Deltic Energy has also significantly increased the geological chance of success rate at the Selene prospect
UK-based oil and gas exploration firm Deltic Energy has announced a ‘material increase’ in the estimated gas volume, compared to previous estimates, at the Selene prospect located in license P2437 in the UK North Sea.
The firm said it has also significantly increased the geological chance of success rate to 70% in August 2020 from the previous estimate of 39% in 2019 at the Selene prospect.
The new estimates of the gas reserves follow the completion of technical analysis, which outlined the increased gas initially in place (GIIP) volumes.
As per the new estimates, the prospect’s in-place P90 gas resources stand at 286 billion cubic feet, which is a 12% increase compared to the previous estimate in 2019, while the P50 gas resources stand at 629 billion cubic feet, a 44% increase compared to last year.
Deltic Energy owns 50% stake in license P2437
Deltic Energy operates the license P2437 with 50% stake while the remaining stake is held by Shell.
In a press statement, Deltic Energy said: “This process has comprised a considerable amount of work in relation to the existing reprocessed 3D seismic and utilised an innovative technological approach to depth conversion which was undertaken by a joint Deltic-Shell team.
“Further work on the depositional environment, structural history, gas charge timing and reservoir quality prediction was also completed as part of this process.”
Deltic said that the work will now focus on potential development scenarios, project economics, and estimation of recovery factors required for determining the well investment decision. Drilling activity at the Selene prospect is planned in 2022.
Deltic CEO Graham Swindells said: “The significantly increased gas volumes and decreased risk profile further cements the importance of Selene as one of the largest undrilled Leman Sandstone structures in this mature play.
“We are encouraged by the level of technical and human resources being deployed on this project by Shell and will continue to work with them towards securing a firm drilling commitment for the proposed 2022 well on Selene.”