Siccar completes Lyon farm-out. Drilling scheduled for 2018

Siccar Point Energy has extended a contract for the semi-submersible West Hercules which it will use to drill its Lyon well in the UK North Sea.  

The company said on Monday that the rig would be used to drill the Lyon well immediately following the Cambo appraisal well in 2018. The rig is owned by North Atlantic Drilling Ltd., a Seadrill subsidiary.

Furthermore, Siccar Point Energy said on Monday it had completed the previously announced Lyon exploration well farm‐out deal with Ineos.

Siccar Point Energy’s CEO Jonathan Roger said: “We are delighted to be extending our relationship with North Atlantic Drilling which will allow our company, along with our new partner Ineos, to accelerate the drilling of the high impact West of Shetland Lyon exploration well into 2018.

Roger said that the fact that Siccar had completed the deal and simultaneously committed to the rig contract within a few weeks of signing the farm‐in deal, was a testament to all the parties involved, including the Oil and Gas Authority “who were extremely supportive in expediting approvals.”

New gas hub

The Lyon prospect is located in the P.1854 license. According to Siccar, it could contain 1-3 trillion cubic feet of gas recoverable.

If Lyon is successful, Siccar thinks it would be large enough to form a new gas-hub development similar to the Total operated Laggan-Tormore fields which have been developed with sub-sea infrastructure with pipelines to the Shetland Gas Plant. Existing smaller gas discoveries in the Lyon area such as Tobermory, Bunnehaven and Cragganmore would all be suitable tie-back candidates into the Lyon gas hub.

To remind, the farm-out deal with Ineos covers two exploration licences -P.1854 containing Lyon, and and P.1935 – in the West of Shetlands area. The P.1935 license sits 30 kilometers north of the Lyon Prospect.

A number of immature Tertiary gas leads have been mapped on the existing 2D seismic data. If Lyon is successful this license would provide further upside to the area. 3D seismic would be required to firm up the prospects.

Offshore Energy Today Staff

 

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