Blocks 21/22a, 21/26a, 21/27b & 21/28a
Orcadian Energy (CNS) Ltd, 100% and Licence Administrator
|Block||21/22a, 21/26a, 21/27b & 21/28a|
|Licence status||Phase A, initial term|
|2C contingent resources||25 mmbbls (Blakeney)|
|Oil gravity ˚API||14.5˚ (Blakeney)|
|Reservoir oil viscosity||291 (Blakeney)|
|Permeability||13 darcies (Blakeney)|
Orcadian was awarded the P2320 licence in 2017 in the 29th licensing round. The licence is currently in phase A of the initial term and contains the Blakeney, Feugh, Dandy & Crinan Fields as well as the Bowhead prospect and possible extensions of the Pilot field in the form of channels running in from the West.
The Blakeney field was discovered by Wintershall in 2010, by the 21/27b-7 well and is the main discovery in the licence. It contains about 90 mmbbls of moderately viscous oil in place (c. 14.5º API) of which about 25 mmbbls can be recovered and are categorised as 2C Contingent Resources (Development on hold). Development of Blakeney would be undertaken using a dedicated wellhead platform tied back to the Pilot FPSO. The recovery mechanism would be a low salinity polymer flood which results in an after tax NPV10 of $6m at $60/bbl real. We see scope for optimising this scheme in due course.
There are also four west-east oriented incised feeder channels, mapped from seismic, connected to the Pilot accumulation, correspondingly named North, Central, South and Far South. Although these channels could be in communication to the Pilot accumulation, they were assessed as undiscovered prospects. Sproule has assigned a total of 29 mmbbls of recoverable prospective resources to the four channels which have geological chances of success ranging from 20% to 50%.
The Feugh field was discovered by Mobil in 1972 with the 21/28-1 well. Feugh has a gas cap with a very bright response on seismic. Previous operators have considered Feugh to be a small gas pool, however, petrophysical analysis indicates that Feugh has a 25 feet oil leg beneath a thin gas cap, and in this scenario the oil in place would be approximately 30 mmbbls. There was no oil sample captured when Feugh was drilled but we expect the oil to be moderately viscous and of similar quality to that in Blakeney and Pilot. We estimate 6 mmbbls might be recovered from Feugh, but this estimate has not been audited.
The Dandy & Crinan discoveries lie downdip of Feugh and contain both gas and an oil, which is lighter (c. 20º API) and less viscous, than that encountered in the rest of Orcadian’s acreage. Crinan (which extends into 21/28b, operated by Carrick Resources) was discovered by Mobil in 1987 and in 1990 the 21/28a-6 well discovered oil and gas in what is now referred to as the Dandy South field. Wells 21/28a-8 and 21/28a-8Z were drilled by Monument, in 1998, to appraise the Dandy discovery and established that the area appraised by these wells comprised a separate compartment known as Dandy North. Together there are approximately 27 mmbbls of oil in place and 20 bcf of gas in place in these three small discoveries. We estimate 3 mmbbls might be recovered from Dandy and our share of Crinan, but this estimate has not been audited.
Finally the Titchwell prospect, which lies to the North of Bowhead, is less clearly defined on seismic but would be significantly de-risked by a successful Bowhead well.