A UK North Sea oil and gas discovery is showing “significant promise”, a project partner said today.
Neptune Energy said it was “encouraged” by the discovery at the Isabella exploration well in the central North Sea.
The company said the well results would be analysed further to firm up plans for appraisal activity and recoverable resource estimates, which were not disclosed today.
Neptune did say the well encountered 210 ft of net pay of lean gas and condensate and high-quality light oil.
Isabella was drilled by the Noble Sam Hartley jack-up rig and is now being plugged and abandoned.
In October, Delek Group, whose Ithaca Energy subsidiary has a stake in the licence containing Isabella, said two prospects were being targeted.
They were thought to have combined resources of 63.4 million barrels of oil and 499.2 billion cubic feet of gas, at best.
The licence is operated by French energy giant Total, which has a 30% working interest, while Ithaca has 10% and Euroil Exploration has 10%.
Neptune agreed to buy its 50% stake from Apache in 2018.
Jim House, Neptune chief executive, said: “The discovery of hydrocarbons in three separate formations is positive news for Neptune and our partners.
“While analysis of the results is ongoing, the initial findings show significant promise.
“Having acquired our interest in the exciting HPHT Isabella prospect in 2018, the result further strengthens our growing UK portfolio and demonstrates the significant remaining hydrocarbon potential in the region.”
Kevin McLachlan, senior vice president of exploration at Total, said: “The initial results at Isabella are encouraging. This demonstrates that our exploration strategy in the North Sea to explore for value adding prospects nearby to our infrastructure is working.”
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