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UKCS - Syros - P2542

UKCS - Syros - P2542

Project Summary

Deltic Energy Plc acquired 100% of Licence P.2542 including the Syros prospect in the 32nd Licensing Round with a 4 year phase A term ending in December 2024. The licence is situated close to the Montrose-Arbroath (Mon-Arb) hub and represents a material ILEX opportunity with an estimated P50 recoverable resources estimate of 24 mmboe with a high geological chance of success.

Syros is a tilted-fault block trap with fault juxtaposition of Fulmar sands onto the Mon-Arb High in the Central North Sea area of the UK Continental Shelf with the Smith Bank Formation providing bottom and lateral seal from Godwin and Shaw. The reservoir target is the Late Jurassic (Oxfordian-Kimmeridgian) Fulmar, shoreface sandstones with secondary targets including the Middle Jurassic Pentland formation and the Triassic Skagerrak formation.

Syros has recently been matured with a study conducted by Ikon Science utilising CGG's newly released Cornerstone Evolution 3D seismic dataset.

The study characterised the entire Jurassic sequence across the area of interest with the Ji-Fi inversion providing a high level of confidence that the target Fulmar Sandstone is both present within the Syros rotated fault block and has seismic attributes which are characteristic of nearby producing fields, including Cayley and Godwin.

Deltic are offering a significant equity position in return for a work programme that includes a commitment to drill Syros in the short term.

The data room for this project is open now.

Project Detail

Project Farmdown with significant equity share available
Country United Kingdom
Basin Central North Sea
Seller Deltic Energy Plc
Contract Concession - 4 Year Phase A ending Dec 2024
Current Phase Exploration
Hydrocarbon Type Oil
Exploration Well Cost Estimate £23.5M Dry Hole
Data Room Opening Open Now
Bid Date TBC

For further information about this opportunity or to request a Confidentiality Agreement, please contact the Holt Energy Advisors Team via the form below.