RBD – Corallian offered Block 29/7b with estimated mean prospective resources of 44 MMBO recoverable; plans to drill an appraisal well during 2019

23 May, 2018 – Corallian Energy Limited is pleased to announce that it has been offered three Central Graben part-blocks in the 30th Seaward Licensing Round by the Oil and Gas Authority. Its interest in each block will be 100%.

Block 29/7b, covers 121 square kilometres, in 90 metres water depth. The block contains the Tertiary Curlew-A oil accumulation discovered by well 29/7-1 (Shell, 1979). Light oil (36o API) was recovered on wireline from an estimated 12 metres of net oil sands with an estimated average porosity of 27%. The near-term work programme will include a Competent Persons Report to support a farmout process. The company plans to drill an appraisal well at Curlew-A during 2019. This well, if successful, will unlock a significant hydrocarbon resource with Corallian estimated mean Prospective Resources of 44 million barrels of oil recoverable (with an upside of 102 million barrels of oil recoverable). The well will also test a Lower Tertiary structural/stratigraphic trap identified by the company (the Sandpiper prospect). Both primary and secondary objectives can be intersected and evaluated by a single vertical appraisal / exploration well that will be drilled by a Jack Up rig to a Total Depth of 2,600 metres sub-sea. The cost of the well is estimated at £9.5 million. The proposed well location is 2 kilometres North East of the discovery well. Future development options will be either via third party access at nearby infrastructure, or by stand-alone FPSO development should an upside outcome be achieved. The Curlew-A anticline remains one of the largest un-appraised Tertiary structures (approximately 21 square kilometres) in the Central North Sea.

Blocks 30/2f and 30/3d are adjacent to each other and cover an area of 39 square kilometres. They are located to the east of the prolific “J-Ridge” and south of the Blane field, in 70 metres water depth. The blocks contain two leads in Jurassic and Triassic sandstones which will be further evaluated as part of the work programme.

Full announcement at http://corallian.co.uk/news.html