P2320: Bowhead et al

P2320

Blocks 21/22a, 21/26a, 21/27b & 21/28a
Orcadian Energy (CNS) Ltd, 100% and Licence Administrator
LicenceP2320
Block21/22a, 21/26a, 21/27b & 21/28a
Equity100% (administrator)
Licence awarded2017
Licence statusPhase A, initial term
2C contingent resources25 mmbbls (Blakeney)
Oil gravity ˚API14.5˚ (Blakeney)
Reservoir oil viscosity291 (Blakeney)
Porosity33% (Blakeney)
Permeability13 darcies (Blakeney)
The Bowhead prospect is an analogue to the Pilot discovery and exhibits a remarkably similar seismic response to that seen on Pilot. Sproule has audited the prospect and estimated that recoverable prospective resources are 43 mmbbls with a geological chance of success of 49%. We will be working to derisk this prospect when we acquire new seismic and would hope to be able to commit to drilling an exploration well on this exciting prospect early in 2022, subject to farm-out or further financing.

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.

P2320: Timeline
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5 Oct 1971 – 10 Jun 1972

Mobil drill the first well on our blocks

Mobil drilled 21/28-1 using the Glomar III rig, the well was designated a dry hole, but actually found the Feugh field, the first discovery on the blocks.

Image credit : National Library of Australia

12 Jun 1987 – 25 Jun 1987

Mobil drill the Crinan discovery well

Mobil drilled 21/28a-4 using the M. G. Hulme rig, they discovered Crinan which was thought to be part of the Fyne field just to the North.

Image credit: Bjørn Poulsen

10 May 1990 – 19 Jun 1990

Mobil find the Dandy field

Next door to Pilot, Mobil continued their appraisal of the Fyne field and drilled 21/28-6 with a rig then called the Maersk Highlander, to discover what was subsequently named the Dandy field. This well flowed 20º API oil at over 1,000 bopd.

Image credit: R Engelsman

Nov-1995 – Jul 1997

Monument and Halliburton Energy Development buy-in to Fyne & Dandy

In a deal cooked up by Bill Guest of Monument and Steve Brown, then working with Halliburton, Monument and Halliburton bought into the Fyne and Dandy discoveries.

9 Mar 1998 – 11 Apr 1998

Monument and Halliburton drill the Dandy appraisal well

Monument, with partner Halliburton Energy Development, mobilise the Maersk Petrolia to drill 21/28a-8 and 8Z to appraise the Dandy discovery. This sidetracked well tests at over 1,000 bopd.

Image credit: Foggy

Sadly the only picture we could find of the Maersk Petrolia was while she was being decommissioned.

24 Jul 2010 – 7 Aug 2010

Wintershall discover Blakeney

Wintershall along with partner Sterling Resources drill the 21/27b-7 well, with the Ocean Nomad, and discover the Blakeney field which lies just North East of Pilot.

Image credit: Marton Berntsen

23 Mar 2017

Blakeney licence P2320 awarded to Orcadian Energy (CNS)

Orcadian Energy is awarded a licence over the Blakeney, Feugh, Dandy, and Crinan discoveries. This licence also contains channels which feed into Pilot, and the low risk Bowhead prospect.