UK-based Corallian Energy has completed the rig site survey over the proposed location for the forthcoming Wick well off the UK.
Upland Resources, Corallian’s partner in the P2235 license which contains the Wick prospect, said on Monday that the drilling of the Wick well was expected to begin in Q4 2018, following the receipt of necessary regulatory approvals and consents.
Steve Staley, CEO of Upland Resources, said: “The completion of the rig site survey is another important milestone as we look to drill the potentially transformative Wick well. We look forward to the receipt of the necessary regulatory approvals to enable the well to spud in Q4 of this year we will continue to update the market on further developments.”
According to Upland’s estimates, the Wick structure could hold in-place P50 resources of around 250 MMbbl. The company added that the Wick well would target reservoir sequences within the Wick structure.
To remind, Upland entered into a conditional agreement with Corallian Energy to farm into a 40 percent interest in Licence P2235, containing the Wick prospect, back in November 2017.
Upland negotiated the farm in through the company’s wholly-owned subsidiary, Upland Resources (UK Onshore) Limited.
The farm in agreement between Corallian Energy and Upland was completed on May 24, 2018. Parallel to that, Baron Oil signed a deal with Corallian in March 2018 to take a 15 percent interest in P2235 in return for paying 20 percent of the costs of the first well on the Wick Prospect.
In a separate statement on Monday, Malcolm Butler, chairman and CEO of Baron Oil, said: “The rig site survey is a necessary preliminary step to ensure the placement of the jack-up rig on a stable seabed. The Wick well is currently planned to be the first in our two well 4Q program offshore UK, subject to the timing of receipt of the necessary regulatory approvals.”
It is also worth reminding that Corallian entered into a letter of intent with drilling contractor Ensco back in May for the provision of a jack-up drilling rig for the drilling of the Colter and Wick wells offshore the UK.
Offshore Energy Today Staff