On 13 August 2018 Neptune Energy Group announced that it has agreed to acquire Apache North Sea Ltdâs 35% interest in the Seagull development (P1621 & P1622) and a 50% interest in the Isabella prospect (P1820). However, it was confirmed that Apache relinquished licence P1621 on 8 October 2018 and therefore this licence is no longer part of the transaction. The deal is subject to regulatory approval and it is hoped to complete later in 2018.   Isabella is an HP/HT (12,960 psi and 175 degrees centigrade) gas condensate prospect located on one of the largest undrilled fault blocks in the Central North Sea and is thought to hold pre-drill estimated resources of 142 MMboe. Well 30/6-6 on Jasmine is thought to be the best reservoir analogue to Isabella. The Isabella trap is formed by closure on a salt pierced anticline. The reservoir target is the Triassic Joanne and Judy Sandstones. The well which is planned to be slightly deviated has an estimated TD of 5,607 m and dry hole cost of GBP 57 million (125 day well).  Seagull was discovered by Shell with well 22/29-2 in 1992. The well was drilled to target a trap comprising an uplifted structure associated with a regional northwest-southeast trending fault and was drilled down-dip to avoid the fault zone. It encountered oil in the Middle Jurassic Pentland and Triassic Skagerrak formations but was plugged and abandoned following mechanical problems while coring the Skagerrak. Sidetrack 22/29-2Z was drilled and tested at a rate of 11,630 bo/d from three zones. In January 2014 Talisman Sinopec spudded appraisal well 22/29c-8 targeting the southern extent of Seagull, the well was suspended as a tight hole in November 2014. The plan for the development of the discovery will involve a multi-well subsea tieback to nearby facilities. Development operations are scheduled to begin in 2019 with first oil set for Q1 2022.  Interest in P1820, subject to deal completion, is held by Neptune Energy Group (50% + operator), Total E&P North Sea UK Limited (30%), Edison E&P UK limited (10%), Ithaca Energy (UK) Limited (10%). Interest in P1622, subject to deal completion, is held by Neptune Energy Group (35% + operator), BP Exploration Operating Company Limited (50%) and Japex UK E&P Ltd (15%).
Neptune Energy Group announced that it has agreed to acquire Apache North Sea Ltdâs 35% interest in the Seagull development (P1621 & P1622) and a 50% interest in the Isabella prospect (P1820). 