Drilling under way at Cambo in Shetlands area
Siccar Point Energy has spudded a final appraisal well on the Cambo oil field, 125 km (78 mi) northwest of the Shetlands.
ABERDEEN, UK – Siccar Point Energy has spudded a final appraisal well on the Cambo oil field, 125 km (78 mi) northwest of the Shetlands.
The company has also completed a transaction that givesShell UK a 30% participation in licenses P1028 and P1189 (which incorporate Cambo discovery) and a 22.5% interest in P1830, which contains the Blackrock prospect.
An exploration well should follow on Blackrock in 2019.
The deal includes a cost carry contribution on both wells and any subsequently approved development of Cambo.
Cambo is a large, basement high with sedimentary sequences draped over the top of the structure, and thought to hold at least 600 MMbbl of oil in place.
Jonathan Roger, CEO of Siccar Point, said: “The partnership with Shell brings further extensive subsurface and development experience, supporting the expertise of the Siccar Point team as we progress towards an anticipated field development next year.”