Orcadian Energy plc estimated an increase in oil-in-place based on new interpretation of reprocessed seismic data for the Pilot, Feugh and Blakeney discoveries and the Bowhead prospect.
PILOT
The company said that the development area oil-in-place would increase by 10% to 15% compared with the previous estimates which were based on an older seismic survey.
Orcadian added that the difference would likely result in an upgrade to recoverable reserves, when the Pilot field reserves are next audited.
BOWHEAD
The company has revised P90–P50–P10 range for recoverable oil to 8–44–201 MMbbls, using the same methodology as in the competent person’s report (CPR).
Previous estimated range of prospective resources was 12–43–105 MMbbls.
“Extensive geophysical modelling has shown the seismic response to be consistent with other offset discoveries in the prolific Tay reservoir unit,” said Orcadian in a statement.
“Management now estimate the geological chance of success for Bowhead to be 65%, previously 49%.”
During 2022, the company intends to revise its CPR and development cost estimate.