Nautical Boosts Oil in Place Estimate at Kraken
|Nautical Petroleum plc
|Friday, March 11, 2011
Nautical Petroleum announced that the Kraken accumulation in the North Sea holds between 635 million and 1.5 billion barrels of stock tank oil initially in place (STOIIP), which gives Nautical between 231 and 602 million barrels of oil STOIIP.
The new estimate is based on the highly successful 9/02b-4 well and 9/02b-4z sidetrack, stated Nautical. The wells made additional reservoir penetrations which doubled the number of reference points from which to correlate the seismic data with well logs. “Using this information, a comprehensive study of rock physics attributes, followed by the application of seismic techniques such as color inversion, far offset and amplitude volumes, has resulted in a confident seismic interpretation,” Nautical said.
This summer, the company plans to acquire 3D seismic across Block 9/1a prior to drilling an appraisal well. Krakan spans Block 9/2b and 9/1a in the UK sector of the North Sea. Nautical Petroleum operates Block 9/1a with a 45% interest. Celtic Oil Limited holds a 30% interest; and Canamens Energy North Sea Limited holds the remaining 25%.
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