Fynn Beauly Licence P263428 Oct 2025 14:17
The P2634 licence was awarded in the 33rd Licencing Round in July 2024 to Parkmead (E&P) Limited, as operator, and Orcadian Energy, and includes the Fynn Beauly heavy oil discovery. Serica acquired the 50% interest in the licence when completing the acquisition of Parkmead (E&P) Limited in April 2025.
The current licence commitment is limited to technical studies to assess the feasibility of reducing Fynn Beauly oil viscosity using enhanced oil recovery techniques.
The licence is situated in the Outer Moray Firth and comprises blocks 14/15a, 14/20d and 15/11a. Serica (50% interest and operator), together with its joint venture partner Orcadian Energy (50% interest) will leverage expertise gained in developing challenging crudes to work towards commercialisation of Fynn Beauly, one of the UK’s largest undeveloped discoveries. This heavy oil accumulation has been proven by three wells and is estimated to contain oil-in-place of between 740 million and 1.33 billion barrels.
It would be really nice to hear how this is going!