LONDON -- Nautical Petroleum has acquired a 40% equity interest in Licensing Option 10/1 in the North Celtic Sea basin off southern Ireland, operated by Providence Resources.
The license includes the Baltimore heavy oil discovery, which has potential in-place oil resources of up to 300 MMbbl.
The discovery well (48/19-2) was drilled in 1992 on a Lower Cretaceous structure with an areal extent of around 12 sq km (4.6 sq mi). It encountered a 90-m (295-ft) gross hydrocarbon bearing section at around 900 m (2,952 ft) TVDSS in Lower Cretaceous sands similar to those producing at the nearby Kinsale Head field.
Crude recovered during testing was around 11 deg API, while reservoir cores suggested a good-quality reservoir quality with permeabilities of greater than 3,000 mD.
In return for its 40% stake, Nautical will perform and fund a development feasibility review to assess the find’s commercial viability.
Nautical operates the Kraken heavy oil discovery in the UK North Sea, and is also a partner to Statoil in Mariner, another nearby potential heavy oil development.
Nautical farms into Baltimore
Nautical Petroleum has acquired a 40% equity interest in Licensing Option 10/1 in the North Celtic Sea basin off southern Ireland, operated by Providence Resources.