North Sea Oil Discovery Confirmed by EnQuest

Published at 08:58AM - 01/07/16

EnQuest has confirmed an oil discovery at its Eagle exploration well in the North Sea, following the “excellent” implementation of its drilling programme.

According to the UK-based firm, drilling of the Scolty and Crathes development wells was completed ahead of schedule and under budget.

“Drilling performance in the Central North Sea this year has been excellent, both ahead of schedule and under budget,” EnQuest’s North Sea President, Neil McCullock, said.

North Sea Oil Discovery Confirmed by EnQuest

“I am now also pleased to confirm that the initial results of the drilling of the nearby Eagle exploration well have confirmed a new discovery. Following last year’s production growth and unit operating cost reduction successes at GKA, this latest success demonstrates EnQuest’s ability to create value from maturing assets and from near field exploration opportunities,” he stated further.

“This builds on EnQuest’s outstanding North Sea Drilling performance in 2015, also under budget,” the executive added.

The company stated that the Scolty reservoir was on prognosis and the Crathes reservoir exceeded expectations.

The Eagle exploration well had been acquired in the second quarter of this year, with a 100% working interest basis.

Results Could Near Gadwall Oil Field

According to the company’s preliminary analysis, the Fulmar oil-bearing reservoir was encountered with a vertical thickness of 67 feet and excellent reservoir properties.

This has led EnQuest to anticipate gross total recoverable reserves similar to the nearby Gadwall producing oil field.

Meanwhile, assessment of results is underway.

Earlier this year, EnQuest announced an improved performance from its North Sea assets which led to an increase in production in the first four months of the year.

The company said it also expects to meet its cost reduction targets this year, especially after the Kraken development is fully onstream.

It forecasted average unit operating costs of between US$25-27 per barrel produced over the whole year on a first stage.