Baron Oil Plc (LON:BOIL) is now looking forward to a fourth-quarter spud-date for the Wick well, offshore UK, following the completion of a rig site survey.
The explorer, which has a 15% stake in the Wick prospect, told investors the well drilling will take place once outstanding regulatory approvals and consents have been received.
"The rig site survey is a necessary preliminary step to ensure the placement of the jackup rig on a stable seabed,” said Malcolm Butler, Baron Oil chief executive.
“The Wick well is currently planned to be the first in our two well Q4 programmes offshore UK, subject to the timing of receipt of the necessary regulatory approvals.
READ: United Oil & Gas says Colter well is on-track as cost estimates are confirmed
“We look forward to updating the market on an exciting few months ahead."
The Wick well will be followed by the Colter well, which is also partly owned by United Oil & Gas Plc (LON:UOG).
Colter was first discovered in 1986 within the same play as Wytch Farm, the UK’s largest onshore oil operation producing some 450mln barrels of crude to date, and, whilst the original Colter well was seen to be exposed to only 4mln barrels of resources the whole feature is believed to be larger.
It is estimated that Colter may host a possible 15mln barrels of prospective resources (a mid-case estimate). The planned appraisal well is guided by modern 3D seismic data analysis and it aims to confirm the discovery in an ‘up-dip’ location.