Operated by Kerr-McGee, the Muness well will be Elixir’s second North Sea exploration well.

“It represents Elixir’s first activity generated via the farm-in route, rather than farming-out its own UKCS licence interests,” managing director Russell Langusch said.

Langusch said Muness was a highly attractive, gas-condensate prospect on the proven Lower Cretaceous Kopervik sand fairway. It is 10km west of ConocoPhillips’ updip and on-trend undeveloped Brodgar gas-condensate field.

Interpreted as a large stratigraphic trap, Muness is estimated to contain gross 350 billion cubic feet of gas and 20 million barrels of associated condensate, Elixir said.

“The most likely impact on Elixir should the well encounter hydrocarbons as predicted is that its share of recoverable gas will be approximately 25 bcf together with 1.4 million barrels of condensate,” Langusch said.

“The presence of good quality Kopervik sands on the block has already been proven by the 21/4-2 well drilled in 1984.”

The Sedco 712 semi-submersible rig, currently testing a well in Block 15/22, is expected to spud the Muness well in mid-November.

“Should Muness be successful, development will be helped by its proximity to existing production infrastructure, including Chevron’s large Britannia gas-condensate project approximately 27km northeast of Muness,” Langusch said.

Oilexco and RWE Dea will also earn interest in Block 21/4b from Kerr-McGee.