Nautical Petroleum (LON:NPE) have put out an RNS today confirming that the 9/02b-D appraisal well on North Sea Block 9/2b has spudded. According to the statement, the drilling activity is being performed by the Ocean Nomad semi submersible rig, the full programme is expected to take approximately 45 days and a further announcement will be made once the drilling is completed.
Nautical is the operator. Thay have a 35% share, but they will be paying 70% of the well cost as Canamens has chosen not to participate - I think this says less about the chance of success/size of the reward than the fact Canamens have very favourable terms for backing-in later if it is a success (see this very sceptical thread for further comment on this and other Nautical matters.) The other partner, Celtic Oil Ltd, is partcipating.
From Nautical's recent presentation:
well to be drilled in southwest of field
- Appraisal well (east of fault) to confirm sand distribution and obtain fluid samples to optimise the planned Phase I of the field development
- Exploration sidetrack (west of fault) will target prospective resources of 114mmbo (gross)
This is the 4th well. The first two went well, but the third missed the reservoir as this map shows. The presentation give the chance of success of the well as being 80%, and 60% for the side-track. The 45 days quoted in the RNS is for the well and side-track.
Let's hope that the D well encounters "many a wondrous grot and secret cell" which are full of oil.Good luck to all holders!
Disclosure of Interest: The Author holds shares in Nautical Petroleum (LON:NPE) .
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