United Kingdom

High-Impact, Shallow Water Exploration Offshore UK

Exploring the Zechstein

Draupner Energy holds 100% equity in United Kingdom offshore production licences P2331 and P2487, located on the Mid North Sea High. The licenced acreage is located in shallow water with target depths at ca. 2100 m and benign pressure and temperature conditions.

Licences P2331 and P2487 are in Phase B. High-quality broadband 3D seismic (TGS MNSH Prime 3D survey) has been acquired fulfilling Phase B licence commitments in both licences.

Above: P2331 and P2487 licence location and recent, current and planned drilling activity.

Interpretation of this new 3D seismic has highlighted a large total recoverable potential of more than 3 TCF of gas in the Haupt Dolomite and Buchan reservoir formations in the P2331 Balvenie and P2487 Durham prospects. In addition, there is considerable upside in other Haupt Dolomite prospects and Upper Jurassic prospects. The recent exploration success at the Ossian-Darach (oil and gas) and Pensacola (gas) prospects has significantly de-risked the Haupt Dolomite play proving the Mid North Sea High to be one of the most promising areas of the UK Continental Shelf. The area offers multiple infrastructure tie-back options for gas, and with the UK’s current focus on domestic energy security and supply, a relatively short time from discovery to first production is expected.

Balvenie and Durham Zechstein prospects

Draupner Energy is inviting companies to obtain a participating or operating interest in return for coverage of historic costs and work program costs. A virtual and physical data room is open to prospective partners. Draupner Energy is aiming to enter P2331 Phase C with a firm exploration well commitment by mid 2023 with drilling planned for 2024 or early 2025. The cost of the well is estimated at only 15 million USD.