Corallian Energy with partners Baron Oil and Upland Resources have signed a work sharing and confidentiality agreement with a large European E&P Company, for Inner Moray Firth area licence P2478, as released on 29 April 2020. The partners have granted the company an exclusivity period to 30th September 2020, with a possible extension to 31 December 2020, to carry out its own regional technical work over the area. Although the potential farminee has not been identified, likely candidates include Equinor which operates adjacent P2479 to the E, and Total, DNO, Chrysaor, Ithaca, andÂ ONE-Dyas which all have exploration acreage in the basin. P2478 covers 757 sq km of blocks 17/5, 18/1 and 18/2 and was awarded in the 31st Seaward Licensing Round on 15 July 2019 with a firm commitment to obtain and reprocess 2D and 3D followed by a contingent drill or drop decision. The acreage has the Dunrobin prospect (30km from shore in 75m WD) with drilling targeting mean estimates of 174 MMboe in the Middle Jurassic Beatrice Formation, Lower Jurassic Dunrobin bay beds and Triassic Lossiehead Formation. Corallian was offering 20% but had also demonstrated more equity could be acquired from the other participants in the licence. Current licence partners are Corallian Energy Ltd (45% + Op), Upland Resources UK Onshore Ltd (40%) and Baron Oil Plc (15%).
United Kingdom, P2478