Storm Ventures International Inc.

Storm Ventures International Inc.

April 09, 2009 16:00 ET

Storm Ventures International Inc. Confirms Completion of Operations on the Northwest Vulcan 48/25c-6 Well in the UKCS Sector of the Southern North Sea

CALGARY, ALBERTA--(Marketwire - April 9, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Silverstone Energy Limited, a 100% owned subsidiary of Storm Ventures International Inc., today confirmed the abandonment and rig release of the 48/25c-6 well on the Northwest Vulcan prospect in the United Kingdom Continental Shelf (UKCS) sector of the Southern North Sea. The well was operated by Silverstone (11%) with partners Century Exploration (UK) Limited, Champion Exploration (UK) Limited and Vaalco Energy Inc. The well encountered a 265 foot gas column and in Silverstone's view, appears to share a common gas water contact over the extent of the Vulcan Northwest structure (previously tested with wells 48/25a-4 and 48/25b-5) extending east onto block 48/25b. The overall prospect is estimated to contain between 150 and 250 billion cubic feet of gas in place (GIP) in the tight Upper Leman reservoir.

The well was drilled efficiently to 7910 feet total depth by the jack-up rig GSF Labrador under a turnkey well management arrangement with ADTI. Following wireline log, measurement while drilling (MWD) and preliminary core analysis evaluation of the Rotliegendes Leman Sandstone reservoir the decision was taken to plug and abandon the well due to the limited GIP determined on the joint acreage. Silverstone consider the well an appraisal of the fallow discovery on the adjoining 100% lands in 48/25b and are reviewing the well results including final core analysis, a detailed petrophysical review and other commercial information before determining commerciality and finalizing the overall development strategy.

Silverstone Chief Executive Officer, Matt Brister commented, ''Our partnership is disappointed that the 48/25c-6 well did not encounter sufficient reserves to support stand alone commercial development but Silverstone are very encouraged that the new technical information supports a positive view as to the commerciality of our Northwest Vulcan fallow discovery adjoining to the east and may have some synergies with other company operated activity in the immediate area." Silverstone is currently working towards the development of the 160bcf GIP Vulcan East discovery located 15 kilometres southeast and successfully developed the Victoria gas field in the same region in 2008.

This news release is not for dissemination in the United States or to any United States news services. The common shares of SVI have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Contact Information

  • Storm Ventures International Inc.
    Matthew J. Brister
    President & Chief Executive Officer
    +447912390947
    or
    Storm Ventures International Inc.
    L. Geoffrey Barlow
    Chief Financial Officer
    (403) 265-1619