Project Profile
Location: Southern North Sea, UK
Reserves: 91 million standard cubic feet per day
Depth: 95 feet
Atlantic Petroleum entered the licence in June 2011 following the acquisition of Volantis Exploration.
The Pegasus discovery is a fault-bounded anticline with an Intra-Namurian sandstone reservoir. It is located in the Southern North Sea surrounded by the producing Cavendish, Trent and Esmond fields. Pegasus was successfully drilled in December 2010 and an appraisal well on the Pegasus West structure was drilled in July-September 2014. The well was drilled with the Noble Julie Robertson jack-up rig in a water depth of about 95 feet. Pegasus West was drilled approximately 7 km WSW of the 43/13b-6Z Pegasus North discovery well. This well was drilled in 2010 by Centrica Energy and Volantis Exploration, now a subsidiary of Atlantic Petroleum, and was plugged and abandoned in January 2011 having encountered gas in the Carboniferous. The Pegasus West prospect lies in the Southern North Sea, close to the producing Cavendish Field, and has a Carboniferous gas target.
Mid-September Atlantic Petroleum announced that drilling, Logging While Drilling (LWD) and wireline logging information indicated the presence of gas in the 43/13b-7 well. Following the analysis of cores and all other available data, the P1724 joint venture decided to drill stem test the well. The well tested at around 91 million standard cubic feet per day and the well is being suspended for future production.
Most recently the Pegasus West well (43/13b-7) was drilled and tested at a combined rate of 91 MMscfpd (million standard cubic feet per day) in late 2014. The well is approx. 7 kilometre WSW of the 43/13b-6Z Pegasus North discovery well. Both wells are in P1724, close to the producing Cavendish Field.
In May 2015 Atlantic Petroleum signed a sale and purchase agreement with Third Energy Offshore Limited for the sale of Atlantic Petroleum’s interests in P1724 (UK Block 43/13b which contains the Pegasus West Gas Discovery).
Operators:
Centrica North Sea Gas: Operator with 55%
Third Energy Offshore: 45% interest