UKCS - Selene- P2437
Project Summary
Deltic Energy Plc acquired 100% of Licence P2437 including the Selene prospect in the 30th Licensing Round. Phase A ended in September 2022 and the licence moved into Phase C following a positive well investment decision by the joint venture partnership. The licence is situated in the Sole Pit area of the Southern North Sea close to existing infrastructure and has follow on opportunities on the block.
The 48/08b-2 well drilled in 1989 by Hess intersected 177m of Leman Sandstone was gas shows down to 3444m TVDss. This well was drilled on 2D data and partial 3D coverage was not acquired until 1992 and full 3D was not achieved until 1999. Due to the rapid lateral changes in overburden interval velocity due to the proximity of the Sole Pit inversion, the original depth structure conversion inverted the field and the well was drilled in what is now interpreted as the down dip southern flank. The P50 Prospective Resources associated with Selene 318 Bcf with GCoS of 70%.
The original well, despite discovering hydrocarbons, drilled into anomalously low porosity sands. Subsequent analysis has highlighted that the 48/08b-2 well was drilled directly into a fault and the late stage feroan-dolomite cement which occludes porosity is very likely a localised event caused by hot fluids being transmitted by the fault during uplift periods. The depositional environment is thought to be extremely similar to the nearby Seven Seas and Mimas fields.
The P2437 partnership plans to drill a well on the Selene structure in mid-2024. Deltic estimates the breakeven reserves associated with Selene at 63 Bcf and with a breakeven gas price of 23p/therm. The prospect is located close to regional infrastructure including the West Sole and Clipper systems. Deltic is willing to make available a significant equity position to a prospective purchaser who wishes to participate and is seeking terms which would fully fund their share of the forthcoming well and make a contribution to back costs.
Project Detail
| Project | Farmdown with significant equity share |
| Country | United Kingdom |
| Basin | Southern North Sea |
| Seller | Deltic Energy Plc |
| Contract | Concession - Phase C from September 2022 |
| Current Phase | Exploration & Appraisal |
| Hydrocarbon Type | Gas |
| Gas Initially in Place (GIIP) | Gross P50 GIIP of 855 Bcf |
| Prospective Resources | Gross P50 of 318 Bcf |
| Well Cost Estimate | £30M +/- 35% |
| Data Room Opening | Now |
Further Information on this project
For further information about this opportunity or to request a Confidentiality Agreement, please contact the Holt Energy Advisors Team via the form below.
