The blocks are close to the company’s operated Rhum gas/condensate field, a subsea tieback to the Bruce complex.
They contain two high-pressure/high-temperature (HP/HT) prospects, North Eigg and South Eigg. North Eigg, in 100 m (328 ft) water depth, holds potentially more than 1 tcf of recoverable gas, and is thought to share some of Rhum’s geological features.
According to Serica, it is clearly defined on 3D seismic and forms a structural trap sealed against the East Shetland bounding fault.
Under the terms of the 100%-owned license, the company will reprocess 3D seismic and drill an exploration well within three years, using an HP/HT semi or heavy-duty jackup, and would develop a commercial discovery via a tieback to the Bruce platform, with associated topsides modifications.
Chief executive Mitch Flegg said the company also had plans for a rig intervention in 2020 to bring the Rhum3 well into production for the first time, and would step up efforts to bring new third-party business to the Bruce facilities.