LONDON, Jan. 27, 2016 /PRNewswire/ -- 4Gen Energy UK Ltd. is pleased to announce the official North American launch on Thursday, February 11 of two sizable North Sea projects that provide attractive returns at today's prices.
The projects will be introduced at the NAPE international conference in Houston, Texas at the George Brown Convention Center. A technical presentation entitled, "DeLorean and Draco– the Future of the North Sea" will be given by Joe Staffurth at the International Theater (Exhibit Hall A, 1st Floor).
"Given the economic challenges the industry is facing, we are pleased to present oil and gas opportunities that not only yield positive economic returns but also provide significant development upside," said Joe Phillips, Founding Director of 4Gen Energy UK.
Project 1 – 28th license award consisting of two blocks 30/22 & 23a (101,000/ 57,000 net acres) located in the Central North Sea, adjacent to the reactivated Alma/Gallia field (formally Argyll).
Four prospects comprising of "The DeLorean Complex" have been mapped, utilizing newly-reprocessed 3D with a combined recoverable resource potential ranging from 96 to 130 million barrels of light gravity oil 38 API. The mapping was based on extensive impedance/amplitude work and audited by an engineering firm that confirmed the features as analogues to the adjacent redeveloped Argyll field. The drilling depth is 9,000 ft. in a water depth of 200 ft.
An engineering firm designed an innovative development plan based on the original Argyll field development, which reduces OPEX to $8.50 per barrel and accelerates the timing of first production.
Project 2 – 28th round awards consisting of four blocks in the highly-prospective Southern North Sea gas area of Quad 44: Blocks 44/7-10 (221,000 gross/126,147 net acres). Blocks immediately offset Cygnus field, one of the largest UK gas discoveries in the past 25 years (.7+TCF reserve estimates); production expected to commence in early 2016.
Based on high-quality 2013 reprocessed 3D data, eight drill-ready prospects comprising of "The Draco Complex" have been mapped with recoverable resource ranging from 2 to 3.7 trillion cubic feet (TCF) of gas. The primary zone within the intra Carboniferous has excellent reservoir characteristics from multiple stacked reservoirs, with initial production rates of 30 mmfc/day per zone anticipated.
The low operating costs under $10 per boe, and close proximity to gas infrastructure provide positive returns. The drilling depth is 13,500 ft. and water depth is 75 ft.
The former Argyll Field has restarted production (October 2015) through the re-development project of Alma/Galia fields by EnQuest.
About 4Gen Energy UK: 4Gen Energy is a privately-owned oil and gas company that has assembled a UK North Sea platform of executives, advisors and joint venture partnerships with exceptional, proven North Sea subsurface expertise. 4Gen's strategy is focused on organically developing and testing significant oil & gas opportunities that are economically viable in today's price environment.
For more information, please contact 4Gen Energy UK:
Forward looking statements: This announcement may contain certain forward- looking statements with respect to 4Gen's expectation and plans, strategy, management's and director's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance.
SOURCE 4Gen Energy UK Ltd.