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.  A farm out to Capricorn Energy Plc (formerly Cairn Energy) was announced in August 2021 and completed in November 2021. As part of the farm in agreement Capricorn have funded the acquisition of 680km2 of new 3D focused on the Plymouth prospect.

Fully processed data is expected to be delivered by the end of Q2 2022.

Block Details
Licence No: P2428
Award Date: 01/10/2018
Blocks: 43/7 & 43/8
Area: 477km2
Equity position: 40%
Operator: Capricorn Energy

Plymouth Prospect

Plymouth is a large Z2 Hauptdolomit carbonate build up which is highly analogous to the Pensacola prospect on Deltic Licence P2252 and to 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%.

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.

The 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%.

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 with the new 3D seismic that was shot across the acreage.

Resource Summary

 

Licence Ref DELT Equity Prospect Reservoir PRMS Status Net Prospective Resource (BCF)
Risk Factor %
          P90 P50 P10  
P2428 40% Cupertino Scremerston Prospect 37 148 454 26
Richmond Leman Sst Prospect 25 84 219 20
Plymouth Hauptdolomit Prospect 13 113 507 19