The competent persons report (CPR) confirms 2P gas reserves of 303 bcf across the portfolio, comprising 248 bcf in the Vulcan Satellites; 33 bcf at Blythe; and 22 bcf at Elgood.
In addition, the report estimates a 2P peak production rate from these fields of more than 200 MMcf/d. IOG expects to add further prospective resources via another upcoming CPR on its Harvey accumulation.
This year the company has built a proprietary static geological model based on interpretation of reprocessed 3D seismic from multiple surveys across its portfolio. It then performed dynamic reservoir modeling and optimal well design and placement, including hydraulic stimulation modeling for the Vulcan Satellites, which in turn enabled the development of production forecasts for each field.
ERCE reviewed IOG’s subsurface work, production forecasts, costs and economic assumptions for its own, independent assessment of the recoverable reserves from the portfolio, project development and operating costs and the resultant economics.
IOG has formally applied to Britain’s Oil & Gas Authority to register the names for the Vulcan Satellite fields as follows: Vulcan North West will become Nailsworth, Vulcan East will become Elland, and Vulcan South Southwark. Collectively, the fields will still be known as the Vulcan Satellites.
The company expects to submit a development plan later this month, and to confirm further contractors.Heerema Fabrication Group is inked in for the platforms.