Finavera Gas believes the area contains good source rocks for oil and gas, some of which are analoguous to those in the onshore Kent coalfield in England. Coal is the main source rock for producing gas fields in the southern North Sea.
Oil and gas generated would be reservoired in adjacent carbonate and sandstone reservoirs, which are indicated to have high levels of porosity. An onshore oil seep, north west of the licence area, highlights the prospective potential.
Jurassic and Cretaceous shales offer good seals to trap the hydrocarbons. The expected drilling depth would range from 1,500 to 2,500 feet.
Furthermore, Finavera Gas believes there is further upside associated with the possibility of oil generation from black bituminous limestone at a depth of approximately 3000 feet.
Finavera will now interpret 300 kms of seismic data which was gathered in the area in 1982. This interpretation will assist in defining drillable structures. The presence of gas in onshore water wells adjacent to the south-bounding fault and an onshore oil seep up-dip along the same fault are strong indications of hydrocarbons having been generated within the graben.
A full 3D seismic survey over the entire licence area is also being considered.