Project Profile
Value: US$50-150 million
Location: Quad 211, UK sector of North Sea
Estimated Reserves: 46 MMboe
Exploration Start-up: 2010
Licence P.1632 relinquished: March, 2015
The Tybalt prospect is situated in Quad 211 in the UK sector of the North Sea. Valiant secured the Diamond Ocean Nomad semisub to conduct exploratory drilling on the Tybalt prospect at the end of the first quarter of 2010, targeting P50 prospective resources of 46 MMboe. Valiant commenced drilling operations on the 211/8c exploratory well on the Tybalt prospect. The well found hydrocarbons in the targeted Upper Magnus Sand Formation, within the eastern \'T2\' pinch-out prospect. The company then discovered light oil in Tybalt\'s sidetrack exploration well 211/8c-4z in the four-way dip T1 structure on the West Tybalt prospect. The well encountered an oil-bearing reservoir section in the Upper Magnus sands of about 550 feet (168 metres). The find is larger than pre-drill estimates, and collected pressure data imply up to three separate columns may be present with the largest totaling 423 feet (129 metres).
The size of the encountered oil column suggest the East and West Tybalt discoveries are in communication and a more complex geological setting is present. Valiant performed an extensive data collection program, and will now proceed with a drill stem test of the well.
A second exploratory well, 211/8c-4Z, on the Tybalt field was tested, flowing at a peak rate of 5,400 bopd and 4 MMcf/d on a 56/64-inch choke, representing a combined rate in excess of 6,000 boepd. Oil samples from the test confirmed a light crude oil with an API of 38 to 40 degrees.
The current well was suspended for potential use as a future appraisal or development well. After analysing gathered data, Valiant suggests that the current well was not ideally placed in order to evaluate the full extent of the discovery. Further evaluation is needed to focus on defining the extent and nature of the Upper Magnus reservoir in the area to pinpoint an exact location for an appraisal well.
Operators:
Valiant Petroleum: Operator with 60% interest
Agora Oil and Gas: 40% interest
Contractors:
Fred Olsen Energy: Semi-sub rig contract
Dolphin Drilling: Drilling of wells