Hansa Hydrocarbons wants to farm-down its risk in UK blocks 48/16a (licence P1695) and 48/16b (licence P898), by bringing in partners prior to a crucial well being drilled later this year.
The target is the Thoresby field just 50km off the Lincolnshire coast. The company intends to drill what it describes as a low risk appraisal well in Q3 this year in the east of the field, with the objective of proving up commerciality.
The cost for the well is budgeted at £8million, with a further £4.5million required for a drill-stem test, assuming a successful initial drill.
In exchange for the interests, the successful party will pay a promoted share of the appraisal well.
Thoresby has been delineated by two wells: 48/16b-2 drilled in 2002 and 48/16b-3z drilled in early 2009. Both encountered gas bearing Leman sandstones.
In November 2009, Hansa embarked on an extensive sub-surface work programme to address the remaining critical issues prior to development. This has included the acquisition of a high resolution 2D survey, seismic reprocessing (anisotropic PSDM) and the construction of static and dynamic reservoir models.
“This work has demonstrated a high level of confidence in the planned appraisal well, proving up commercial reserves from a mean GIP (gas in place) of 200billion cu ft, and showing that a conventional two-well development will recover 85bcf in the base case,” said Hansa, in a briefing note designed to attract market attention. “The upside case delivers reserves of 126billion cu.ft from three wells.”
Development of Thoresby would be centred on block 48/16b, in which Hansa currently holds a 100% equity interest.
Conceptual engineering studies have been conducted which have led to a preferred development scheme and export route.
In the event of a successful appraisal well, first gas is planned for Q4 2012, at an initial rate of 60million cu.ft per day.
Hansa says negotiations for a preferred off-take route are well advanced and a site and route survey for acquisition next month was recently awarded.
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