Inner Moray Firth & Colter Info29 Jun 2020 09:25
UK - Inner Moray Firth, Offshore Licence P2478 - 15% interest
This licence, which contains the large Dunrobin and smaller Golspie prospects, was formally awarded to Baron Oil and its partners in September 2019 as part of the UK 31st Offshore Licensing Round. At the time, the Inner Moray Firth area attracted many bids, including successful ones from major companies. Both prospects are already defined by existing 3D seismic with supporting 2D seismic data, but specialised reprocessing to PSDM is planned when access to the original field data has been achieved. Unfortunately, such access is also being delayed because of COVID-19-related issues.
In April 2020, we announced a Work Sharing and Confidentiality Agreement ("WSCA") with a large European Exploration and Production Company for licence P2478. The Joint Venture partners agreed to cease marketing a farmout until 30th September 2020, during which period the WSCA party will complete its own regional technical work and share its data and interpretations over the area. The exclusivity period may be extended with this party until 31 December 2020 should it wish to negotiate farm-in terms. Whether or not this happens, we are hopeful that these studies will improve the chances of bringing in a partner to assist in funding, should the group elect to drill in due course.
UK - Dorset, Offshore Licence P1918; Onshore Licences PEDL330 & PEDL345 - Baron 8% interest
Licence P1918, Colter: The initial evaluation of the drilling results indicated that the Colter South Prospect had the potential to contain commercial quantities of oil and the reduced licence acreage was continued into its Second Term in February 2020. However, re-evaluation of the geophysical information indicates that a further appraisal well is required which, when combined with the recent drop in oil prices, increases the likelihood that the licence will be relinquished at or before expiry of its Second Term on 31 January 2021.
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