In the Southern North Sea, further activities including pre-development and economic screening studies have been approved in respect of the Monterey Field reports Black Rock Oil and Gas Plc.
Cautious progress has been made toward development during the last six months. Through extensive evaluation of the results of the 49/8c-4 well by the operator, Wintershall, and modeling of the potential application of horizontal well technology and fracture stimulation, potentially positive economics have now been obtained for the Monterey field. Wintershall has also identified a possible export route that would reduce non-well capital expenditure significantly.
The future work program includes phase two of a detailed seismic project to evaluate the distribution and quality of the Carboniferous reservoir units, pre-development studies and economic screening of the Monterey field. A mandatory 50% relinquishment of the 49/8c and 49/9d area has been completed, and the joint venture has moved into the second four-year term of the license.
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