Shell has completed a broadband 3D seismic survey extending to approximately 420 km2 over the Pensacola prospect on Licence P2252 in the Southern North Sea, offshore the UK.
Cluff Natural Resources, Shell’s partner in the block, said that the seismic contractor Shearwater had completed the survey on August 21. The survey started on August 4, using the Polar Empress vessel.
As Offshore Energy Today previously reported, Cluff Natural Resources in February entered into a farm-out deal and a three-month exclusive option with Shell in relation to the company’s Southern North Sea Licenses P2252 and P2437, respectively.
On May 30, UK’s OGA approved the farm-out of License P2252 to Shell . Shell was assigned a 70 percent working interest in License P2252 and appointed as License Operator and Cluff retained a 30 percent non-operated interest in the license.
Under the terms of the farm-in agreement, Shell is paying 100% of the costs of the Pensacola seismic acquisition, processing and interpretation work program until the end of 2020 or until a well investment decision is made.
“The partnership is still on course to meet the timelines agreed with the Oil and Gas Authority (“OGA”) and a decision on the contingent well commitment is expected to be taken in the second half of 2020,” Cluff said on Thursday.
According to Cluff statement on Thursday, the collected data will be processed, along with the existing legacy dataset, to pre-stack depth migration (‘PSDM’) with the final results expected to be received by early Q3 2020.
The Pensacola prospect is estimated to contain gross P50 Prospective Resources of 309 BCF in an untested Zechstein Reef.
Commenting, Cluff’s Chief Executive Graham Swindells said: “We would like to thank Shell and Shearwater for completing a safe and efficient acquisition program in what were challenging weather conditions for this time of year. The PSDM datasets represent a key step towards the drilling of an exploration well on the Pensacola prospect and we look forward to receiving the final products in due course.”
“While awaiting delivery of the newly acquired seismic data, we continue to work with Shell on license P2437 as we progress the Selene prospect towards a drilling decision,” Swindells said.