UK: Caithness, Trap Oil swap Moray Firth interests

A subsidiary of Caithness Petroleum Ltd., private British independent, has closed an agreement with a unit of Trap Oil Group PLC to revise the equity interests and carried work obligations that relate to the P1270 (Block 11/24) and P1286 (Block 11/23) shared licenses in the UK Inner Moray Firth.

Caithness Oil Ltd. acquires 100% of the working interest and retains operatorship in the highly prospective Forse prospect. It returns to Trap the 35% interest that it acquired in the Knockinnon discovery under a farmout and no longer has an obligation to carry Trap on the drilling of a future well.

Caithness retains its original 30% working interest in Knockinnon and can participate in a well if drilled by Trap. Knockinnon was discovered in 2000 and enhanced by a Caithness 3D seismic survey in 2007. Consulting engineers assign 9.2 million bbl of proved and probable reserves to Knockinnon, but no oil-water contact has been encountered so large upside exists.

Caithness continues to receive 80% of revenue from Lybster field production until it recovers its historical capital expenditure.

The large Forse prospect extends to the Caithness coastline on UK North Sea blocks 11/23 and 11/24. Independently audited estimates assign a 97 million bbl midrange prospective resource to the Forse Volgian interval, with additional upside present at the Beatrice and Triassic intervals. An exploratory well is planned in 2013 to test all three intervals.

Forse and Knockinnon could be developed from shore.

Related Articles

Financial questions seen for US shale gas, tight-oil plays

03/25/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/24/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

Statoil makes gas find on flank of Visund field in North Sea

03/24/2014 Statoil Petroleum AS has made a natural gas discovery on the northeast flank of Visund field in the northern part of the North Sea, the Norwegian P...

CNOOC makes natural gas discovery in Bohai Bay

03/24/2014 CNOOC Ltd. has made what it describes as a “mid-sized” natural gas discovery in the Bozhong 22-1 structure in the south-central region of Bohai Bay.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected