KEYFACT Energy
Holt Energy Advisors are currently engaged by Deltic Energy to market their Syros Prospect (100% Deltic Energy) in the Central North Sea of the UKCS. Syros is a low risk, well imaged Fulmar opportunity close to nearby infrastructure.
The recently released well data (22/08a-5) by the NSTA shows Shell's Orlov discovery is highly analogous to Deltic’s Syros prospect which is one of the few remaining untested tilted-fault blocks in the Central North Sea. Orlov flowed at rates of 5,200 bbls/day from 43m of Upper Jurassic Fulmar sands.
Project Summary
Deltic Energy Plc acquired 100% of Licence P.2542 including the Syros prospect in the 32nd Licensing Round with a 4 year phase A term ending in December 2024. The licence is situated close to the Montrose-Arbroath (Mon-Arb) hub and represents a material ILEX opportunity with an estimated P50 recoverable resources estimate of 24 mmboe with a high geological chance of success.
Syros is a tilted-fault block trap with fault juxtaposition of Fulmar sands onto the Mon-Arb High in the Central North Sea area of the UK Continental Shelf with the Smith Bank Formation providing bottom and lateral seal from Godwin and Shaw. The reservoir target is the Late Jurassic (Oxfordian-Kimmeridgian) Fulmar, shoreface sandstones with secondary targets including the Middle Jurassic Pentland formation and the Triassic Skagerrak formation.
Syros has recently been matured with a study conducted by Ikon Science utilising CGG's newly released Cornerstone Evolution 3D seismic dataset.
The study characterised the entire Jurassic sequence across the area of interest with the Ji-Fi inversion providing a high level of confidence that the target Fulmar Sandstone is both present within the Syros rotated fault block and has seismic attributes which are characteristic of nearby producing fields, including Cayley and Godwin.
Deltic are offering a significant equity position in return for a work programme that includes a commitment to drill Syros in the short term.
The data room for this project is open now.
Project Detail
| Project | Farmdown with significant equity share available |
| Country | United Kingdom |
| Basin | Central North Sea |
| Seller | Deltic Energy Plc |
| Contract | Concession - 4 Year Phase A ending Dec 2024 |
| Current Phase | Exploration |
| Hydrocarbon Type | Oil |
| Exploration Well Cost Estimate | £23.5M Dry Hole |
| Data Room Opening | Open Now |
| Bid Date | TBC |
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