Corallian adds new blocks to UK portfolio
UK oil and gas company Corallian Energy has been awarded exclusive licenses over seven blocks and part blocks in the Inner Moray Firth (IMF) part of the UK Continental Shelf.
Corallian and its partners have been formally awarded these blocks by the UK Oil & Gas Authority (OGA) following the UK 31st Offshore Licensing Round.
These licenses are held by Corallian Energy (operator, with 45%), Upland UK Limited (40%), and Baron Oil (15%).
The blocks awarded are Blocks 12/27c, 17/5, 18/1 and 18/2, as Licence P2478, in the southern part of the Inner Moray Firth Basin and Blocks 11/23, 11/24c, and 11/25b, as Licence P2470, in the northern part of the Inner Moray Firth.
Baron Oil said on Friday that the two new licences in the IMF, offshore Scotland, include an exciting and potentially significant new exploration area.
Licence P2478 contains a new exploration play up-dip from the small 12/27-1 gas discovery (which also had oil shows), with Pmean recoverable Prospective Resources estimated by Corallian at 187 mmboe in the Dunrobin Prospect and 23.5 mmboe in the Golspie Prospect.
Licence P2470 surrounds the Wick Prospect, on which Baron Oil participated in a dry well (11/24b-4) at the beginning of 2019. These blocks contain the small Knockinnon oil discovery, together with the Forse Channel, Whaligoe, Camster, Camster South and Dunbeath Prospects.
Malcolm Butler, Executive Chairman of Baron Oil, commented: “Our initial work commitments consist mainly of 3D seismic reprocessing. We have already identified substantial prospects in the acreage and expect that the reprocessing work will enable us to define at least one near-term drilling location.”
Steve Staley, CEO of Upland Resources Limited, said: “We already see substantial prospectivity in the acreage which 3D reprocessing work should further derisk and allow us to select a top-ranked drilling candidate.”