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Jubilant to abandon Golaghat well

By BFN News | 09:09 AM | Monday 18 April, 2011


Jubilant Energy is to plug and abandon the P-16-1 well on the Golaghat block in India which was spudded last month. Jubilant said the well reached a total depth of 1625 metres and encountered a granitic basement from 1555 metres onwards. The well tested a NE/SW fault prospect and was drilled through all the potential reservoirs that were previously identified at this location. Jubilant said: "Based upon drilling, electric logs and MDT data, no hydrocarbons were encountered in the well. "The well is thus being prepared to be plugged and abandoned." Jubilant through its subsidiary, Jubilant Oil and Gas, holds a 10% participating interest in the block and is the operator. At 9:09am: (LON:JUB) share price was -5.25p at 67.5p Story provided by StockMarketWire.com