Capricorn has built a strong position in the UK’s mature and emerging basins by acquiring exploration acreage and participating in licensing rounds.
Following an asset exchange agreement with Shell UK Limited in which the company transferred a 50% WI in P2379 in exchange for 50% WI of P2380. Preparations continue to drill on the Diadem prospect in the P2379 licence area with an expected spud in Q2 2022.
In the UK Southern North Sea, Capricorn is the Operator of five licences alongside our joint venture partner, Deltic Energy Plc. Capricorn holds interests in the following licences: P2428 and P2567 (60% WI) and P2560, P2561 and P2562 (70% WI). We completed the acquisition of nearly 700km2 of broadband 3D seismic data over the P2428 licence and surrounding area in November 2021, which fulfils the work programme commitments for the current and next phases and will inform a drilling decision in the coming year.
Capricorn also operates licence P2381 (100% WI) in the Central North Sea and P2468 (50% WI) in the East Orkney Basin with our partner Spirit Energy. In the last year, two seabed cores were obtained to help inform a decision on the acquisition of 3D seismic data in this undrilled basin.