Private equity back UK explorer Azinor Catalyst says success on a planned exploration well in Scotland's Outer Moray Firth could change industry perception of what is an under-explored part of the Moray Firth.
The firm is planning a well on its Partidge prospect in the Outer Moray Firth, later in 2017, and has started a tendering process for a site survey.
The firm says the prospect's seismic signature is analogous to the that in the Lower Cretaceous sands at the producing Scapa and Claymore fields. It says the Partridge prospect’s pre-drill recoverable volumes have been estimated at 119 MMboe in the mid case, with an upside case of 260 MMboe.
Azinor's Managing Director Nick Terrell said: “The prospect has the potential to significantly change the industry’s perception of this under-explored part of the basin and we look forward to testing this exciting opportunity with the drill bit later in the year.
“In addition, we are in a position to capitalize on the significant reductions in drilling costs that we have seen in the UK North Sea market, with a reduction of over 50% in overall well cost since the beginning of the downturn in 2014.”
Partridge is within the Jura Sub-Basin of the Outer Moray Firth, adjacent to the Scapa, Claymore and Athena oil fields.
Azinor says the prospect is a large structurally controlled stratigraphic trap comprising deep-water mass flow sands of the Lower Cretaceous Scapa Formation and has an associated direct hydrocarbon indicator. It says it is in a relatively shallow and normally pressured reservoir.