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UK: Corallian and JV partners extend exclusivity period for work sharing agreement for UKCS licence P2478 in the Inner Moray Firth

01 Oct 2020

Photo - see caption

Corallian Energy and its JV partners, Upland Resources and Baron Oil, signed in April 2020 a Work Sharing and Confidentiality Agreement with a large European E&P Company for licence P2478 in the Inner Moray Firth.

Photo - see caption
Licence P2748 (Source: Corallian Energy)

Under the terms of the agreement Corallian and JV partners agreed to cease marketing a joint farmout to industry until 30th September 2020, during which period the Interested Party would complete its own regional technical work and share its data and interpretations over the area with Corallian and JV Partners ('Exclusivity Period'). The Interested Party has requested a 4-month extension to the Exclusivity Period to 31st January 2021 to complete their evaluation which the P2478 Licensees have agreed to. Corallian and JV partners may further extend the Exclusivity Period with the Interested Party by mutual agreement until the 30th April 2020 should such Party commit to negotiate farm-in terms to earn an interest in the licence. 

The P2478 licence (Corallian 45% interest and licence administrator) contains the Dunrobin prospect. The prospect consists of three large shallow Jurassic rotated fault blocks that are mapped mostly on 3D seismic data within a single culmination with Direct Hydrocarbon Indicators. Reservoir targets are the Jurassic Beatrice and Dunrobin sandstones, overlain by a thick Kimmeridge Clay to seabed. The prospect is approx. 30km offshore with a water depth of approx. 75m. The Dunrobin structure covers an area of approx. 40km2 and the prospect Pmean prospective resources of 174 mmboe, with potential for 396 mmboe (P10) as assessed by Corallian.

Click here for technical information regarding the Dunrobin prospect

Original article link

Source: Corallian Energy

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