Ping Petroleum has become the operator and 81.25% owner of the Pilot field, the other owner, Orcadian Energy, said April 2. Ping has a significant acreage holding east of Pilot, which the licence includes. Orcadian is fully carried to the first offload of oil.
According to resource auditor Sproule, the gross 2P reserves of the Pilot field were 78.8mn barrels of oil if produced using the proposed polymer flood scheme.
Orcadian CEO Steve Brown, who facilitated the farm-out by a personal guarantee, said: “The Pilot development is a fantastic opportunity for our new partners, Ping, the UK oil and gas industry more widely, and of course for Orcadian. I am very excited by the prospects for the development.”
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