It should be noted that there is no certainty that any portion of the resources will be discovered. If a discovery is made, there is no certainty that it will be commercially viable to produce any portion of the resources or, if it is developed, there is no certainty as to the timing of such development.
About the Bagpuss and Blofeld Prospects
Blocks 13/24c and 13/25 were awarded to EnCounter Oil Ltd as Operator and North Sea Energy (UK NO2) Ltd as Promote Licence P1943 in the UK 27th Round effective from 1st January 2013. North Sea Energy (UK NO2) Limited's working interest in the licence is 40%, EnCounter Oil Ltd - 40%, Groliffe Limited subsequently exercised its right to back in to the licence for a 20% working interest.
The initial work programme was to obtain and reprocess 100km of 2D seismic data and carry out a well analysis, this has now been completed.
No later than 31st December 2014 the Group can, subject to any necessary regulatory approvals, elect to convert the licence to a traditional licence by making a firm commitment to drill a well.
On March 20, 2013, NSE announced that the Company had opened a data room with its joint venture partners to facilitate the potential farm out of the Bagpuss and Blofeld Prospects. The Company is pleased to announce that the data room has generated considerable interest.
The blocks have not been assigned any proved, probable or possible reserves at this time; the resources have been assessed as an unproved property containing prospective resources.
The arithmetic total net to NSE for the 'best estimate' Prospective Resources is 55 MMbo; this is the undiscovered and unrisked total for the Bagpuss and Blofeld Prospects on Blocks 13/24c and 13/25. The arithmetic total net to NSE for the 'best estimate' Undiscovered Oil in Place is 350 MMbo.
The Location of the Resources
Blocks 13/24c and 13/25 are located on the Halibut Horst which is a well defined basement high within the Moray Firth, in the North Sea, United Kingdom. The nearest producing fields are Captain 15 km along trend to the west and Ross which is located immediately off block in the South Halibut Graben. Water depth ranges from around 250 to 400 ft across the blocks.
The Bagpuss and Blofeld Prospects are large well defined structural traps on the culmination of the Halibut Horst. The two prospects are separated by a well defined southwest to northeast trending fault but they may be in communication and share common spill points. Bagpuss lies to the west within 13/24c and 13/25 and Blofeld lies to the east almost entirely in 13/25. A small area of both prospects may lie outside the blocks. Closure to the South is controlled by the main fault that borders the Halibut Horst and the South Halibut Graben. The structure was drilled in 1981 by well 13/24a-2A which was plugged and abandoned. The well was inadequately logged as the basement sequence was encountered much higher than prognosis, although good shows, indicating potentially mobile oil, were encountered in a thin basal sandstone believed to be of Lower Cretaceous age and through the granitic basement. A bottom hole core indicated that the granite may represent granite wash of sedimentary origin, oil shows were also encountered in fractures. It is possible that oil pay exists in the well down to the base of the well indicating a potential column of over 225 ft.. The Captain Field also lies on the Halibut Horst and is believed to contain approximately one billion barrels of 19-21 degrees API, heavy oil, and it has been suggested that more than 35% of this may be recoverable. Although the potential reservoirs in Bagpuss and Blofeld are over 1,000 ft shallower, it is possible that oil quality may be analogous as bottom hole temperatures recorded in well 13/24a-2A indicated higher reservoir temperatures possibly due to higher heatflow from the underlying granite basement.
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