The Tobermory and Bunnehaven Fields are located 150 km north-west of the Shetland Islands. Siccar Point acquired a 17.5% non-operated interest in the fields from the takeover of OMV (U.K.) in January 2017.
Tobermory is a material gas field in Tertiary Strachan sands within a four-way dip closure. It is not of sufficient size to be a stand-alone development, due to the distance from existing infrastructure, and requires more discoveries in the area to be economic.
Bunnehaven is a gas discovery 15 km south of Tobermory. It is a Tertiary stratigraphic pinch- out accumulation. The exploration well tagged the westernmost edge of the accumulation and appraisal drilling is required in order to fully assess the size of the field.
The Lyon prospect in the next door P.1854 licence, located 25 km east of Tobermory and Bunnehaven, if successful, would add sufficient gas volumes to trigger a commercial development.
The P.1854 and P.1935 licences are 150 km north of the Shetland Islands. Siccar Point acquired a 100% operated interest in these licences from the takeover of OMV (U.K.) in January 2017. In November 2017, Siccar Point announced a farm out agreement with Ineos covering both licenses.
The P.1854 licence contains a material gas prospect, Lyon (1-3 trillion cubic feet recoverable). Lyon is located immediately west of the volcanic Erlend High at the edge of the Flett Sub-Basin. It is a strong seismic amplitude anomaly within Tertiary Flett sandstones which have been deposited along the edge of the Erlend High. The prospect geometry is partly structural and partly a stratigraphic pinch-out. Similar smaller prospects have also been mapped in the 3D seismic survey covering the licence area. These would be follow-up opportunities if Lyon is a success.
If Lyon is successful it would be large enough to form a new gas-hub development similar to the Total operated Laggan-Tormore fields which have been developed with sub-sea infrastructure with pipelines to the Shetland Gas Plant. Existing smaller gas discoveries in the Lyon area such as Tobermory, Bunnehaven and Cragganmore would all be suitable tie-back candidates into the Lyon gas hub.
The P.1935 licence is 30 km north of the Lyon Prospect. A number of immature Tertiary gas leads have been mapped on the existing 2D seismic data. If Lyon is successful this licence would provide further upside to the area. 3D seismic would be required to firm up the prospects.
Lyon will be drilled in 2018.