French oil major TotalEnergies has spudded the "highly prospective" Benriach Well in the Laggan Tormore area, west of Shetland, UK.
This is according to Kistos, TotalEnergies' partner in the project, who said Tuesday that TotalEnergies had started drilling at the exploration well, located on block 206/05c, using the Transocean Barents semi-submersible drilling rig.
TotalEnergies is targeting P50 prospective resources of 638 Bcf, of which 160 Bcf or 28mmboe net to Kistos which owns a 25% stake in the project. The well is expected to complete in Q3 2023.
"The dry hole post-tax cost net to Kistos is forecast to be ~£2.5 million as a result of Kistos’ tax paying position and the enhanced investment allowances from the Energy Profits Levy," Kistos said.
According to NSTA information, Total Energies has a 50% stake in the project, with Kistos and Rockrose holding 25% each.
Andrew Austin, Kistos' Executive Chairman, said:"We are excited that the Benriach well is underway. It is an important milestone for the Company with the potential to add significant reserves. I look forward to updating stakeholders with the results of the well in due course.#
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