Deltic Energy (LON: DELT) has announced the completion of a 3D seismic survey at one of its key North Sea prospects.
Work to map the company’s P2428 licence, once hailed as “the next Cygnus”, and surrounding areas has drawn to a close.
Following the announcement of Deltic’s farm-out agreement with Cairn Energy in August, survey work over the prospect kicked off the next month.
The seismic vessel, under contract to ION Geophysical, was mobilised to site to acquire approximately 680km2 of new 3D seismic data over the Plymouth Zechstein Reef prospect and surrounding areas.
Acquisition of the 3D seismic data was completed on November 21 and the ship will now be demobilised back to its home port.
The data collected will be processed by ION to pre-stack depth migration (‘PSDM’) – final results are expected in Q2 2022.
Under the farm-out agreement, Cairn is responsible for 100% of the costs of the seismic acquisition, processing and associated work programmes up to the point at which a positive well investment decision is made.
Following the deal, Deltic, formerly Cluff Natural Resources, now holds a 40% non-operated interest in Licence P2428.
The licence centres on the key Plymouth prospect, a large Zechstein carbonate build-up, which is similar to Deltic’s Pensacola Prospect and the Crosgan discovery.
Further upside on the block is associated with the Cupertino and Richmond prospects which will also be further evaluated using the newly acquired 3D seismic data.
Graham Swindells, chief executive of Deltic Energy, commented: “Successfully completing the acquisition of this new 3D seismic data represents another important step forward as we further progress this highly prospective licence with Cairn towards future drilling. The results of this high quality modern 3D seismic survey are expected to significantly enhance our understanding of the multiple gas prospects on P2428 and will be key to de-risking future drilling on this licence.”
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