P2248

P2248 is located to the west of the Pegasus-Andromeda Complex on a trend of Carboniferous fields and discoveries which extend from Caister and Murdoch to the south-east, to Crosgan to the north-west A number of high impact prospects have also been identified in the Bunter Sandstone based on a previously undrilled play concept. There is significant infrastructure in place locally allowing a number of potential offtake options for any future production and the potential development of a production hub centred on the Pegasus complex would provide further options.

Block Details

 

Licence No: P2248 (Promote)
Quads: 43/11
Area: 240km2
Equity position: 100%
P50 Prospective Resource: 1.73 TCF

 

Prospect Summary

There are two reservoir target plays on the licence; the Carboniferous sandstones and the Triassic Bunter Sandstones.

The Carboniferous is a complex sequence which is potentially self-sourcing and self-sealing, via numerous intra-Carboniferous marine shales and older coal formations, with reservoir potential at numerous levels including the Yoredale Formation, Scremerston Formation and Fell Sandstone.  The Cadence structure is a large 3-way dip and fault sealed structure overlain by the Camden prospect which is a stratigraphic pinch-out below the base-Permian unconformity.  The combined Carboniferous prospects have a P50 Prospective Resource of 929 BCF which could be tested with a single exploration well which has been costed at approximately £10M.

The Triassic Bunter sandstone forms an effective reservoir, which has produced hydrocarbons in the Esmond and Forbes fields to the west of block 43/11.   The availability of high quality 3D seismic data has allowed the mapping of a number of large Bunter Sandstone prospects which rely on a degree of stratigraphic and structural trapping mechanisms.  All Bunter prospects are supported by amplitude anomalies which are analogous to anomalies associated with producing Bunter fields and successful exploration wells.  The combined P50 Prospective Resource associated with the 3 Bunter prospects is in excess of 800 BCF and exploration wells are likely to be in the order of £6M to £8M.

The potential of these prospects was independently assessed by Xodus Group and confirmed in a Competent Person’s Report published in October 2016. Please find a link to the Xodus CPR here.

Resource Summary

Licence P2248 contains a number of significant prospects in the lower Carboniferous and Triassic Bunter Sandstones which have a combined P50 Prospective Resources of 1.73 TCF which is equivalent to approximately 300 million barrels of oil.

Net Prospective Resource (BCF)
Licence Ref: CLNR Equity Project ID PRMS Status P90/Low P50/Best Mean P10/High  Risk Factor %
P2248 100% Cadence – Scremerston Prospect 59 165 206 410 18
Cadence –      Fell Sst Prospect 111 604 923 2175 9
Camden Prospect 58 160 204 405 15
Bassett Prospect 36 128 153 303 29
Bathurst Prospect 119 275 317 571 18
Beckett Prospect 97 403 460 892 18

 

Carboniferous Play

Following successes at Cavendish, Pegasus, Andromeda and Crosgan the Carboniferous is considered to have excellent potential across P2248. The early Carboniferous is a complex play which is potentially both self-sourcing and self-sealing with potential sandstone reservoirs at numerous levels. There is also potential for pinch-out plays and more conventional structural traps related to the base-Permian unconformity and regional Zechstein salt seals.

While interpreting the Carboniferous has always been difficult, the use of modern seismic imaging, reprocessing and interpretation tools is shedding new light on its potential. Work completed to date has highlighted a number of potential leads within the Carboniferous including conventional 4-way dip closures and a regional pinch-out play against the BPU.

Ongoing workflows are focussed on delivering drilling targets within the Carboniferous.

Farm-in Opportunity

Given our 100% equity position in this licence CLNR is actively looking to attract funding and / or an Operating partner to support the maturation of this asset.

For more information please download the farm-out flyer.