Orcadian Energy plc has licensed a 3D seismic dataset covering the Pilot and Blakeney discoveries and the Bowhead prospect within block 21/27 in the North Sea.
POTENTIAL
The dataset received from TGS was shot during 2011 and 2012 and reprocessed to focus on the Tay discoveries and prospects during 2018 and 2019.
Orcadian said that the newly reprocessed survey could provide improved imaging of the Tay sands and might indicate potential fluid fill of the sands.
The oil and gas development company has engaged Axis to interpret the seismic survey and evaluate the Bowhead prospect on the new dataset.
“This interpretation will enable the company to update both its estimate of recoverable prospective resources, and the geological chance of success of the Bowhead prospect.
“This work is expected to be completed during Q4 2021.”
FUNDING
Orcadian began trading on AIM on 15 July 2021 and raised £3 million via in placing to advance the Pilot oil field (100%) towards a field development plan including an FPSO market approach with Crondall.
Net proceeds will also go towards the reprocessed 3D seismic and interpretation on the Bowhead prospect, licence fees and appraisal, and working capital.