LONDON – Orcadian Energy has entered a non-binding heads of terms with Carrick Resources for a sub-area of license P2320 in the UK North Sea, covering much of the Carra prospect.
Pending a formal agreement, Carrick will acquire new seismic data on Carra, develop the prospect to drill-ready status, and manage a further farm-out process. Subject to approval from the UK’s Oil and Gas Authority, Orcadian will in turn assign a 50% interest in the sub-area to Carrick.
Carra is a stratigraphic trap east of the Orcadian-operated Crinan and Dandy discoveries and south of Fyne, in Tay and Cromarty sandstones on trend with the Guillemot West field.
It is thought to hold 30 MMbbl of prospective recoverable, medium-gravity oil.