Source: Valiant Petroleum
Valiant Petroleum commenced drilling operations on its operated Tybalt exploration well (Licence P1632, Blocks 211/8c and 211/13c). The well is preparing to spud today using the Diamond Ocean Nomad semisub drilling rig and take around 30 days to reach its target depth of approximately 11,400 feet true vertical depth subsea (3,475 meters).
The Tybalt prospect is located in the Magnus sand formation and is targeting initial, gross P50 prospective resources of 35.6 million barrels of oil (mmbbls) in the eastern 'T2' location (Valiant net: 28.5 mmbbls). Depending on the results of the initial well a side-track may also be undertaken to test a four-way dip 'T1' structure immediately to the west of the main prospect.
Valiant act as operator of the blocks and hold an 80% working interest. Agora Oil & Gas holds the remaining 20% stake subject to a recently announced farm-in agreement which partially carries Valiant's costs. Agora will also have an option, exercisable within six months of completion of the Tybalt well, to participate in the drilling of an appraisal well on the nearby of Banquo discovery (Licence P.212, Block 211/8a) and an exploration well on the Helena prospect on the same terms. Consent of the Department of Energy and Climate Change to the transfer has now been received.
Tybalt is an Upper Jurassic Magnus sandstone prospect which has four way dip closure, further enhanced by a stratigraphic pinch-out. The prospect is located near to the Banquo discovery and is between the 211/8-3 well to the west which encountered 170 meters of net, water-wet sand, and the 211/8-2 well drilled to the east past the stratigraphic pinch-out containing ‘ratty’ sands with significant oil shows. The Magnus stratigraphic trap aspect of the prospect is analogous to the West Penguin field 5 km to the south.
Considerable synergies exist to jointly develop Tybalt alongside the nearby Banquo and Helena discoveries. The key development concept is a subsea tie-back to local host infrastructure (such as Magnus, the Don fields, Thistle or through the Penguin facilities), which could allow first oil as early as 2011.