The transfer of the interest is conditional on the fulfilment of certain work milestones (there is no cash consideration).
Carrick will review existing data, acquire a license to and reinterpret the seismic data, which TGS is currently reprocessing related to Carra, and re-map the prospect.
On completion of the updated mapping, Orcadian will assign to the company a 50% stake in the sub-area, subject to approval from the UK’s North Sea Transition Authority approval.
Carrick also has the option to withdraw from the agreement prior to completion of remapping; the overall work program should last four months.
If the transfer proceeds, Carrick would then work up the prospect to drill-ready status and manage a further farm-out process for the prospect.
Carra is to the east of the Crinan and Dandy discoveries and south of Fyne. It is contained in Tay and Cromarty sandstones which are on trend with the producing Guillemot West field. According to Orcadian, it is a stratigraphic trap associated with a clear amplitude anomaly defined by 3D seismic.
It could contain P50 recoverable resources of 30 MMbbl of medium gravity oil.