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ASRC Exploration puts North Slope Placer oil field on market
Petroleum News
ASRC Exploration President Teresa Imm told Petroleum News May 28 that the company has put its North Slope Placer oil field on the market. Placer is due to come online sometime in 2022.
“We have a 100% working interest,” Imm said. “We feel it’s time to market the asset.”
She would not say whether the company would consider all offers, including a partner in the project.
AEX, a subsidiary of Arctic Slope Regional Corp., the Native regional corporation for northern Alaska, has retained Detring Energy Advisors of Houston, Texas, to sell the North Slope unit and related assets.
AEX is currently analyzing its production options, including the management of development costs.
According to Detring, the Placer unit offsets multiple prolific oil fields and includes a development-ready project with the Kuparuk C reservoir and the potential for additional stacked pays in the Alpine and Nanushuk intervals.
The 8,768-acre unit could have 110 million barrels of original oil in place, with between 35 million and 45 million barrels of oil recoverable across all horizons, Detring said, noting Placer is in a good neighborhood, with the ConocoPhillips’ Kuparuk River oil field on the east and bordering the promising Oil Search-operated Pikka unit on the west, which is scheduled to come online in late 2023.
“Well and analog data indicate the field is an ideal development candidate due to favorable average porosity (23.4 percent), high permeability (430 mD), and light oil viscosity (26.2API @ 1.51-1.85cP),” Detring said, adding, the “reservoir model indicates Kuparuk C development generates $107 million PV-10 value (BTAX) and greater than 8,000 barrels per day of oil peak rate utilizing two producers and two injectors.”
Two of three wells suitable Detring said that of three wells drilled to date, two are usable for future development.
AEX drilled the Placer No. 3 well in 2016, which the state certified as being capable of producing in paying quantities in December of the same year. Placer No. 1 and Placer No. 2 were drilled in 2004 by former field operator ConocoPhillips.
The offering also includes three seismic datasets merged and re-processed to create a geologic model, Detring said, adding that the reservoir simulation model ties directly to AEX geologic, geophysical, and petrophysical frameworks.
The Placer project is a contiguous, operated unit ideally situated for early production, Detring said, adding that there are six drilling rigs running in its proximity on the North Slope.
The Kuparuk C sand is a proven and delineated reservoir with more than 3.5 billion barrels of oil produced to date on the North Slope, Detring said.
The giant Nanushuk topset discovery in the Pikka unit is the newest North Slope discovery with more than 1.5 billion barrels of oil potential, Detring said.
The Nanushuk is well defined by seismic, with oil shows in nearby wells. Alpine C is the eastward extension of the Alpine C discovery in the Pikka unit, Detring said, adding that the main reservoir in the ConocoPhillips operated Colville River unit has produced more than 440 million barrels of oil to date.
Detring said the virtual data room for the Placer project offering will open on June 5, and that bids will be due on July 17. For more information visit detring.com, contact Derek Detring at [email protected] 713-595-1001 or Melinda Faust at [email protected] or 713-595-1004.
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