Parnters Offer to Sell Stake in NW Hutton Field
Indigopool reports that the NW Hutton Field partners are offering their interests (100%) in the NW Hutton Field and Q-West area, comprising the whole of Blocks 211/27a (License P184) and 211/27c (License P474). The company reiterates that this is an excellent opportunity for an innovative, enterprising company to unlock the remaining reserve potential and value of the field through redevelopment.
The NW Hutton Field was discovered in 1975 by exploration well 211/27-3, which produced high quality 34.5 degree API gravity oil from the Middle Jurassic Brent Group (11,500 feet tvdss). The hydrocarbon volume was calculated as 487 MMBO of STOIIP. The field began production in April 1983, through a single steel jacket self-contained platform production facility, achieving a peak production rate of 86,500 BOPD. The NW Hutton platform was shut down in 2002 as a result of low production and an oil price of $23/BO; a total of 135 MMBO and 12 BCF of gas were recovered.
The cumulative recovery from the NW Hutton Field amounts to a Recovery Factor of 26% (excluding NGLs). This is very low compared with surrounding Middle Jurassic Brent Fields - which range between 35-55% and average 45%. Future redevelopment, bringing the Recovery Factor in line with the 45% average, results in an additional 80+ MMBO and 7+ BCF. There is also exploration potential around the main field, mainly to the north and east.
Indigopool's online data room and appointments for a presentation are available for interested companies upon execution of a Confidentiality Agreement. The online data room will be open from June 19, 2008, allowing interested companies to make a detailed assessment of the opportunity. Presentation appointments may be booked between June 30, 2008 and July 18, 2008. Offers are due August 11, 2008.
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