Summit Petroleum is offering the opportunity for interested partners to farm-in to licence P2382 (block 22/14c) containing the drill ready K2 prospect. A site survey was carried out over the prospect in June 2019 with a view to drill the well in 2020 however the well could be delayed but is required to be drilled before October 2022. The K2 prospect lies immediately southwest of the Everest gas field and northeast of Huntington and is a four-way dip closure. The prospect is thought to be separated from Everest by a saddle with both K2 and Everest having similar AVO responses which isnât seen on the saddle. The primary reservoir is the Forties Sandstone reservoir with the K2 prospect thought to hold 29 MMboe (base case resources). There is a deeper Mey Sandstone anomaly which could contain 15 MMboe recoverable resources. Other prospects exist in the block â one is Rustler and the other Rattler which exhibit DHI's and could add further resources of 58 MMboe at a later date.  Planned well costs are estimated at GBP 12.8 million (dry hole) with any development having lots of options including tie-backs to Everest, Huntington, Arran, Nelson and Forties. Summit is offering a minimum of 25% interest and maximum of 40% interest and is open to negotiation.   Interest in the licence is currently held by Summit Exploration and Production Limited (75% + operator) and Ping Petroleum UK Limited (25%).
Summit Petroleum is offering the opportunity for interested partners to farm-in to licence P2382 (block 22/14c) containing the drill ready K2 prospect.