Oil explorer Summit Petroleum is to start drilling the Orchid prospect in the central North Sea with the Sedco 711 semi-submersible rig, it was announced today.
Summit – a subsidiary of Japanese Sumitomo Corporation – is operator for the field, which is co-owned by Valiant Petroleum, Trap Oil, and Atlantic Petroleum
Valiant has estimated that gross prospective resources in the prospect are 30million barrels of oil equivalent (boe).
Trap Oil said today its best estimate for gross prospective resources was 38million boe.
Work on the field was postponed from the end of last year due to weather delaying delivery of the drilling rig.
Trap Oil said: “Orchid marks the start of Trapoil’s 2012 exploration programme, which it is currently intended will include the drilling of up to a total of seven wells targeting total best estimate net risked prospective resources of approximately 14.3million boe (unaudited estimate by Trapoil’s management).
“Trapoil is being carried for the majority of these wells and anticipates contributing funds to only one other well in this planned drilling programme.”
Peter Buchanan, chief executive at Valiant said: “We are pleased to be starting our 2012 exploration programme, which will include up to five exploration wells anticipated to spud during the first half of the year – targeting a total best estimate prospective resources of 30million boe net to Valiant.”