The Corona Ridge is a geologically long-lived intrabasinal high surrounded by deep basins containing source rocks that are still generating oil. It contains over 800 mmboe contingent recoverable resources (mainly in Rosebank and Cambo) and over 1,600 mmboe Pmean unrisked prospective resources in multiple plays, all of which have already been proven in the area. Siccar Point’s acreage, the majority of which is operated, encapsulates the entire Corona Ridge area. Siccar Point are actively involved in developing, appraising and exploring this very material area. Recent drilling activity included a successful appraisal well on the Cambo field and an exploration well on the P.1830 License which resulted in the Blackrock discovery.
The Cambo Field is located 125 km north-west of the Shetland Islands and lies 30 km south-west of Rosebank and 50 km north of Schiehallion. The field was discovered in 2002 and had five wells drilled into the structure. Siccar Point acquired a 100% operated interest in the field from the takeover of OMV (U.K.) in January 2017 and brought Shell UK in as a partner in May 2018.
Cambo is a large basement high with sedimentary sequences draped over the top of the structure. Like Rosebank, it sits on the Corona Ridge structural feature. The main reservoir is the Tertiary Hildasay Sandstone of fluvial/deltaic origin with very good reservoir qualities. The field contains over 800 million barrels of oil in place.
The Cambo area also has material upside potential with areas of undrilled Hildasay reservoir, good potential for Colsay reservoir at the edges of the structure, and a fractured basement prospect underlying the existing discovery.
A final appraisal well was drilled in summer 2018 into the main reservoir sequences with an extended well test. The results from this well were extremely positive and are being incorporated into a field development plan which will include a gas export line.The development concept will be focussed on a two-phased approach to accelerate early cash flow and enable appraisal of the substantial wider area potential. Phase 1 will target c.170mmboe of reserves which will then be expanded by a Phase 2 full-field development.
The Rosebank Field is located 140 km north-west of the Shetland Islands. Siccar Point acquired a 20% non-operated interest in the field from the takeover of OMV (U.K.) in January 2017.
Rosebank was discovered in 2004 and has since been appraised with 5 wells. Front end engineering design (FEED) studies were commenced by the then operator, Chevron, in 2012. In 2018 Equinor purchased Chevron's 40% interest in the field and took over as operator. Equinor are now taking the project forwards to FID. The field will be developed as a floating production, storage and offshore loading unit (FPSO).
Rosebank has excellent reservoir quality sands of Tertiary age known as the Colsay Sandstones. The field is a 4-way closure and is situated on the Corona Ridge structural feature. The sands are extensive fluvial/marine deposits which are inter-bedded with lava flows. The initial phase of the field development is expected to produce over 300 million barrels of oil. In some areas of the field additional hydrocarbon bearing sand units are present which could add substantial recoverable volumes to the field.
Further upside exists in Rosebank both beneath the Colsay reservoirs and as a continuation of the main field structure to the south-west. A discovery, named Lochnagar, which consists of a tilted fault block containing oil bearing Upper Jurassic aged sandstones was made by the deepening of the Rosebank discovery well. This could provide extra production volumes later in Rosebank’s field life. The undrilled area to the south-west of Rosebank maps out as a clear 4-way structure and is expected to contain the Colsay reservoir: this is a low risk opportunity that is currently being worked up by the partnership.
The Tornado Field is located 160 km west of the Shetland Islands and lies 30 km north-west of Schiehallion and 30 km south-west of Cambo. Siccar Point re-acquired the field along with Shell in the UKCS 30th Licence Round in 2018.
Tornado was discovered in 2009 by OMV with an exploration well an immediate appraisal sidetrack. The reservoir is slightly younger than in Schiehallion with a slope toe-fan stratigraphic setting. The field has a strong seismic anomaly which clearly defines the stratigraphic trap. Tornado contains predominantly gas with a thin oil rim. It has a recoverable resource of around 60 million barrels oil equivalent.
The field will be developed as part of a regional gas development hub.
The Suilven Field is located 150 km west of the Shetland Islands and lies 20 km north-west of Schiehallion and 30 km south of Cambo. Siccar Point acquired a 75% operated interest in the field from the takeover of OMV (U.K.) in January 2017.
Suilven was discovered in 1996 and appraised 2 years later. The reservoir is the same as the main deep water mass flow reservoir in Schiehallion and contains both oil and gas. The structure is a tilted fault block. Suilven has a recoverable resource of around 25 million barrels oil equivalent.
The field will be developed as part of a regional gas development hub.
*final equity spilt still to be determined
The P.1830 Licence is located 140 km north-west of the Shetland Islands. It lies directly in between the Rosebank and Cambo Fields. Siccar Point acquired a 75% operated interest in the licence from the takeover of OMV (U.K.) in January 2017 and subsequently brought Shell UK in as a partner in May 2018.
The geological setting of the P.1830 licence is on the Corona Ridge structural feature. The reservoir targets are the same as in Rosebank and Cambo with the main targets being the Tertiary Colsay sands and the deeper Upper Jurassic sands. The Blackrock discovery was drilled in H1 2019 and encountered a 34m gross package of intra-volcanic Colsay siliciclastic sediments. These contained a number of thin oil bearing sandstones from which oil samples were obtained. Gas was also encountered in the overlying Hildasay supravolcanic Member.
The well has proven the existence of intra-volcanic charged reservoirs between Cambo and Rosebank fields. The well results are now being incorporated with existing regional data to better define and target thicker reservoir packages in this discovery.
The P.2403 Licence is located 160 km west of the Shetland Islands It lies directly south of the Cambo Field and includes the Tornado Field within the licence area. Siccar Point acquired a 50% operated interest in the licence from their successful bid with Shell in the UKCS 30th Licence Round.
The geological setting of the P.2403 licence is on the southern edge of Corona Ridge structural feature which is separated towards the south by the Nuevo Basin from the Nave Basement High. There are numerous highly prospective exploration targets in already proven reservoir of Tertiary older sequences. Any discovery in this area would become a sub-sea tie-back development for the Cambo production hub.
The P.2461 Licence is located directly to the east of the Cambo Field and was awarded to Siccar Point in 2018 from the UKCS 30th Licence Round. It is of a small areal extent and includes an extension of the exploration plays in both the P.1830 and P.2403 licences.