Orcadian Energy Announces Farm-out of Carra Prospect

Source: www.gulfoilandgas.com 10/11/2021, Location: Europe

Orcadian Energy, the North Sea focused oil and gas development company, is pleased to announce that the Company has entered into a non-binding Heads of Terms with Carrick Resources Limited (“Carrick”) in respect of a sub-area of Licence P2320 which covers the Carra prospect (“Carra”). Under the terms of the agreement with Carrick, both parties are working towards the execution of a formal agreement, in respect of the assignment of the Carra interest, before 31 December 2021 (an “SPA”). Further updates will be provided in due course as appropriate.

If an SPA is executed Carrick will then purchase new seismic data relating to the Carra prospect, work up the Carra prospect to drill-ready status, and manage a further farm-out process on the prospect. In return, Orcadian will, subject to OGA approval, assign a 50% interest in the sub-area of licence P2320, which contains the bulk of the Carra prospect, to Carrick.

The Carra prospect lies to the East of the Crinan and Dandy discoveries and to the South of Fyne. The Carra prospect is contained in Tay and Cromarty sandstones which lie on trend with Guillemot West, and is a stratigraphic trap associated with a clear amplitude anomaly defined by 3D seismic. The Carra prospect has been previously estimated to contain P50 recoverable prospective resources of 30 MMbbls of medium gravity oil (Carrick has provided these initial estimates of recoverable volumes).

Steve Brown, Orcadian’s CEO, said:
“We are delighted to be co-operating with Carrick to make the most of the exploration potential of our acreage. Progressing Pilot and the prospects close to Pilot is our main focus and partnering with Carrick to develop a drill-ready prospect on Carra means we will leave no stone unturned in our strategy to maximise value from our assets.”


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