Orcadian Energy plc has welcomed its new partner for licence P2634, containing the Fynn Beauly oil discovery, in which the company holds a 50% interest.
SCALE
Serica Energy plc agreed the acquisition from The Parkmead Group’s UK and Netherlands exploration assets sale.
The “very substantial viscous and heavy oil discovery” has a gross P50 contingent recoverable resource of 292 MMbbl, based on the latest operator estimates.
“We are really pleased to hear that Serica will acquire Parkmead (E&P) Ltd and will become operator of licence P2634,” said Orcadian chief executive Steve Brown.
“We welcome Serica’s purchase of this very significant opportunity, which has the potential to be one of the largest remaining oil developments in the North Sea.”
The licence in the Outer Moray Firth comprises blocks 14/15a, 14/20d and 15/11a.
Orcadian added that Fynn Beauly was one of the UK’s largest undeveloped discoveries, with oil accumulation proven by three wells and estimated to contain most likely (P50) gross contingent resources of 292 MMbbl, of which 257 MMbbl is on the licence.
The resource, on the same sale as Rosebank, has an approved three-year work programme.