Overcoming high entry barriers with a low-cost, steppingstone acquisition in the UK with focus on:
- Onshore conventional oil and gas, minimizing entry cost and relevant risks.
- Low-technical-risk, with well understood subsurface.
- Practicable, low-cost/low-risk development plan.
- Low operational/lift cost.
ASSETS PORTFOLIO INCLUDES THREE
PRODUCING LICENCES AND SIX
EXPLORATION PERMITS IN
The producing licences are:
Whisby, Newton on Trent,
Six wells at Whisby have produced so far, some 860kbbls from a thin basal carboniferous sand named the Rough Rock or Basal Sandstone. It varies in thickness between 0.8 and 4 metres, but is of very high quality and capable of producing at rates of more than 100 bopd per well
No systematic / integrated geological and reservoir engineering studies conducted since BP departed the block in the 1980’s.
Ongoing studies by BritNRG are aimed to confirm development identify opportunities.
Initial appraisal has revealed potential for an additional producer [sidetracking existing well] to unlock reserves in the range of 0.5MMboe.
Newton-1 well was drilled through oil and water legs of Carboniferous Crawshaw and Longshaw horizons and produced some 50,000stb of oil before watering out.
BritNRG reinterpreted the recent 3D seismic survey shot post N-1 well drilling.
The interpretation clearly shows that N-1 well was drilled downdip of a significant four-way dip closure, while most of the oil lies updip of the well.
Our reinterpretation estimates a STOIIP of c.2.7 MMStb as follows:
Estimated recoverable reserves in the range of:
Forecasts are based on well decline trends for Whisby, and on a ground up evaluation of STOIIP from seismic interpretation, well logs and field analogies in the virtually undeveloped Newton on Trent field.
Additional development to deliver up to 1.5MMStb to stream, with additional daily production ranging from 150boepd [low-case] to 500boepd [high-case].
- Case 1 - No Further Activity [NFA]. W-6 production restored by workover.
- Case 2 - Two new producers at Newton [from Crawshaw formation].
- Case 3 - One new producer at Whisby [sidetrack of existing well].