Independent Oil and Gas plc said it had increased resource estimates of its P2438 Goddard and P2442 Abbeydale licences in the UK Southern North Sea.
Both licences are held in a joint venture between IOG (50%, operator) and CalEnergy Resources (UK) Ltd (CER) (50%).
Interpretation and mapping of 1,200km² of 3D seismic data has been reprocessed to pre-stack depth migration (PSDM) level.
This has led to significantly improved subsurface understanding of the licences, enabling IOG to revise resource estimates.
The gas company added that this enhanced the potential to create two new incremental high-return gas hubs, a northern hub in P2438 and a southern hub in P2442, in line with IOG’s strategy.
Both hubs would be within scope of the Thames pipeline export route.
P2438 GODDARD
The reprocessed data has the potential to enhance discovery at P2438 Goddard and identify nearby Southsea prospect.
Goddard gross 2C contingent resources increased from 108 billion cubic feet (bcf) in the 2018 competent persons report (CPR) to a new management estimate of 132 bcf.
The two Goddard flanks gross mid-case prospective resources revised to 27 bcf and 16 bcf, with geological chance of success (GCOS) up from 48% (CPR) to 71%.
Southsea has gross mid-case prospective resources of 31 bcf and 48% GCOS.
P2442 ABBEYDALE
IOG said that the P2442 Abbeydale licence also showed potential for a valuable multi-field gas hub, given the identification of Thornbridge and Kelham prospects and higher Abbeydale resources.
Abbeydale discovery gross 2C contingent resource estimates increased from 6 bcf to 23 bcf; Thornbridge has gross mid-case prospective resources of 66 bcf with 32% GCOS; and Kelham has gross mid-case prospective resources of 31 bcf with 80% GCOS.
IOG added that several further leads were identified and that there was “excellent” reservoir quality across the licence.
The company plans further detailed mapping, amplitude analysis and static and dynamic reservoir modelling ahead of deciding on development.
“It is very pleasing that our extensive seismic reprocessing work over the past year has identified additional resources and opportunities on both P2438 (Goddard and Southsea) and P2442 (Thornbridge, Kelham and Abbeydale),” said chief executive Andrew Hockey.
“The new data shows enhanced potential for both licences to host production hubs with step-out exploration and appraisal upside.
“This fits squarely within our infrastructure-led strategy with our co-owned and operated Thames pipeline providing direct access to market for all our gas hubs.”
IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea.