The drilling of this key well is a vital step in evaluating the highly prospective Zechstein reef play, which in turn has the potential to revitalise exploration in the Southern North Sea.
Following re-interpretation of the new 3D seismic data acquired over the prospect, Deltic estimates that the Pensacola Prospect contains gross P50 Prospective Resources of 309 billion ft3 (with a P90-P10 range of 39 billion ft3 to 1181 billion ft3) which will rank Pensacola as one of the highest impact exploration targets to be drilled in the gas basin in recent years. Significantly, the Shell/Deltic JV's new interpretation of the 3D seismic data has also resulted in a much-improved view of the geological chance of success associated with the prospect which has increased materially from 20% to 55%.
Shell expects the well to be drilled in May 2022 and this timing allows the JV to take advantage of a drilling unit that will be contracted by Shell as part of a multi-well drilling campaign. Deltic remains fully funded for its 30% working interest in the well.
Graham Swindells, Chief Executive of Deltic Energy, commented: "Confirmation of this well investment decision represents the achievement of another key milestone as we continue to execute our exploration-led strategy in the Southern North Sea with our world class partner, Shell. The rigorous re-evaluation of the Pensacola Prospect has validated and reinforced the fantastic work of our technical team and their initial view that the Pensacola prospect, and the Zechstein play as a whole, represented a significant missed opportunity in the Southern North Sea. Well planning is already underway, and we look forward to providing regular updates as we progress through the planning phase towards the commencement of operations, in addition to continuing to mature our other prospects, including Selene, towards drilling."
Read the latest issue of Oilfield Technology in full for free: Issue 1 2021
Oilfield Technology’s first issue of 2021 begins with a look at US tight oil’s prospects this year. The issue then moves on to cover completions technology, production forecasting, electric fracturing, sand recovery and more.
Exclusive contributions come from Rystad Energy, Archer, Weatherford, Halliburton, CGG, NOV, TETRA Technologies, Clariant and more.
Read the article online at: https://www.oilfieldtechnology.com/exploration/01042021/shell-and-deltic-energy-to-drill-pensacola-well-in-north-sea/