P2428 – Cupertino

P2428 is a 30th Round licence located to the north-east of the Crosgan discovery and the to the west of the Cygnus gas field. Deltic reprocessed legacy 2D seismic across the area to pre-SDM in the 2nd half of 2019 which has significantly improved image quality over previous iterations. Interpretation work is now complete and the the Company believes that Licence P2428 represents a significant prize in the underexplored northern part of the Southern North Sea with several new fields potentially located in an area of limited seismic data and very few well penetrations. A farm out to Cairn Energy Plc was announced in August 2021 and is expected to complete by year end.

Block Details
Licence No: P2428
Award Date: 01/10/2018 (Phase A – 3 years)
Quads: 43/7 & 43/8
Area: 477km2
Equity position: 100%

Cupertino Prospect

Cupertino is a large Carboniferous inversion structure at the NW end of the Southern North Sea.  The target reservoir is the Scremerston Formation and although there are no well penetrations on the licence the sandstones of the Scremerston are proven producers at the Breagh Field and the nearby Crosgan discovery.

The Cupertino prospect is similar to the Cadence prospect, located on Deltic licence P2567. The nearest Carboniferous discoveries are Pegasus and Andromeda, both drilled by Spirit Energy, which are located approximately 20 kilometres to the South.

The prospect is a 3-way dip and fault sealed structure with the large North Dogger Fault providing side seal along the Northern edge of the prospect.  The fault seal provides the potential for the greatest upside volumes associated with the prospect and is also a key risk.

Cupertino has estimated P50 Prospective Resources of 370 BCF with a GCoS of 26% which is expected to improve if 3D seismic is shot across the acreage.

Richmond Prospect

The Richmond Prospect is a build up of Leman Sandstone on the northern edge of the  Permian aged Silverpit Lake. The play concept is proven by the Cygnus Field and the Richmond prospect is located in a similar paleogeographic position where sands are expected to ring this ancient lake shore.

Wells to the West and East indicate P2428 is directly in the sand fairway and the newly reprocessed data shows a 3 way dip and fault sealed structure at base Zechstein.

Available data suggests the key fault juxtaposes the Leman Sst reservoir against Silverpit shales and halites of the Zechstein providing sealing potential.

New 3D seismic has the potential to significantly de-risk this opportunity and geophysical attributes have been shown to be a good discriminator for sand quality and gas presence at Cygnus.

Richmond has estimated P50 Prospective Resources of 211 BCF with a GCoS of 20%.

Plymouth Prospect

Plymouth is a large Z2 Hauptdolomit carbonate build up which is highly analogous to the Pensacola prospect on Deltic Licence P2252 which was farmed out to Shell and the 2019 discovery at Darach.

Like today’s coral reefs, it grew in warm shallow seas during the Late Permian era, approximately 260 million years ago. The structure is a four way dip closure with the best reservoir expected on the reef edges.

It is expected that Shell will drill a well on Pensacola in Q2 2022 which will further de-risk the play and have significant read across to the Plymouth prospect.

Plymouth has estimated P50 Prospective Resources of 282 BCF with a GCoS of 20%.

Resource Summary

 

Licence Ref DELT Equity Prospect Reservoir PRMS Status Prospective Resource (BCF)
Risk Factor %
          P90 P50 P10  
P2428 100% Cupertino Scremerston Prospect 92 370 1134 26
Richmond Leman Sst Prospect 62 211 547 20
Plymouth Hauptdolomit Prospect 32 282 1267 19

Farm-in Opportunity

A farm out to Cairn Energy Plc was announced in August 2021 and is expected to complete by year end.