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 P.1854 licence is 150 km north of the Shetland Islands. Siccar Point acquired a 100% operated interest in the licence from the takeover of OMV (U.K.) in January 2017. In November 2017, Siccar Point announced a farm out agreement with Ineos.
An exploration well was drilled on the Lyon Prospect in H1 2019. The purpose of the well was to test both a new play concept and an extensive seismic amplitude anomaly with attributes characteristic of gas accumulations. The target reservoir was Eocene Balder aged sandstone and the key risk was reservoir presence and quality.
The target interval contained 44m of siltstone and claystone with gas shows but the well did not encounter reservoir quality sandstone. As a result, the well was plugged and abandoned.