Project Profile
Location: Moray Firth area of the North Sea
Gross Reserves: 16.5 million barrels (2014)
Possible peak production: 10,000 boepd
Start-up year: 2017
The West Wick discovery is located with Block 13/21a and is an oil accumulation lying in the inner Moray Firth area of the North Sea, some 3.75 km west of the Captain field Producing Platforms.
Oil was discovered within the Cretaceous Upper and Lower Captain sandstone reservoirs and correlates to the same reservoirs of the Captain field that have produced since 1997. The West Wick field has remained undeveloped since discovered by Amoco in 1990 with the drilling of well 13/21a-1A. Since that time four delineation wells have been drilled appraising the accumulation. The last wells (13/21a-5 and 13/21a-6) were drilled by Enterprise Oil in 2001.
Block 13/21a has been covered by 3-D seismic. Iona believes the deeper Jurassic stratigraphy offers further exploration potential underlying the block and an evaluation of this potential is planned to commence post acquisition completion.
Iona engaged Gaffney, Cline & Associates (GCA) to prepare an independent reserves report of the West Wick field, based on the Draft Field Development Plan (FDP) for West Wick as planned by Centrica VPC . The GCA Report was prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and has an effective date of December 31st, 2011. GCA has estimated net proved oil reserves of 5.1 MMbbls, net proved plus probable oil reserves of 9.71 MMbbls and net proved plus probable plus possible oil reserves of 12.18 MMbbls.
Operators:
Iona Energy: Operator with 58.73% interest
Idemitsu Petroleum: 41.27% interest
Contractors:
Enterprise Oil: Drilling
Gaffney, Cline & Associates (GCA): Independent reserves report