Vulcan Satellites

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Vulcan Satellites

Source: Wood Mackenzie Pathfinder / IOG

IOG is 100% owner and operator of three fields in five licences the UK sector of the Southern North Sea collectively known as the Vulcan Satellites:-                                

Field Licence(s)   Block(s)
Nailsworth P130 & P2342 48/25b & 48/25a
Elland P039 & P2122   49/21a & 49/21d
Southwark P1915 49/21c

Nailsworth 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.  Elland 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.  Southwark 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.

Reserves are estimated as follows:-

Gas Reserves (BCF)
Field  1P 2P 3P
Elland 39.9 55.0 72.9
Nailsworth 60.4 99.4 147.2
Southwark 61.2 94.2 137.7
Total * 161.5 248.6 357.8

* Arithmetic Sum

(Source: ERC Equipoise CPR October 2017)

The Vulcan Satellites licences have the following current expiry dates:

P039: Extant
P2122: 19 December 2017
P130: 31 December 2017
P1915: 31 January 2020
P2342: 31 July 2019

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 hydraulically stimulated wells with first gas by end of Q2 2019.  As part of the acquisition of these assets, IOG assumed liability for the decommissioning of a suspended well on Elland.