P2424 – Cortez

P2424 is a 30th Round licence comprising of blocks 42/14 and 42/15 located in the Lower Carboniferous play fairway immediately to the east of the producing Breagh gas field and to the south of the Crosgan discovery. The block also contains potential within the Bunter Sandstone and the small Furasta discovery is located centrally on block 42/15b.  The Company commenced reprocessing the legacy 2D data over this area in Q2 2020 with delivery of the reprocessed data expected in Q3 2020.

Block Details
Licence No: P2424
Award Date: 01/10/2018 (Phase A – 3 years)
Blocks: 42/14 & 42/15
Area: 447km2
Equity position: 100%

Furasta Discovery

Well 42/15b-1 was drilled by Zapata in 1984 on a large four-way dip closed structure which resulted in the discovery of Furasta, located centrally on block 42/15. The key reservoir is the Bunter Sandstone which was the principle reservoir interval in previous producing fields in the area such as Esmond, Forbes and Gordon.

The discovery is currently considered to be below the minimum economic volume threshold for development, with P50 Net Prospective Resources of 18BCF, however the potential to tie the Furasta discovery back to any future developments will be reviewed.

Burbank Prospect

The Burbank Prospect is mapped as a 3-way dip and fault controlled trap in the Bunter Sandstone on the NW end of a 6.5km wide and 25km long NW-SE anticline created by post-depositional salt pillow style halokenesis in the underlying Zechstein salt.

The Prospect is partially imaged on 2D and 3D seismic and covers an area of approximately 29km2.


Cortez Lead

The Cortez Lead is mapped as a sub-crop of the lowermost Yoredale and Scremerston formations against the Base Permian Unconformity on a well-defined south-dipping horst block along the south flank of the an east-west trending graben complex.

Mapped on a combination of 2D and 3D seismic the Cortez Lead has been tied directly to the nearby wells of the Breagh field (42/13-1 and 42/13-2), as well as the Crosgan discovery (42/10b-2), on the north flank of the graben complex to the northeast of Cortez at BPU, Top Scremerston and Top Fell levels.

Cortez South Lead

The Cortez-South Lead is mapped as a three-way dip closed hanging-wall trap on the southern bounding fault of the Cortez horst block with an approximate closure of 46km2. Most of the Cortez South Lead lies on the 3D seismic survey with only the western and SW closure relying on 2D mapping.

Resource Summary

Licence Ref DELT Equity  Prospect Type PRMS Status Net Prospective Resource (BCF) Risk Factor %
P90 P50 P10
P2424 100% Furasta Bunter Discovery 7 18 30 100
Burbank Bunter Prospect 70 200 567 32
Cortez Scremerston Lead 24 107 433 29
Cortez-South Scremerston Lead 129 331 732 28