Deltic Energy has announced "a material increase" in the estimated volume of gas as well as a "significant increase" in the chance of success in relation to the Selene prospect in the Southern North Sea, off the UK coast. Drilling is expected in 2022.
Deltic, until recently known as Cluff Energy, said: "This process has comprised a considerable amount of work in relation to the existing reprocessed 3D seismic and utilized 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. Results from this technical analysis indicate that the Gas Initially In Place (GIIP) volumes associated with the preferred Selene interpretation have been significantly increased and further potential upside has also been recognized in the in-place resource calculations while at the same time the geological chance of success (GCoS) has also been significantly improved.
Revised GIIP volumes and prospective GCoS figures are provided below:
| Gas Initially in Place (BCF Gross) | ||||
| P90 | P50 | P10 | GCoS | |
| 2019 estimate | 255 | 437 | 683 | 39% |
| August 2020 estimate | 286 | 629 | 1,021 | 70% |
| Percentage Increase | 12% | 44% | 49% | 79% |
Deltic Energy is the operator of the License P2437 with a 50% stake.
The company said Monday that further work would focus on potential development scenarios, estimation of recovery factors and project economics which are required to support the well investment decision prior to the proposed 2022 drilling activity.
Graham Swindells, CEO of Deltic, commented: “We are delighted at the ongoing collaboration with Shell on the Selene licence and that the detailed work being undertaken by the joint Deltic-Shell technical teams is supporting and enhancing the earlier work completed by Deltic.
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.”