UKCS P2235 – Wick
Baron has committed to pay 20% of the first £4.2 million and 15% of the remainder of the £5.7 million cost of the 1250 metres subsea Wick exploration well in late 2018 to earn a 15% interest in the underlying licence P2235.
Combined unrisked in-place P50 Prospective Resources in Jurassic and Triassic reservoirs of the Wick structural complex are estimated at 250 MMB by Upland Resources Limited, who have farmed into P2235 on the same terms pro-rata as Baron. The planned well will test part of these Prospective Resources within a shallow prospect.
Location map, showing Baron acreage in diagonal stripes on yellow
Depth map at top Beatrice Sand level (from 3D seismic interpretation)
Interpretation shows the Wick structure to be closed and sealed by thick Kimmeridge Clay. The drilling location lies significantly up-dip from the Lybster oilfield spill point. Risk lies mainly in seal integrity and reservoir quality.
The structure is bounded by complex strike-slip and thrust faulting and mapping has defined deeper closures within the Wick Structural Complex with Prospective Resources that will not be tested by the first well.