Vulcan Satellites

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Vulcan Satellites

Source: Wood Mackenzie Pathfinder / IOG

IOG is 100% owner and operator of three fields collectively known as the Vulcan Satellites, which lie in Block 49/21a (Licence P039), Block 49/21d (Licence P2122), Block 48/25b (Licence P130) and Block 49/21c (Licence P1915) in the UK sector of the Southern North Sea.

Vulcan East was discovered with the 49/21b-10a well drilled by Silverstone Energy (now Verus Petroleum) in 2006 and lies adjacent to the producing Vulcan field which is operated by Conoco Phillips. Vulcan North West was discovered with the 48/25a-4 well drilled by Shell/Exxon in 1987.  Two further appraisal wells were drilled in 1989-90 and a further well, 48/25c-6, was drilled by Century Exploration in 2009.  Vulcan South was discovered with the 49/21-8a well drilled by Conoco in 2000.

The discoveries are all located in Permian age Rotliegendes Leman Sandstone with reservoir seal provided by the overlying Zechstein evaporates and carbonates.  Reservoirs are typically tight and in common with other fields in the area benefit from hydraulic stimulation.

Gas in place gross estimates are currently as follows:

Discovery P90 GIIP (bcf) P50 GIIP (bcf) P10 GIIP (bcf)
Vulcan North West 183.5 215.3 250.8
Vulcan East 104.4 124.3 145.3
Vulcan South 117.0 186.0 275.0
Total 404.9 525.6 671.1

(Source: AGR Tracs Technical Summary – April 2015)

Economically recoverable resources are currently estimated as follows:

Discovery 1C (bcf) 2C (bcf) 3C (bcf)
Vulcan North West 111.5 131.3 153.4
Vulcan East 63.7 77.4 91.3
Vulcan South 58.5 112.0 193.0
Total 233.7 320.7 437.7

(Source: AGR Tracs Technical Summary – April 2015)

The Vulcan Satellites licences have the following current expiry dates:

P039:       Extant
P2122:     19 December 2017
P130:       31 December 2017
P1915:     31 January 2020

The fields lie approximately 30-45km east of IOG’s 100%-owned Blythe field and are considered ready for development with no further appraisal required.  FDP submission is targeted during 2017 for development via a number of horizontal multi-fracture stimulated wells with first gas targeted in Q2 2019.  As part of the acquisition of these assets, IOG assumed liability for decommissioning of a suspended well on Vulcan East.