Skerryvore, the UK “well to watch” for 2024, has been pushed into next year by North Sea operator Parkmead (AIM: PMG).
The target, which was the only high-impact well planned for the UK this year, is now expected to drill in 2025, Parkmead Group said in its interim results.
It had been expected to be drilled in Q4 of 2024 according to previous company disclosures.
The firm did not disclose the reason for the delay but said it has made good progress in key areas including well planning, site survey contractor selection and sourcing long lead items.
Part of this effort, Parkmead said, has been to secure a rig slot as part of a wider, multi-operator drilling campaign.
Parkmead said the planned well will penetrate the main stacked exploration prospects, at Mey and Tor intervals, which studies indicate could contain significant volumes of light oil, with potential recoverable reserves of over 130mmboe gross.
“The sub-surface team believe there is a high geological chance of success at the Mey of c.43% as this area is surrounded by fields producing from the same target interval,” Parkmead said.
“The licence also contains additional prospectivity at the Ekofisk and Jurassic levels.
“A successful discovery would allow for a tieback to nearby infrastructure in line with the NSTA’s MER and Hub Strategy for new developments.”
Harbour Energy’s Talbot, Neo Energy’s Affleck project, and work at ConocoPhillips’ Tommeliten A, which sits close to Skerryvore over in the Norwegian sector have all been mooted as potential hosts for the tie-back.
Fynn Beauly
Alongside the Skerryvore preparations, Parkmead is progressing plans for the Fynn Beauly field which it secured in the 33rd NSTA licensing round.
Parkmead holds a 50% working interest in the licence covering Blocks 14/15a, 14/20d and 15/11a situated in the Central North Sea, alongside Orcadian Energy.
Parkmead said Fynn Beauly is “one of the biggest undeveloped oil fields in the UK”, with estimated gross P50 contingent resources of 292 milion barrels.
The heavy oil discovery is located between the Claymore and Piper fields. Extending across all three awarded blocks, Parkmead said the discovery is “estimated to contain oil-in-place of between 740 million and 1.3 billion barrels”.
© Supplied by Orcadian Energy“This is an important award because the acreage which encapsulates this significant oil field has not previously been licensed to a single partner group, creating an exciting opportunity for Parkmead and Orcadian to advance the development of this substantial, previously untapped resource,” Parkmead said.
“The current licence commitment requires no major capital outlay, with the work programme focusing on assessing the feasibility of reducing Fynn Beauly oil viscosity using enhanced oil recovery techniques.”
Parkmead said its feasibility work will include assessing the potential to utilise geothermal energy as part of the recovery mechanism. The company said this could deliver the successful development of a major field in line with the NSTA’s Net Zero Strategy.
Parkmead executive chairman Tom Cross said the company is continuing to maximise the value of its full cycle exploration and production business at Skerryvore, while also investing in renewables.
“We were delighted by the successful award of the Fynn area Licence in the 33rd round, and are making good progress towards our operated exploration well at Skerryvore,” Mr Cross said.
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