UKCS P1918 Area – Colter
Baron will pay 10.67% of the £7.6 million cost of the Colter well on block 98/11 to earn an 8% interest in this block and onshore PEDL330 and PEDL345. The well is planned to be drilled to a total depth of 1850 metres subsea in early 2019.
Unrisked recoverable Mean Prospective Resources in the Sherwood reservoir of Colter Prospect are now estimated at 23 MMBOE gross by Corallian Energy Limited (the licence operator).
3D seismic interpretation shows the probability of getting significantly up-dip from the 10.5 metre oil column encountered in well 98/11-3 (drilled in 1986 without 3D data). Risk lies mainly in the size of the accumulation.
New preliminary mapping of a separate area around the 98/11-1 well, south of the Colter Prospect, suggests the potential for Prospective Resources of up to 27 MMBOE recoverable. Further definition of this separate area will be possible once the results of the Colter Well are available.