Drilling at the ‘high impact’ Pensacola exploration target in the North Sea will kick off next month.
Shell (LON: SHEL) and Deltic Energy (AIM: DELT) have confirmed that preparations are now underway to move the Maersk Resilient drilling rig to the location.
Mobilisation is planned for early November, with drilling expected to follow towards the middle of the month.
Delitc said it will provide further updates when the rig is on site at Pensacola and drilling has commenced.
Pensacola is thought to contain prospective potentially recoverable resources of 309 billion cubic feet of gas.
If successful, it will be “one of the highest impacts exploration targets” to be drilled in the Southern North Sea for years, Deltic has said previously.
It is though well operations are expected to last 60-80 days once spudded.
London-listed Deltic owns 30% of the project after farming out the other 70% to Shell in 2019.
It was recently revealed that Shell and Deltic are considering a new pipeline to the gas processing facility at Teesside if Pensacola is successful in the high-estimate case.
In a low-volume scenario of 75 bcf, it would be tied back to the Ineos Breagh platform, around 45 miles off the east coast of England.
Shell is also farmed in at 50% on the Selene prospect, another Deltic target, aiming for 318 bcf.
Westwood Global Energy Group previously named Pensacola amongst its ‘key wells to watch’ for the rest of 2022.
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