PEDL253
Biscathorpe

LicencePEDL253
BlocksTF18a (ALL) and TF28a (ALL)
Interest45%
LocationOnshore
TypeConventional
Next ActivityB-2Z Well (H2 2021)

The drilling of the Biscathorpe-2 well was intended to test the geological model in which the Wetphalian sands thicken down flank of Dinantian structural highs.

The Biscathorpe-2 well was drilled to a Total Depth of 2,133 metres within the Dinantian Carbonate, which intersected 68 metres of net pay, as confirmed by independent petrophysical analysis conducted by Applied Petroleum Technology (UK) Limited (“APT”) on oil samples from cuttings. Further geochemical analysis by APT on the oil has demonstrated that it is comparable with that produced at the nearby Keddington oilfield.

Evidence from reprocessed 3-D seismic for a thickened Basal Westphalian Sandstone reservoir interval is apparent and supports that the Dinantian Carbonate oil play has Gross Mean Stock Tank Oil Initially in Place (“STOIIP”) of 24.3 million barrels of oil (“mmbo”) with an upside of case of 36 mmbo, with gross mean Prospective Resources associated with the Westphalian target total 3.95 mmbo with an upside case of 6.69 mmbo.

Economic modelling of the Westphalian target alone, yields break-even full cycle economics estimated at US$18.07 per barrel and a gross NPV(10) valuation of £55.6 million

The Biscathorpe-2 well is currently suspended in order to side-track. Detailed technical evaluation by the PEDL253 Joint Venture has identified an accessible drilling target on the Biscathorpe Prospect and plans are advanced for drilling the proposed conventional B-2Z side-track appraisal well during H2 2021, subject to planning and other consents, that will allow both the Dinantian Carbonate and Basal Westphalian Sandstone targets to be tested.

The planning application was submitted during Q1 2021 for the side-track drilling, testing and long-term production of conventional B-2Z side-track appraisal well.

The drilling of the Biscathorpe-2 well was intended to test the geological model in which the Wetphalian sands thicken down flank of Dinantian structural highs.

The Biscathorpe-2 well was drilled to a Total Depth of 2,133 metres within the Dinantian Carbonate, which intersected 68 metres of net pay, as confirmed by independent petrophysical analysis conducted by Applied Petroleum Technology (UK) Limited (“APT”) on oil samples from cuttings. Further geochemical analysis by APT on the oil has demonstrated that it is comparable with that produced at the nearby Keddington oilfield.

Evidence from reprocessed 3-D seismic for a thickened Basal Westphalian Sandstone reservoir interval is apparent and supports that the Dinantian Carbonate oil play has Gross Mean Stock Tank Oil Initially in Place (“STOIIP”) of 24.3 million barrels of oil (“mmbo”) with an upside of case of 36 mmbo, with gross mean Prospective Resources associated with the Westphalian target total 3.95 mmbo with an upside case of 6.69 mmbo.

Economic modelling of the Westphalian target alone, yields break-even full cycle economics estimated at US$18.07 per barrel and a gross NPV(10) valuation of £55.6 million

The Biscathorpe-2 well is currently suspended in order to side-track. Detailed technical evaluation by the PEDL253 Joint Venture has identified an accessible drilling target on the Biscathorpe Prospect and plans are advanced for drilling the proposed conventional B-2Z side-track appraisal well during H2 2021, subject to planning and other consents, that will allow both the Dinantian Carbonate and Basal Westphalian Sandstone targets to be tested.

The planning application was submitted during Q1 2021 for the side-track drilling, testing and long-term production of conventional B-2Z side-track appraisal well.

THE LICENCE LOCATION AND PERCENTAGE INTEREST HOLDINGS ARE AS FOLLOW:

Slide
HOLDERSHOLDING (%)
Egdon Resources (Operator)35.8
Montrose19.2
Union Jack Oil45
Total100