Project Profile
Value: US$50-150 million (estimate)
Location: Licence P1974, Southwest margin of the East Shetland basin, UK
Reserves: 89 mmbbl with min and max unrisked recoverable range between 8 - 95 mmbbl
Water Depth: 122 m
Relinquishment year: January 2015
Block 3/23 is located in the south-west margin of the East Shetland basin in water depth of 122 m and contains the Malvolio Prospect which is a Paleocene appraisal opportunity within the Upper Montrose Group sand. Well 3/23b-3, drilled by Chevron in 1988 on 2D seismic data, defines the extreme north west margin of the Malvolio Prospect, with oil observed in cuttings over shakers and later in the well log analysis. Further, recent seismic data reveals a strong amplitude anomaly down dip from the well significantly reducing risk on the Malvolio Prospect. Based on internal management assessment, and as submitted as part of the application to DECC, the \'most likely case\' unrisked STOIIP is 89 MMBBL with the minimum and maximum unrisked recoverable range between 8 and 95MMBBL. Malvolio is 48km away from the nearest existing appropriate infrastructure, the Dunbar field and as such is considered isolated. The initial work programme will be to access additional well data and further 3D seismic with a view to confirming the geobody volume and thickening away from the original Malvolio well as well as confirming the feasibility of developing the block using buoy technology.
Further prospectivity has been identified within the block which will be assessed as part of the overall appraisal of the licence area. Enegi Oil has been offered this license by the Department of Energy and Climate Change (DECC) in the 27th Seaward Licensing Round for the UKCS. This offer will be the Company\'s first licence in the UKCS and the intention is to develop these in conjunction with ABTechnology and its buoy technology.
Operators:
Enegi Oil (renamed to NU Oil & Gas): Operator with 50% interest
Azinor: 50% interest
Contractors:
ABTechnology: Field services and provider of buoy technology