Corallian/RBD projects for sale18 Jan 2022 16:58
West of Shetland - Victory area
P2596
The licence was offered in 32nd Round. Block 207/1a contains the Victory gas discovery which Corallian considers to be a fully appraised commercially attractive gas discovery requiring sub-sea development tie back for production. Victory is located in shallow water (159m) and was discovered by well 207/1-3 drilled by Texaco in 1977 which intersected a high quality Lower Cretaceous sandstone of 69m gross and 67m net pay dry gas (97% methane), at a depth of c. -1200m below mean sea level. The discovery was subsequently appraised by well 207/1a-5, which encountered a well-developed Victory sandstone reservoir but below the Victory gas water contact (GWC). The 207/1-3 discovery well was cored and tested and has excellent reservoir properties. A drill stem test (DST2) for the Victory sandstone reservoir unit was curtailed early as a result of sand inflow into the test string, the well flowing a maximum of 9.15 mmscf/d. Reservoir pressures from the DST when combined with the regional aquifer pressure data from the 207/1a-5 well indicate a GWC of -1358m, which is co-incident with gas responses observed in the full stack 3D seismic volume.
Victory is covered by a high quality 3D seismic data set which illuminates both the structural trap and the reservoir and hydrocarbon fill, the field exhibiting gas seismic responses including a flat lying event (flat spot) co-incident with the gas water contact (GWC) predicted from pressure data, together with a seismic polarity reversal (flip) at the same GWC and co-incident down-dip structural conformance of seismic amplitudes and attributes over the mapped extent of the field. No further appraisal activity is required, and the discovery will now move to the development phase.
A Competent Persons Report (CPR) has recently been completed by RPS Energy Limited (RPS), following the finalisation of both static and dynamic modelling, together with well / network optimisation studies for the development. RPS estimates a total Victory field 2C or best / mid case technically recoverable contingent resourced of 179bcf dry gas. This estimate represents a 14% increase over the previous interim CPR completed by SLR Consulting in December 2020 of 157bcf of technically recoverable gas - the 2C or best / mid case technically recoverable contingent resources estimate is a Corallian derived aggregate of “contingent resources - development pending” (145bcf) and “contingent resources – development unclarified” (34bcf)
Subject to the successful negotiation of infrastructure access, the field will be economically developed as a direct subsea tie-back to the Total operated Greater Laggan Area gas pipeline (GLA), which has an access tee for third party business located 17km south of the Victory discovery well 207/1-3. An alternative export option is available if required.
The majority of the near term work will be focused on completing all aspects of Front End Engineerin
Sign In
Follow the stocks
