Independent Oil and Gas (IOG) has upped its estimates for the amount of recoverable gas at two of its Southern North Sea licences.
After mapping and interpreting 1,200km2 of 3D seismic data, IOG estimates there is potentially enough for “two new incremental high-return gas hubs”.
Its “northern hub” of licence P2438 has seen its gross 2C resources increase from 108billion cubic feet of gas (BCF) in a 2018 competent person’s report to management’s new estimate of 132BCF.
That licence contains the Goddard discovery and the nearby Southsea prospect, both of which have increased in size and chance of success.
Meanwhile its “southern hub” of licence P2442 has potential for a “valuable multi-field” project.
Within that, IOG has identified the Thornbridge and Kelham prospects and upped resources at its Abbeydale discovery.
The latter’s gross 2C estimates have risen from 6BCF to 23BCF, while Thornbrifge has gross mid-case prospective resources of 66BCF in mid-case.
Kelham has mid-case prospective resources of 31BCF, IOG said.
P2442 has “several further leads identified”, IOG said with both hubs being within scope of its co-owned and operated Thames pipeline.
IOG owns 50% of the licences, with the remainder held by CalEnergy Resources.
Andrew Hockey, chief executive of IOG, said: “It is very pleasing that our extensive seismic reprocessing work over the past year has identified additional resources and opportunities on both P2438 (Goddard and Southsea) and P2442 (Thornbridge, Kelham and Abbeydale).
“The new data shows enhanced potential for both licences to host production hubs with step-out exploration and appraisal upside.
“This fits squarely within our infrastructure-led strategy with our co-owned and operated Thames Pipeline providing direct access to market for all our gas hubs.”
IOG’s flagship development, named “Core”, is a two-platform project comprising multiple fields in the Southern North Sea.
First gas from the project, bringing its maiden revenues, is on schedule for the third quarter of this year.
Recommended for you
