Serica Energy said Thursday the Oates prospect won in license awards offshore Britain this month could contain 60 million barrels of oil — or 180 billion standard cubic feet of gas — “depending on whether oil or gas is found”.

The North Sea explorer said the survey data for Oates looked as “well-defined” as the company’s Columbus field, where development is underway. Oates and Columbus are just 20 kilometres distant and ripe for link-up.

Success at Oates could “enhance the economics of Columbus” by sharing pipes and risers, chief exec Paul Ellis was quoted as saying.

The “low risk” Oates and the Bowers prospect were part of the Block 22/19c production license awarded the company in this month’s Round 25 of U.K: offshore licensing.

Serica is operator at Oates and holds 100 percent of the prospect which lies in the central, gas-rich area of the U.K. North Sea.

Tags: Serica Energy plc