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Pilot Field & Western Platform Development
Orcadian Energy (CNS) Ltd (“Orcadian”) is offering a select group of companies the opportunity to acquire an interest in UKCS licences P2244, P2320 and P2482, which contains the Pilot Field and multiple other material oil discoveries.
- Acquire a material position in a fully appraised oil accumulation, the Pilot Field, targeting 79 MMbbls of proven and probable (2P) reserves, with 3P potential of 111 MMbbls;
- Eocene Tay Sandstone Member reservoir has excellent reservoir properties with high porosity (>30%), multi-Darcy permeabilities and superb net to gross (>95%);
- Fluid properties of oil from the Pilot Field range from 12-17° API gravity, and a low sulphur content of 0.7%, with representative viscosity of c.400 cP. Other similar UK North Sea crude oils have found robust sales markets and traded at premiums to Brent;
- Low salinity polymer flood development concept selected. Concept Select Report (CSR), and a low-emissions focussed CSR Addendum, submitted to the Oil & Gas Authority (OGA). Polymer flooding shown to be successful in analogue oil fields, and also successfully implemented at Ithaca’s (previously Chevron’s) Captain Field in the UK North Sea;
- Development project in line with the OGA’s strategy to Maximise Economic Recovery and also aligns with the OGA’s Net Zero targets. Estimated operational carbon emissions for the development of Pilot are 2.6 kgCO2e/bbl, based upon the recent CSR Addendum which includes a floating wind turbine. This compares very favourably with other UK North Sea oil production facilities and global benchmarks;
- Multiple oil discoveries, including Blakeney, Elke and Narwhal, captured within Orcadian’s acreage, representing material development opportunities. These discoveries have 2C contingent resources of 78 MMbbls, with 3C potential of 184 MMbbls;
- Significant follow-on potential identified via low-risk exploration opportunities – upwards of 191 MMbbls of P50 prospective resources identified. The low-risk Bowhead prospect, with 43 MMbbls prospective resources, being matured for drilling following licensing of newly reprocessed seismic data.