In 2015 Simwell Resources Limited and an affiliate farmed into UK 28th Round Promote Licence P2300 (37/26 & 37/27), acquiring a 50% interest. Ardent (50%) were Licence Administrator. The targets were the Carboniferous leads in the Scremerston and Fell Sandstones, as well as a large, thick Zechstein Z2 Hauptdolomit platform play, analogous to producing fields in the Netherlands, Germany and Poland.
In 2017 Simwell was additionally awarded Licence P2329 (50%) as an Innovate Licence with Ardent as Licence Administrator. This large acreage tract of 7 blocks and part-blocks adds significantly to Simwell’s acreage position in both the Zechstein Z2 and the deeper Carboniferous play fairways.
In 2018 Simwell was further awarded the adjacent Licence P2427 (43/2 part) in the 30th Round.
Additional acreage, licence P2486, was awarded in June 2019 through an application in the 31st Licensing Round.
Simwell and partners relinquished P2300 in August 2020.
In 2019, Simwell agreed on a farmout to Horizon Energy over all 4 licences, with Horizon funding a regional 667 sq km 3D seismic survey over the Zechstein play, acquired in summer of 2019 by Spectrum. In return for a full carry of the 3D, as well as all future costs of the licence up to drilling, Simwell will retain a 10% equity interest.
Following processing, mapping and interpretation of the Spectrum 3D data (667 km2 on licence) has been completed. Simwell's in-house estimates of the P50 prospective resources on all four licenses is 343 BCF of gas spread over five 4-way closed structures. However, based on the positive result of the recent nearby Ossian/Darach oil discovery, the P50 resources could instead be oil, a total 69 mmbo. It is noted that the greater part of this license areas are not however covered by the 2019 Spectrum 3D data sets and these will now be assessed by mapping new 3D data, recently acquired by Horizon over the Mid North Sea High. Indications from the existing 2D seismic coverage suggest that several new structures will be delineated, extending the currently mapped trend and the prospective resource.