UK Trio Scores North Sea Licences
A trio of UK independents have grouped together to secure two licences for acreage in the Inner Moray Firth area of the North Sea.
Corallian Energy will operate the licences with a 45% stake, while Upland UK will take a 40% interest and Baron Oil 15%, Baron said in a London stock filing on September 20. The licences were awarded in the UK’s 31th offshore licensing round.
Licence P2478 spans four blocks and contains the small 12/27-1 gas discovery, which also shows oil, Baron said. Its Dunrobin and Golspie prospects hold 187mn and 23.5mn barrels of oil equivalent in recoverable prospective resources. Licence P2470 encompasses three more blocks surrounding the Wick prospect, where Baron sunk a dry well at the start of the year. The acreage hosts the small Knockinnon oil discovery and the Forse Channel, Whaligoe, Camster, Camster South and Dunbeath prospects.
The group’s initial work programme consists mostly of 3D seismic reprocessing, according to Baron’s chairman Malcom Butler.
“We have already identified substantial prospects in the acreage and expect that the reprocessing work will enable us to define at least one near-term drilling location,” Butler said.