Independent Oil and Gas (IOG) has announced that up to 203billion cubic feet (bcf) of gas could be recovered from its Goddard license in the southern North Sea.
A competent persons report, carried out by ERC Equipoise, has a mid-case estimate of 108bcf at the main Goddard structure, with a further 73bcf at two adjacent sites.
IOG said this would still be economic to develop, however, a high case estimates as much as 202.8bcf could be available.
The report adds that the chance of development is estimated at 75%.
IOG was awarded the license for the Goddard discovery (formerly known as Glein) in May by the Oil and Gas Authority (OGA) and made a commitment earlier this month to drill an appraisal well within three years.
Chief executive Andrew Hockey said: “It is very encouraging that the mid-case contingent resources and the prospective resources in the Goddard structure have been independently confirmed to be in line with management estimates.
“This again corroborates the high quality of the work undertaken by IOG’s technical team and we are very excited to commit to the appraisal well.
“Once drilled, the Company would move forward to field development planning as fast as possible.
“Even the 2C resources case of 108 BCF would be economic to develop, but it is important to delineate the full size of this discovery with the appraisal well so that the development plan can be optimised.
“We look forward to providing details on the well plans in due course.”
Goddard lies 43.4miles north of the Norfolk coast.
An appraisal well is planned to test the south-eastern extent of the discovery, as well as “pop-up” structures to the east.
Once the appraisal process is complete, IOG said gas could be transported through its recently recommissioned Thames Pipeline.
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