Project Profile
Location: North Sea
Water Depth: 115m/ 380ft
Discovery Date: February 1986
Reserves (Royce) (P50 in-place) 293 million barrels of oil. (P50 recoverable) 54.8 million barrels.
The Hydra and Royce prospects are located in UK License P1756, Block 3/27a, in 377 feet (115 meters) of water. First Oil operates the license with a 75% interest; while Cairn Energy holds the remaining 25% after buying Nautical Petroleum in June 2012.
The planned drilling of the Hydra prospect was postponed until 2009 due to bad weather in the North Sea and the high standby costs that Nautical would incur if the company held the rig until drilling could commence. First Oil obtained 1,141 km of 2D seismic data originally shot by Fugro in 2007, in addition to a 1994/1995 3D seismic shoot (136 km square) and the Bressay 1997 3D seismic (164 km square.)
Discovered in 1986, Hydra was found through well 3/27-2.
Royce is an Emerald Sandstone pinchout between overlying Kimmeridge Clay and Devonian shales below. At the crest a small structural four-way dip closure is present. The prospect was identified on prior seismic data.
The operator, First Oil, relinquished the licence in 2013 after its operating partners refused to switch the exploration focus to Royce, which First Oil believed was the most promising prospect. First Oil Expro fell into administration in February 2016.
Operators:
First Oil Expro Limited: Operator with 75% interest
Cairn Energy PLC: 25% interest