Either volumes are larger than initially expected or drilling wells in this fairly shallow find is just very affordable, ONE-Dyas is now in the process of drilling a second appraisal well on the IJssel discovery made in 2021.
This is happening against the backdrop of rumours that the company is in the process of sealing a deal with Waldorf Production whereby all its UK and Dutch assets will be sold for more than one billion dollars.
In addition, Reuters reported about the possibility of Waldorf also acquiring the ONE-Dyas’ Norwegian and Gabon interests if another buyer cannot be found. That the sparks the question what will happen to the company’s Danish licence interests. ONE-Dyas has got stakes in two exploration licences (9/16a&b) in the Danish North Sea and given that exploration drilling is still a possibility in the area, it is a little surprising to see that no mention is made of Denmark in the Reuters article.
IJssel
IJssel will be a small player in the mix of assets on offer – ONE-Dyas is known for its diverse portfolio of non-operated assets such as Buzzard (5.16%), Catcher (10%) and Mariner (6%) – but a little bit of additional and well-appraised oil is probably a nice little bonus for the seller. Especially because it is very close to existing infrastructure and therefore probably straightforward to develop.
The F06-09 well, spudded a week ago, is probably testing the southern part of the discovery (see cross-section above).
HENK KOMBRINK
