Deltic Energy plc has identified around 904 bcf in the P50 estimate of potential gas over three targets in its southern North Sea licence P2428, containing the Cupertino prospect.
PARTNER
The company, which is seeking suitable partners to develop the prospects, said that the prospective resources range from 205bcf in the P90 estimate to 2.97 tcf in the P10 estimate.
Chief executive Graham Swindells said that the company had uncovered more previously unrecognised prospectivity in the underexplored part of the basin.
“With combined P50 recoverable gas resources in excess of 900 bcf or the equivalent to in excess of 150 million barrels of oil, these prospects are clearly material in terms of their overall scale both individually and collectively.
“In addition to our Selene and Pensacola prospects with Shell, these Cupertino stacked prospects, coupled with our recently re-acquired Cadence prospect, followed by our other recent licence awards, continue to deliver our stated strategy of developing a conveyor belt of exploration drilling opportunities of material scale.
“Our attention will now turn to attracting the best possible partner to help us take these opportunities forward towards drilling.”
Deltic said the area was geologically complex and expected additional 3D seismic data would be needed to de-risk the prospects further before drilling.
The company was awarded the licence effective from 1 October 2018.
During 2019, Deltic reprocessed 852 line kilometres of vintage 2D data which has resulted in a “significant uplift in data quality.”