Deltic Energy is kicking off seismic survey work one of its hot North Sea prospects after a farm-out deal with Cairn Energy.
Through its subsidiary Nautical Petroleum, Cairn agreed a deal to buy into five Deltic licences last month, including P2428 which has been described by the latter as “the next Cygnus”.
Cairn is paying for 100% of an agreed work programme for each of the new licences, including shooting new seismic over P2428.
Deltic has been informed by ION Geophysical that the vessel contracted for the work has now arrived on site, with survey work expected to begin tomorrow (Sept 11).
The work, acquiring 700 square kilometres of 3D seismic data, is expected to last six to seven weeks, focussed on the main prospect, Plymouth.
The processed data will be delivered in mid-2022.
Completion of the Cairn farm-out is subject to the dup entering into a joint operating agreement and obtaining Oil and Gas Authority consent.
Following completion, Deltic will hold a 40% non-operated stake.
Deltic CEO Graham Swindells said: “To be acquiring new 3D seismic so quickly after announcing our transformational Farm Out with Cairn is another very positive development which will accelerate the development of our technical understanding of the opportunities on this licence.
“The survey represents another important milestone for Deltic and we are delighted to be participating in our first field operations with our new partner. The acquisition of high quality modern 3D seismic over the licence area is a key step in de-risking future exploration drilling on this licence.”
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