Corallian Energy Ltd., with joint venture partners Upland Resources and Baron Oil, signed a work sharing and confidentiality agreement with an unnamed European exploration and production company for license P2478 in the Inner Moray Firth, part of the UK Continental Shelf.
Under terms of agreement, Corallian and partners agreed to cease marketing joint farmout until Sept. 30, during which time the unnamed company will complete regional technical work and share data and interpretations over the area with the partners. Corallian will continue to provide data to the company under confidentiality arrangements. Exclusivity may be extended until Dec. 31, if the unnamed company chooses to negotiate farmin terms.
P2478 contains the Dunrobin prospect 30 km offshore in water depth of 75 m. The Dunrobin structure covers about 40 sq km consisting of three large shallow Jurassic rotated fault blocks mapped mostly on 3D seismic data within a single culmination with direct hydrocarbon indicators. Reservoir targets are Jurassic Beatrice and Dunrobin sandstones, overlain by thick Kimmeridge Clay to seabed. The prospect has Pmean prospective resources of 174 MMboe, with potential for 396 MMboe (P10) as assessed by Corallian.
Corallian has 45% interest in P2478 and is license administrator. Partners are Baron Oil (15%) and Upland Resources (UK Onshore) Ltd. (40%).