Located close to the Piper and Tartan oil field complex, these blocks were awarded to GTO Ltd (50%) and Two Seas Ltd (50%) in the recent UK 26th Round announcement. These blocks have been awarded on a promote basis. Two mature prospects (Fynn and Penny) have been mapped on 3D seismic and could be considered drill ready. Possible reprocessing of the 3D to enhance its quality and to refine well locations may be undertaken in early 2011. The aim is to obtain an operating partner to commit to a well in the next 18months.
The plays for both prospects are the traditional Piper Sandstone and the most likely reserve potential is 21mmbo for Penny and 64mmbo for Fynn. Given the 3D coverage and proximity to the proven Piper play – chance of success is estimated at 1 in 3. The main risk to the prospects is considered be the effectiveness of top and side seal. The proximity to infrastructure means that relatively modest reserves can be commercial attractive.