EnCore holds a 10 per cent. interest in the licence, half of which is subject to buy back by a previous owner, and Centrica, who is operator, holds a 90 per cent. interest. Centrica acquired their interest upon the acquisition of Venture Production in 2009.
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EnCore’s interest in Ceres is part of the transaction which will see a package of licences transferred to Egdon Resources in return for a significant share holding in Egdon. The agreements relating to this transaction have been signed but the transaction has not yet completed. Please see the press releases dated 22 March 2010 and 23 September 2009 for further information on the transaction.
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Block 47/9c lies to the north of the Mercury field. The block was awarded in the 22nd Licensing Round as a promote licence and subsequently has been converted to a traditional licence.
In February 2008, Venture Production commenced drilling an appraisal/development well on the 1982 Ceres discovery (formerly known as 'Barbarossa') made by Amoco. When it was drilled in 1982, the Ceres discovery encountered a 100m gas column within the Rotliegend reservoir.
In April 2008, the initial phase of drilling on well 47/9c-11 was completed after encountering gas-bearing Rotliegend reservoir as anticipated. In July 2008, the horizontal well (47/9c-11x) was successfully drilled and completed, and tested gas at a maximum rate of 40 million standard cubic feet per day through a 96/64" choke. The gas was produced from the Rotliegend reservoir between 10,300 feet and 15,600 feet measured depth below rotary table. The well was completed as the field production well on the Ceres discovery.
In September 2008, BERR (now DECC) approved the Field Development Plan for the Ceres field. The field has been developed as a single well sub-sea tieback jointly with the nearby Eris discovery (formerly known as 'Channon') with first gas currently planned for Q1 2010.
