The P2478 License is located offshore in the Inner Moray Firth and consists in one part block and three full blocks (12/27c, 17/5, 18/1, 18/2), covering an area of approximately 758,6 km 2 . It was awarded in the UKCS 31 st Round in 2019, with Corallian Energy Limited as the Operator.
The license initially requires the acquisition of a minimum of 500 line-km of 2D seismic data, purchasing 550 km 2 of pre-stack gathers (3D seismic data), reprocessing of 500 line-km of 2D seismic data, reprocessing of the 3D seismic data to remove seabed multiples and enhance then frequency content, an AVO modelling study and typing of the oil staining in UKCS well 12/27-1.
At the end of the first phase (July 2023), a drill or drop decision is required. The Licence contains the prospective Dunrobin area, which was recently corroborated as a potentially attractive and substantial target. Dunrobin is one of the few remaining sizeable undrilled UK North Sea targets with estimated gross mean prospective resources of the order of 100 MMbbl (a non-SPE PRMS compliant estimate).
The nearby Beatrice oil field provides an analogue for the prospects identified in the license area, and demonstrates that all of the play elements exist in the Inner Moray Firth basin. The license holders have recently agreed on a reassignment of Upland’s 8% interest in the Licence to Baron Oil such that Upland’s interest will reduce from 40% to 32%. Corallian Energy have also agreed to reduce their interests in the Licence by 9%. Upon completion of this interest assignment the interests in the Licence will be as follows:

 Current Working InterestsProposed Working Interests
Upland Resources Limited40%32%
Corallian Energy Limited*45%36%
Baron Oil PLC15%32%

* Operator

Commencement of the outstanding technical work commitments is due shortly with the key component, that of 3D seismic reprocessing, expected to be delivered early in 2022