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UK Oil & Gas: Drilling to start soon at Colter well (Wessex Basin UK)

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Oilfield Technology,

In November last year, UK-based Corallian Energy revealed its plan to commence a two-well work programme, starting with the drilling of the Wick well, followed by drilling of Colter scheduled for Q1 2019. All necessary approvals are in place. Among Coriallian’s joint venture partners, Andalas Energy and Power represent the best leverage play for the Colter prospects with its 8% interest.

Colter is set to appraise a historic discovery in Poole Bay, immediately south of Europe’s largest onshore oil field at Wytch Farm, operated by Perenco. The discovery was made in 1986 by well 98/11-3, which encountered a 10.5 m oil column in the Sherwood Sandstone reservoir. The same play proved productive at Wytch Farm, with over 450 million bbls produced to date.

Mapping of 3D seismic data by the operator Corallian indicates gross unrisked Mean Prospective Resources of 22 million bbls of oil recoverable (1.76 billion bbls net) from this reservoir. Chances of success are over 50%.

Simon Gorringe, CEO of Andalas Energy and Power PLC said: “The drilling of the Colter well represents a key milestone for Andalas. Our interest in a fully funded well, which is targeting a significant oil prospect that is attractive due to its significant resource potential and also its proximity to the Wytch farm oilfield and its facilities, is very valuable to our companies and shareholders.”

Andalas’ portfolio also includes its interest in the Badger licence via a direct investment into Eagle Gas Limited and its wholly owned operating subsidiary, as well as the highly attractive near-term oil producing Bunga Mas project in Indonesia. Badger is a significant gas prospect which is potentially one of the largest discoveries in recent years in the UK Southern North Sea.

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