Corallian and JV partners sign a work sharing agreement for licence P2478, Inner Moray Firth

Corallian Energy has announced that, together with Joint Venture partners, Upland Resources and Baron Oil, it has signed a Work Sharing and Confidentiality Agreement with a large European E&P Company for licence P2478 (Blocks 12/27c, 17/5, 18/1 and 18/2) in the Inner Moray Firth.

Under the terms of the agreement Corallian and JV partners have agreed to cease marketing a joint farmout to industry until 30th September 2020, during which period the Interested Party will complete its own regional technical work and share its data and interpretations over the area with the P2478 Joint Venture Partners.

Corallian will continue to provide data to the Interested Party under the confidentiality arrangements.

By mutual agreement Corallian and Joint Venture partners may extend the Exclusivity Period with the Interested Party until the 31st December 2020 should such Party wish to negotiate farmin terms to earn an interest in the licence.

The P2478 licence (Corallian 45% interest and licence administrator) contains the Dunrobin prospect. The prospect consists of three large shallow Jurassic rotated fault blocks which are mapped mostly on 3D seismic data within a single culmination with Direct Hydrocarbon Indicators.

Reservoir targets are the Jurassic Beatrice and Dunrobin sandstones, overlain by a thick Kimmeridge Clay to seabed. The prospect is approx. 30 km offshore with a water depth of approximately 75 metres.

The Dunrobin structure covers an area of approximately 40 km2 and the prospect Pmean prospective resources of 174 mmboe, with potential for 396 mmboe (P10) as assessed by Corallian.

Corallian is pleased to be able to continue to work positively with the Interested Party to progress the project during these capex constrained times, and hopes it will lead to agreeing a farmout by year end.

Source: Energy-pedia