ASHBOURNE, UK -- Upland Resources (UK Onshore) has agreed to farm into 40% of UK offshore production license P2235 (UKCS block 11/24b) from Corallian Energy.
The concession is in the Inner Moray Firth off northeast Scotland, 2 km (1.2 mi) from the shore and in shallow water. Upland was attracted by the 250-MMbbl Wick prospect, which it sees as a relatively low risk, low cost, and potentially transformative near-term drilling opportunity using a jackup.
Corallian has started environmental permitting for a well which could spud in late 2018.
Upland has conducted a comprehensive interpretation of the existing well and seismic data, and remapped the area, which it and holds the potential for additional, attractive prospects.
The license is said to benefit from an extensive 3D dataset, and is close to the decommissioned Beatrice field, updip from the Lybster discovery, and in the same working petroleum system.
Upland UK will pay 53.33% of the first £4.2 million ($5.6 million) of costs related to the environmental survey and the first Wick well.
Completion of the farm-in is pending approval by the Oil & Gas Authority and of the company securing funding to meet its obligations.