Stratic Energy is offering an incoming party a 50% interest in licences P1214 (block 16/2b) and P1299 (block 16/3d) by funding a share of a firm appraisal well in Q2/Q3 2010. These blocks contain the Cairngorm granite accumulation, tested by the 16/3a-11z discovery well which flowed 40 degree API oil at rates in excess of 2000 bopd. The Cairngorm accumulation is a fractured granite play with upside reserves up to 28mmbls. The fractured granite reservoir at Cairngorm has the ability to flow at rates up to 20,000 bopd which means that even low recoverable volumes are of high value. Dry hole costs are estimated at £10mm to a TD of 7960ft at a rig rate of $230,000 per day for a 34 day well including open hole logging.
Project: Cairngorm, Licences P1214, P1299, Blocks 16/2b, 16/3d
Type of deal: Farm out
Basin: Viking Graben
Type of project: Appraisal/Development