Southern North Sea
In the Southern North Sea the Company has a 100% equity position in two highly prospective licences in the Southern North Sea gas basin. These ‘Promote’ licences were awarded in the 28th Round and have recently had their initial term extended by a further 12 months. These licences are located in shallow water, close to infrastructure and close to a number of exciting new discoveries and developments.
The licences were selected based on new geological play concepts in the both Zechstein Carbonates and deeper Namurian sandstones, as well as the re-evaluation of a historical discovery in light of new drilling and production stimulation technologies which have unlocked previously uncommercial gas accumulations on adjacent blocks.
In December 2015 an independent review of the prospectivity of the 5 licences originally awarded in the 28th Round supported the Company’s view on the licences potential and confirmed a Prospective Resource of 845 BCF. The Company subsequently reduced it’s acreage position to focus on two core assets which contain a number of significant exploration prospects and a low risk appraisal opportunity.
In October 2016 an updated independent review of the prospectivity on P2248 increased the prospective resources associated with the Company’s core Southern North Sea assets to 1.9 TCF