Talon adds another license to North Sea portfolio

Australia-based Talon Petroleum has made a successful bid for a license over Block 14/30b (Licence) via the UK 31st Supplementary Offshore Licensing Round.

As reported on Monday, the UK’s Oil and Gas Authority offered for award four licenses to three companies in the 2019 31st Supplementary Offshore Licensing Round, which closed for applications in May 2019. Jersey Oil & Gas was also one of the companies to be offered acreage under this licensing round.

The joint bid by Talon and ONE-Dyas is part of a broad joint technical assessment of opportunities in the area by the two companies, Talon said in a statement on Tuesday.

Commenting on the new license award, Talon Managing Director, Matt Worner, said: “We are extremely pleased to be adding another highly prospective license to the Talon portfolio in partnership with ONE-Dyas. The Thelma and Louise Prospects within the block are adjacent to the play identified at Talon’s Skymoos prospect in neighboring License P2363, which is currently the subject of an ongoing farm-out process by the company.”

He added: “The acquisition of an interest in this new license is a strategic move by the company to expand and secure Talon’s position in the area, which could be leveraged in the event of successful exploration drilling at Skymoos. Additionally, the Buffalo Prospect is a potentially significant gas prospect.”

Upon award, the license will be the fifth UK North Sea asset acquired by Talon since the company embarked on its UK North Sea strategy in mid-2018.

The license contains the Thelma Prospect, a Burns Sandstone stratigraphic trap and contains a 29mmbo (gross best estimate) prospective resource; Louise Prospect, a Piper Fault Block target and which contains a 17mmbo (gross best estimate) prospective resource; and Buffalo Prospect, a Kopervik Sandstone target and which contains a 160Bcf (gross best estimate) prospective resource.

Based on normal risking methodology used in the oil and gas industry, an estimated probability of commercial success after all technical work has been completed is expected to be in the range of 20-25% for both the Thelma and Louise Prospects; and 30% for the Buffalo Prospect.

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