Project Profile
Location: adjacent to F.R40.NP, Italy
Reserves: 401 mmboe of prospective resource
The F.R39.NP permit, adjacent to F.R40.NP, contains the Cygnus prospect which is up-dip of Aquila. Data from the Aquila development wells and existing 2D seismic data indicates that Cygnus may share an oil water contact with Aquila. During 2013 ERCE evaluated the Cygnus prospect and in the high case, which recognises a common oil water contact, assigned a prospective resource of 978 mmbbls, with 790 mmbbls of recoverable oil within the F.R39.NP permit.
The environmental impact assessment (\'EIA\') for the acquisition of 3D seismic data has been approved by the Italian regulatory authorities. In addition, EIAs for the exploration permit applications, contiguous to the existing permit in the southern Adriatic, has been approved. The acquisition of 3D seismic data over the prospect will be used to more clearly define the optimum locations for the appraisal well. The Company will seek a farm in partner prior to acquiring the 3D seismic. The first stage of the exploration programme, once the permitting process is complete, will be the acquisition of 2D seismic across the permits in order to high grade the prospectivity of these blocks ahead of a farm out campaign.
Operators:
Cabot Energy (formerly Northern Petroleum): Operator with 100% interest
Contractors:
ERC Equipoise Limited (ERCE): Subsurface geological evaluation studies