Premier Oil announced today it has found oil in the Bagpuss prospect, located in the UK sector of the North Sea.
According to the company, the discovery proved “a significant volume of oil in place”.
“We will now work with our partners to carry out a full analysis of the hydrocarbons and reservoir encountered to ascertain whether commerciality can be explained,” Premier Oil Director of Exploration and North Sea, Robin Allan, said.
Premier Finds Oil in Bagpuss Well
The 13/25-1 well targeting the Bagpuss prospect on the Halibut Horst in the Outer Moray Firth reached a total depth of 1,532 feet in granite basement, Premier explained in a statement.
Overall, the well encountered 41 feet of hydrocarbon-bearing sands within a 68 feet hydrocarbon column, which is in line with pre-drill estimates, Premier added.
The sands have between 25% and 33% porosity and indications are that the oil is heavy. The well is now being plugged and abandoned.
According to a previous report by North Sea Energy, Bagpuss operations started on July 14th and the well was spud on July 18th.
Bagpuss and Blofeld Could Contain 2bn Oil Barrels
The well was drilled by Diamond Offshore’s Ocean Valiant drilling facility, which had previously worked on the Solan development, located west of Shetland.
The joint venture (JV) partners in the prospect are Maersk Oil UK (25%), North Sea Energy (15%), Premier Oil (40.1%, operator), EnCounter Oil (13.27%) and Groliffe (6.63%).
According to a previous statement by North Sea Energy, the cost of drilling the Bagpuss prospect are 100% funded through a farm-in agreement with Maersk and are 50% of North Sea Energy’s costs of a Bagpuss subsequent well, should one be drilled.
An analysis by Premier Oil on previous tests on the discovery suggested that Bagpuss and the nearby Blofeld heavy oil prospects together could contain up to 2 billion barrels of oil in place.
According to analysts at Wood Mackenzie, this could imply the opening of a new play.