Angus Energy plc announced it would obtain new seismic data and reprocess the existing seismic lines to identify a new drill target at Lidsey oil field in West Sussex.
The onshore hydrocarbon company said that previous seismic mapping had underestimated the aerial extent of the reservoir and most importantly its shape.
This had resulted in the likelihood that both wells X1 and X2 had been addressing the flank or edge of the structure rather than its crest.
Angus added that it would reinterpret and remap the field using the new data in order to identify a new drilling target.
If the further seismic line does not result in a wholly unexpected remapping, the company will explore farmout or other financing for a short sidetrack back to the crest of the structure, subject to regulatory permissions.
Angus chief executive George Lucan said that Lidsey was one of the two oil fields which supported the company when it began trading in 2016.
“Expectations were for over 250 barrels a day and the disappointment at low flow rates in late 2017 was one of two defining moments for the company in its early years on the market.
“The company believes that the field has more potential than previously considered and that our technical view concerning depth conversion and seismic interpretation will shortly be incontrovertibly confirmed by the addition on further short seismic line.
“This has already been budgeted for.”
Angus Energy interests include 51% in the Saltfleetby gas field (PEDL005), it is the operator and majority owner of conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241), and has a 25% interest in the Balcombe Licence (PEDL244).