Draupner Energy amends Phase B program for UKCS work

Draupner Energy AB, Stockholm, reached an agreement with the North Sea Transition Authority (NSTA) to amend Phase B work programs for production licenses P2331 and P2487 in the Mid North Sea High region of the UK Continental Shelf (UKCS).

P2331 is currently in Phase B. The company will enter Phase B in P2487 on July 15. The Phase B work program for both licenses will be satisfied by obtaining a portion of the high-quality ION Geophysical MNSH Prime multi-client 3D seismic survey, shot in 2020-2021.

Draupner has had access to a subset of the survey and said structural interpretation confirmed recoverable hydrocarbon potential of over 4 billion boe (unrisked). The largest volume is mapped in the Upper Permian Zechstein, Devonian Buchan, and Upper Jurassic Fulmar with further upside in the Devonian Kyle, the company continued. Several targets are vertically stacked, and there is potential (over 500 MMboe recoverable volume) in wells targeting P2331 Balvenie Main and Belsay prospects and the P2487 Durham prospect, Draupner said.

The company is maturing the best P2331 prospect for drilling to decide on entering P2331 Phase C, which has a one-well commitment with a minimum depth of 2,150 m.

A farm-out process will begin in July with bids due by end October. Equity as well as operatorship is available.