Licences: overview

P2244: Pilot & Harbour

  • Orcadian was awarded the P2244 licence in 2014 in the 28th licensing round. The licence is currently in the second term and contains the Pilot Main, Pilot South and Harbour discoveries. Pilot was discovered by Fina in 1989 after a successful well on the Harbour field which proved up mobile oil in the Eocene Tay sands.
  • The key asset on the licence is the Pilot field which has proven plus probable reserves of 79 mmbbls, in a very high quality Tay sand reservoir.
  • Pilot is very well appraised and is development ready, the low salinity polymer flood scheme has an after tax NPV10 of $640 million at $60/bbl real.
OperatorPing Petroleum UK plc
Licence awarded2014
Licence statusSecond term
Reserves79 mmbbls (2C Dev. Pending)
Contingent resources14 mmbbls (2C Dev. unclarified)
Oil gravity ˚API12˚-17˚
Reservoir oil viscosity160 to 1,200 cP
Permeability (Pilot)2 - 8 darcies
Porosity (Pilot)34%

P2482: Elke & Narwhal

  • Orcadian was awarded the P2482 licence in 2019 in the 31st licensing round. The licence is currently in phase A of the initial term and contains the Elke and Narwhal fields. The Narwhal field was discovered by well 28/2-1, which was drilled by Arco in 1993, and Elke was discovered by well 28/3-1B, drilled by Murphy in 2000.
  • The Elke and Narwhal fields occur to the South of Pilot in a turbiditic channel system contain 2C contingent resources (development on hold) of 53 mmbbls in excellent quality Tay sands.
  • A tieback of Elke and Narwhal to the Pilot FPSO and development using a low salinity polymer flood results in an after tax NPV10 of $458 million at $60/bbl real, with a chance of development of 79%.
  • An appraisal well on Elke could test a 3C area which lies updip of the Elke discovery well, potentially converting 22mmbbls of the 3C potential to 2C. A sidetrack updip into the Elke Updip West prospect (c. 87% CoS), could also convert 17.5 mmbbls of 2U prospective resources to 2C.
  • There are a further 43 mmbbls of prospective resources in low risk (c.65% CoS) Elke satellite prospects, and 59 mmbls of prospective resources in the Bottlenose and Tiberius prospects which are somewhat riskier (c. 18%).
Block28/2a & 28/3a
Equity100% (administrator)
Licence awarded2019
Licence statusPhase A, initial term
Contingent resources53 mmbbls (2C)
Unrisked prospective resources119 mmbbls (2U)
Oil gravity ˚API12˚-15˚
Reservoir oil viscosityc. 300 cP
Permeability3 darcies

P2516: Fynn

  • Orcadian was awarded the P2516 licence in 2020 in the 32nd licensing round. The licence is currently in phase A of the initial term and contains the Fynn – Beauly and Fynn – Andrew discoveries. Texaco discovered the Fynn fields in 1978 when they drilled well 14/20-9.
  • Fynn – Beauly is a very large heavy oil discovery, updip from the Lowlander oil field. The entire discovery extends across a number of blocks and is estimated to contain oil in place of between 602 and 1,343 million barrels. Blocks 14/20g & 15/16g contain a section of the discovery to the south, with oil in place of between 77 and 202 million barrels.
  • The second discovery, Fynn – Andrew, is wholly contained on the offered blocks and holds 50 million barrels of oil in place on a P50 basis. There is also an oil prospect in the Piper Formation on the licence. Orcadian management estimate that the net 2C technical contingent resource on these discoveries would be about 29 mmbbls.
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Block14/20g & 15/16g
EquityOrcadian 50%, Parkmead 50% (administrator)
Licence awarded2020
Licence statusPhase A, initial term
2C contingent resources29 mmbbls
Oil gravity ˚API10.6˚
Porosity31% (Fynn, Beauly)