Highlights and project summary text below. We also want to include the tenement map – not sure if the attached is HR enough.
Opportunity Highlights :
Blocks contain the Burns Sandstone Vantage Prospect, 12/27a 3 Burns oil discovery and 12/27 1 Beatrice gas discovery.
Vantage is a Large Upper Jurassic stratigraphic trap updip from 26ft oil column in Well 12/27a 3.
Prospect covered by good quality 3D seismic.
P50 STOIIP 126 mmbo . COS
Prospect Depth 3,000 ft and Water Depth 180ft.
Exploration Well cost £7.4 MM
Talon Petroleum 50%, Geoscience services Ltd 50%.
Significant Equity available for the funding of a well to test the Vantage Prospect.
The Vantage Prospect is a stratigraphic closure within late Volgian age Burns Sandstone reservoir updip from the spill point in 12 27 a 3 and downdip thin Burns sands with oil shows in Wells 12 27 1 The prospect is normally pressured at a depth of 3 000 ft and has a most likely STOIIP of 126 mmbo
The Prospect has been mapped on modern, good quality 3 D data The crest of the structure lies at 2 800 ft with a maximum closing contour of 3 200 ft giving a potential column height of 400 ft The prospect is dip closed to the north, east and west To the south the Burns Sandstone reservoir pinches out against Central Ridge where it is absent in Well 12 26 1 and only thin stringers of sand with oil shows are present in Well 12 27 1 On the seismic, the Burns interval brightens towards the crest of the structure and then dims downdip of the two wells This brightening to conform to structural closure suggesting the possibility that the effect is hydrocarbon related
The Upper and Lower Burns Sandstone reservoir are turbidites sourced from eroded Devonian Sandstone from the Scottish Mainland to the northwest The sands are over 200 ft thick in downdip well 12 27 a 3 with a net gross of 62 and an average porosity of 27 Although thinner reservoir is predicted at Vantage, excellent reservoir properties are expected
Hydrocarbons are expected to be a light oil with a gravity of between 30 and 35 API The oil is sourced from the Kimmeridge Clay Formation which is mature north and east of the Prospect
Using reservoir parameters from Wells 12 27 a 3 and 12 27 4 the Most Likely STOIIP volume for Vantage is 126 mmbo The upside case of 3 200 ft closure is 245 mmbo