UK-based Corallian Energy has signed a contract with drilling contractor Ensco for the provision of a jack-up rig to drill the Wick well off the UK.
Upland Resources, Corallian’s partner in the P2235 license which contains the Wick prospect, said on Friday that the contract was for the provision of the Ensco 72 rig.
The rig site survey has been completed, and Corallian expects drilling of the Wick well to take place in the fourth quarter, following receipt of necessary regulatory approvals and consents.
Steve Staley , CEO of Upland Resources Limited, said: “We are pleased to announce the signing of the contract with Ensco which represents another important step towards drilling the potentially transformative Wick well.”
It is worth noting that Corallian entered into a letter of intent with drilling contractor Ensco back in May for the provision of a jack-up rig for the drilling of the Colter and Wick wells offshore the UK.
To remind, Upland entered into a conditional agreement with Corallian Energy to farm into a 40 percent interest in Licence P2235, containing the Wick prospect, back in November 2017 . The farm in agreement was completed on May 24, 2018.
Also, Baron Oil signed a deal with Corallian in March 2018 to take a 15 percent interest in P2235 in return for paying 20 percent of the costs of the first well on the Wick Prospect.
According to Upland’s estimates, the Wick structure could hold in-place P50 resources of around 250 MMbbl.
In a separate statement, United Oil & Gas said that Corallian Energy signed another deal for the Ensco 72 for the drilling of the Colter appraisal well off the UK.