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.