Carrick Resources Ltd. entered into a non-binding heads of terms agreement with Orcadian Energy for the Carra prospect sub-area of North Sea license P2320, east of Crinan and Dandy discoveries and South of Fyne.
Carrick will purchase new seismic data, work up the prospect to drill-ready status, and manage a further farm-out process on the prospect. In return, Orcadian will assign 50% interest in Carra to Carrick, subject to Oil & Gas Authority (OGA) approval.
Carra is contained in Tay and Cromarty sandstones which lie on trend with Guillemot West, and is a stratigraphic trap associated with a clear amplitude anomaly defined by 3D seismic. The prospect has been previously estimated to contain P50 recoverable prospective resources of 30 million bbl medium gravity oil.
Under terms of the agreement, both parties are working towards execution of a formal agreement before Dec. 31, 2021.