LONDON – Independent Oil and Gas (IOG) has relinquished the P2441 Redwell license in the UK southern North Sea.
A recent re-interpretation suggests the main section of the previously mapped Redwell structure has a recoverable gas resource of 36 bcfe, but would be challenging to develop due to thin pay and poor reservoir quality.
IOG has accepted the Oil and Gas Authority’s formal offer of license P2589, covering blocks 49/21e and 49/22b and including the Panther and Grafton gas discoveries (estimated recoverable resources of 46 and 35 bcfe, respectively.
Panther is around 5 km (3.1 mi) from the IOG-Cal Energy joint venture’s Elland field and 10 km (6.2 mi) north of the Southwark field, while Grafton is 16 km (9.9 mi) northeast of Southwark.
The work program includes reservoir studies and reprocessing of 79 sq km (30.5 sq mi) of 3D seismic to PSDM to help firm up resource estimates and assess any further opportunities on the license.
IOG’s reinterpretation of newly reprocessed seismic over the Harvey licenses suggests the 48/23b-2 well (Harvey-2) could hold up to 35 bcfe recoverable.
The company has notified the OGA that it intends to retain the Harvey-2 structure but relinquish the remainder of the P2085 license, to minimize future costs.
It will then perform a detailed commercial assessment of Harvey-2, evaluating an ‘Elgood lookalike’ development concept, involving a single-well subsea tieback to the Blythe platform via a spare 10-in. riser and j-tube.