VICTORY GAS DISCOVERY (LICENCE P2596)
Summary
- 32nd Round offer – Corallian holds a 100% interest
- Fully appraised commercially attractive gas discovery requiring sub-sea development tie back for production
- Victory is located in shallow water (160m) and was discovered by well 207/1-3 drilled by Texaco in 1977 which intersected a high quality Lower Cretaceous sandstone of 67m gross and 61m net pay dry gas (97% methane), at a depth of c. -1200m below mean sea level
- Victory is covered by a high quality 3D seismic data set which illuminates both the structural trap and the reservoir and hydrocarbon fill
- 2C of 157 bcf gas recoverable from the discovery (SLR November 2020) - 1C-3C range of 105-236 bcf - SLR consider the Contingent Resources to fall under sub-class Development Pending, as project activities are ongoing to justify commercial development in the foreseeable future
- The majority of the near term work will be focused on completing all aspects of Front End Engineering and Design (FEED) for the Victory development, and to submit to the OGA the Field Development Plan for the Victory gas development within 18 months of award of the licence
- Subject to the successful negotiation of infrastructure access, the field will be economically developed as a direct subsea tie-back to the Total operated Greater Laggan Area gas pipeline (GLA), which has an access tee for third party business located 18km south of the Victory discovery well 207/1-3
- First gas from the project is anticipated in 2024
