Cairn Energy unit Capricorn has inked a letter of intent for semi-submersible rig Island Innovator to sink a wildcat at the Duncan prospect off Norway.

The Island Drilling-owned rig is due to start drilling at the prospect in Capricorn-operated production licence 880 in the North Sea in the second quarter of next year under the proposed charter, which carries options for two additional wells.

While no dayrate was disclosed by the Norwegian contractor, the 2013-built sixth-generation rig is estimated to be earning a rate of $210,000 for the firm charter that has an indicative duration of two months from April to June 2020, according to Oslo-based firm Bassoe Analytics.

The well will be drilled in Block 35/8 within the licence, awarded in 2017 under the previous year’s Awards in Pre-defined Areas round, with Capricorn holding a 60% operating stake and Edison on the remaining 40%.

UK-based parent Cairn will be hoping for better exploration fortune after coming up dry with its first two operated wildcats off Norway at the Lynghaug and Godalen prospects in the Norwegian Sea earlier this year.

Prior to starting work for Cairn, the rig will be used by DNO-owned Faroe Petroleum to drill a wildcat at the Canela prospect off Norway due to be spudded in November this year that will follow an upcoming probe at the Howick oil prospect West of Shetland off the UK by CNOOC International.

The rig is presently at Semco Maritime’s Hanoytangen yard in western Norway where it has been warm-stacked and is due to depart for Howick later this week, according to Norwegian publication Petro.no.

Exploration

Cairn secures rig for Duncan wildcat