SICCAR POINT ENERGY SPUDS APPRAISAL WELL ON COMBO FIELD – Siccar Point Energy has began drilling a remaining appraisal effectively on the Cambo subject, north-west of Shetland, with outcomes anticipated this summer season. The Aberdeen based mostly manufacturing, growth and exploration firm, has additionally confirmed the completion of a sale and buy settlement with Shell UK Limited, on 01 May 2018, for a minority curiosity of the acreage, 125 km north-west of Shetland. Shell has acquired a 30% non-operated working curiosity in UKCS licences P1028 and P1189 (incorporating the Cambo discovery) and a 22.5% non-operated working curiosity in P1830 (together with the Blackrock prospect). An exploration effectively can be deliberate on the close by Blackrock prospect in 2019. Details of the consideration will not be being disclosed, however embody a price carry contribution on each the wells and any subsequently accepted growth on Cambo. Cambo is a big basement excessive with sedimentary sequences draped excessive of the construction. The subject incorporates not less than 600 million barrels of oil in place. Jonathan Roger, CEO of Siccar Point stated: “We are happy to have reached this necessary milestone on Cambo with work now underway on the ultimate appraisal effectively. The partnership with Shell brings additional intensive subsurface and growth expertise, supporting the experience of the Siccar Point group as we progress in the direction of an anticipated subject growth subsequent yr.”
The Cambo Field is positioned 125 km north-west of the Shetland Islands and lies 30 km south-west of Rosebank and 50 km north of Schiehallion. The subject was found in 2002 and has 5 wells drilled into the construction. Siccar Point acquired a 100% operated curiosity within the subject from the takeover of OMV (U.Okay.) in January 2017 and introduced Shell UK in as a accomplice in May 2018. (Source: Siccar – Image: Seadrill)

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