million net recoverable).

Deeper in the geological section to the south-west the joint venture has reprocessed 2D seismic data and successfully delineated a large subsalt gas prospect in the Triassic Bunter Sandstone under the Audignon Ridge. The operator estimates best net prospective resources of 3TCF (660BCF net to Nautical). We are currently in discussion with potential farmout partners. The Conseil De Mines granted a renewal of the St Laurent permit up to August 2013.