Shearwater starts seismic survey over Shell’s Pensacola prospect in North Sea

Shearwater GeoServices has started a 3D seismic survey over the Shell-operated Pensacola prospect on License P2252 in the Southern North Sea.

Cluff Natural Resources entered into a binding, conditional farm out agreement and a three-month exclusive option with Shell in relation to the company’s Southern North Sea Licenses P2252 and P2437, respectively, in February 2019.

On May 30, UK’s OGA approved the farm-out of License P2252 to Shell. Shell was assigned a 70 percent working interest in License P2252 and appointed as License Operator and Cluff retained a 30 percent non-operated interest in the license.

Cluff announced on Monday, August 5 that Shell had started the 3D seismic survey over the Pensacola prospect on License P2252 in the Southern North Sea.

The survey is being conducted by Shearwater GeoServices using the Polar Empress and field operations are expected to take approximately two weeks to complete, Cluff added.

The vessel arrived on site on Friday, August 2, 2019, with data acquisition starting on Monday.  This seismic acquisition will be followed by a period of data processing, with final results expected to be received in early 3Q 2020.

The License P2252, including the Pensacola prospect, is estimated to contain gross P50 Prospective Resources of 309 BCF in an untested Zechstein Reef.

Commenting, Cluff’s Chief Executive Graham Swindells said: “Our participation in this seismic survey represents the first field operations for Cluff and is clearly an important milestone in the development of the Company as it pursues its ambition to become one of the leading exploration companies operating in the UKCS. The Pensacola prospect is an exciting opportunity, worked up by the Cluff team, and the acquisition of high quality modern 3D seismic over the prospect is a key step in de-risking future exploration drilling activities.”

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