OilVoice - Hannu North Sea Appraisal Opportunity; The Malvolio Prospect UKCS Viking Graben

Hannu North Sea Appraisal Opportunity; The Malvolio Prospect UKCS Viking Graben

Wednesday, February 03, 2010

Hannu North Sea Limited is seeking a partner(s) to farm in to the Malvolio Prospect in the UKCS Viking Graben.

Overview:
Malvolio, located in UKCS Viking Graben Block 3/23b is a Paleocene appraisal opportunity in an Upper Montrose Group sand.

Well 3/23b-3 drilled by Chevron in 1988 on 2D seismic data defines Malvolio's northern pinch out edge. It encountered live oil over the shakers and has a resistivity anomaly at the target horizon significantly reducing risk on Malvolio.

The stratigraphic trap has been defined through integration of the simultaneous inversion model, time and depth mapping, geobody extraction from seismic frequency decomposition and AI/EI modelling. This geophysical work, allied with the petrophysical analysis of 3/23b-3 and surrounding wells, suggests p50 reserves of 26mmbbls and upside (p90) reserves of 106mmbbls. The main risk is determined to be trap presence (70%) with reservoir (80%) and charge (80%) defining a geological chance factor of 45%.

Well costs are estimated at £9mm gross dry hole and £13.3mm tested. In the event of success, development would proceed via a small FPSO.

Hannu North Sea Limited is a 100% owned subsidiary of MPX Energy Limited.