Project Profile
Location: Offshore Greenland
Reserves: 5 Bboe
Depth: 400-800 m (1,312-2,624 ft)
Area: 15,000 km2
Pitu license is lying at 400-800 m (1,312-2,624 ft). Studies by Cairn and partners Statoil and Nunaoil, based on mapping and evaluation of 3D seismic, indicate potential resources of up to 5 Bboe. Statoil is to acquire a working interest of 30.625% in the Pitu licence. Cairn will retain operatorship (56.975%) of the exploration phase; Statoil will operate any future development (Nunaoil 12.5%). Statoil will pay a signature bonus, back costs on the block and promoted terms of future exploration expenditure. 15,000 km2 3D seismic data is being processed, full migrated results are expected in Q2 2012. The sea bed sampling programme confirms new geochemical anomalies at the seabed above the prospective areas identified on the 2D seismic. These anomalies are related to micro seepages of oil.
Operators:
Cairn Energy: Operator with 56.975% interest
Statoil: 30.625% interest
Nunaoil: 12.5% interest