RE: UK Buzzard fieldBuzzard and hence LV (laurel Valley) are stratigraphic traps, i.e. there is no structural closure on the field. The Classic Oil field trap is structural (basically a dome for simplicity!). They can be spotted on seismic and consequently we have had a 100years to drill them all (or thereabouts!) So now we are down to the more technically challenging Stratigraphic traps a.k.a. LV!
Now Buzzard was risked at 12%. 2 wells had been drilled into it previously and lots of jiggery-pokery whizz bang seismic work was done on it prior to drilling.. One of the wells penetrated updip of the fan and encountered the bypass updip margin (shale) and hence demonstrated the updip seal. The other well was downdip and encountered thick reservoir(wet) and a oilshow at the top. This well demonstrated a downdip source for the oil and a porous thick reservoir.
Now the LV fan is just imaged from 3D Seismic and there no existing wells to give tell-tale signs like there was at Buzzard.
Even with this info- they risked it at 12% COS!!! So do your own DD at LV! This is not a coin-toss!
No wonder they drilled the structures in the old days!!
Bigbadun'