Further exploration work in the Slyne Trough off the west coast to Ireland is be undertaken by Enterprise Oil later this year following last summer's "significant offshore gas discovery" in its Corrib North prospect, writes Sebastian Taylor.
Enterprise Oil chairman, Mr Graham Hearne said the first well encountered oil shows and the second found gas in the Slyne Trough block, 18/20.
Unfortunately, mechanical results prevented Enterprise from carrying out a flow test. The company expects to undertake further seismic work later this year followed by a well for flow tests next year.
The update on the "significant" Slyne Trough exploration accompanied Enterprise Oil's calendar.
1996 figures showing a 77 per cent increase in pretax profit to £355 million lifting earnings by 42 per cent to 26p a share. Exploration and appraisal successes, together with revisions to existing discoveries, added 160 million barrels of oil equivalent equating to 193 per cent of direct production last year.
