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Corallian, Upland Resources and Baron Oil sign work sharing agreement for Moray Firth licence

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Oilfield Technology,

Corallian and its joint venture (JV) partners, Upland Resources and Baron Oil, have signed a work sharing and confidentiality agreement with a large European E&P company for licence P2478 in the Inner Moray Firth, UK.

Under the terms of the agreement Corallian and the JV partners have agreed to cease marketing a joint farm-out to industry until 30 September 2020, during which period the interested party will complete its own regional technical work and share its data and interpretations over the area with the P2478 JV partners. Corallian will continue to provide data to the interested party under the confidentiality arrangements. By mutual agreement Corallian and JV partners may extend the exclusivity period with the interested party until 31 December 2020 should such party wish to negotiate farm-in terms to earn an interest in the licence.

The P2478 licence (Corallian 45% interest and licence administrator) contains the Dunrobin prospect. The prospect consists of three large shallow Jurassic rotated fault blocks that are mapped mostly on 3D seismic data within a single culmination with direct hydrocarbon indicators. Reservoir targets are the Jurassic Beatrice and Dunrobin sandstones, overlain by a thick Kimmeridge Clay to seabed. The prospect is approximately 30 km offshore with a water depth of approximately 75 m.

The Dunrobin structure covers an area of approximately 40 km2 and the prospect Pmean prospective resources of 174 million boe, with potential for 396 million boe (P10) as assessed by Corallian.

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